Tenancy · Leasing as a Service for industrial real estate

The capability gap

A clean staircase. From left to right.

We audited every major U.S. institutional industrial REIT, the largest flex operators, and the property management software incumbents on eight tenant-acquisition capabilities. The shape of the result is the entire argument for Tenancy.

Tenant-acquisition capabilities built per operator, out of eight audited. From the Tenancy industrial REIT digital infrastructure audit, May 2026. Full audit available on request.

The pattern

A clean staircase from left to right. Tenancy and WareSpace have built nearly all eight capabilities. The flex operators have built three to five organically. The institutional REITs have built between zero and three. No operator on the right has commercialized what they have. None has decided to. Tenancy is the first.

The structural thesis

Where every dollar in industrial real estate actually goes.

Industrial real estate has spent thirty years professionalizing every function on the operating P&L — except the one that produces the revenue. Across the category, marketing and leasing is the smallest line on every operator's cost stack, institutional and independent. The function that generates the revenue is the one nobody built.

Where the operating dollars go

→

AcquisitionsLarge

ConstructionLarge

OperationsSubstantial

MaintenanceSubstantial

Marketing & LeasingTiny

The function that generates the revenue

Relative scale, illustrative. Derived from observed organizational and capital allocation patterns at the institutional REITs audited.

The accounting error

When you bought a well-located warehouse in 1995, it leased itself. Marketing was a sign on the building. Leasing was a broker handshake. The muscle never developed. The budget line never got built. Every other CRE function professionalized — leasing stayed amateur. Then the world changed. E-commerce reshaped tenant demand. Google killed the broker's information monopoly. AI Overviews now intercept tenant searches before brokers ever see them. The function nobody built is the function that decides whether your buildings fill.

The SERP test · Live, May 2026

Zero of sixty positions. Across six markets.

We tested ten tenant-intent queries — variations of "warehouse for rent" — across Atlanta, Dallas-Fort Worth, Houston, Inland Empire, Northern New Jersey, and South Florida. Across all sixty top-ten organic positions surveyed, no institutional REIT appears once. The flex operators and the listing aggregators own the entire SERP. The institutional players are digitally invisible in the moment of tenant intent.

Atlanta, GA

"small warehouse for rent atlanta georgia"

Live Google SERP for small warehouse for rent in Atlanta. Five flex operators, four aggregators, one local broker, zero institutional REITs.

5 flex operators · 4 aggregators · 1 local broker · 0 institutional REITs

Houston, TX

"warehouse for lease houston tx"

Live Google SERP for warehouse for lease in Houston. Three flex operators, five aggregators, two broker firms, zero institutional REITs.

3 flex operators · 5 aggregators · 2 broker firms · 0 institutional REITs

Inland Empire, CA

"warehouse for lease inland empire"

$Live Google SERP for warehouse for lease in Inland Empire. Two flex operators, six aggregators, two broker firms, zero institutional REITs. Rexford Industrial owns 35M sq ft of industrial real estate exclusively in this market and does not appear.$

2 flex operators · 6 aggregators · 2 broker firms · 0 institutional REITs

The most diagnostic finding

Rexford Industrial owns 35 million square feet of industrial real estate exclusively in the Inland Empire, with $13 billion of enterprise value. They do not appear in tenant search results in their own backyard. The brokers Rexford pays commissions to (CBRE, Colliers) outrank Rexford itself. This is the structural condition Tenancy enters.

The objection, pre-empted

"But Prologis has seventy people in marketing."

Prologis has a 70-person marketing team led by VP Julia Solazzo. EastGroup, Link, and Rexford all have marketing departments. So why is the gap real? Because the work those teams do is a different job from the work that fills small-bay buildings.

How institutional REIT marketing
teams actually deploy time

Brand & corporate communicationsLarge

Existing customer account managementLarge

Investor relations & ESG reportingSubstantial

Developer outreach & site selectionSubstantial

Broker enablement & co-brandingSubstantial

Internal communications & trainingModerate

Other / overheadSmall

Per-property tenant acquisitionMinimal

How a tenant-acquisition engine
actually deploys time

Per-building local SEO operating systemLarge

Tenant-voice content engineSubstantial

Lifecycle automation & nurture sequencesSubstantial

Outbound waterfall & list-buildingModerate

Tour-to-close conversion mechanicsModerate

AEO / structured data infrastructureModerate

Signal monitoring & ranking diagnosticsModerate

AI inbound qualification & routingModerate

The two functions overlap in less than ten percent of their work. Reorganizing an institutional marketing team to do the second job would mean dismantling the first. That is why the gap exists, and why it persists. Tenancy is the team that already did the second job — for two years, on its own buildings — and is now offering it as a service to operators who want the output without rebuilding the function.

What we sell, in one sentence

Leasing as a Service. Paid by the building.

DIY with our free tools. Done-with-you with our team. Done-for-you on your portfolio. The same platform underneath, the same outcome — buildings filled faster than the institutional players, with less commission tax and less manual work.

CRM

Customer Relationship Management

Built for

Sales teams managing the customer lifecycle — from lead to close to renewal.

Salesforce. HubSpot. $80B+ category.

ERP

Enterprise Resource Planning

Built for

Finance teams managing the resource lifecycle — from procurement to ledger to reporting.

SAP. Oracle. NetSuite. $50B+ category.

TRM

Tenant Relationship Management

Built for

Real estate operators managing the tenant lifecycle — from prospect to lease to renewal to referral.

Tenancy. The category we're naming.

Leasing as a Service is what we sell. Tenant Relationship Management — TRM — is the category we're naming, because the tenant lifecycle in commercial real estate has never had a system of record the way sales has CRM and finance has ERP. We'll write more about it as the platform matures.

The category today

Fragmented across vendors

●LoopNet for visibility
●Brokers on commission
●Generic SEO agencies
●HubSpot bolted on
●Rent Manager for ops only
●Manual tenant follow-up
●No single system of record

Tenancy · Leasing as a Service

One service, full lifecycle

●Per-building SEO + AEO architecture
●47 signal sources monitored 24/7
●Enterprise-grade cold email infra
●Apify + Clay + Apollo waterfall
●Certified leasing closers
●Tenant lifecycle automation
●Single source of truth · paid by the building

Leasing as a Service · Four modules

One service. The full tenant lifecycle.

Leasing ships first. Retention is next. Expansion and Referral round out the lifecycle. Each module runs on the same operating system, paid by the building, delivered as a service.

Single service, single source of truth

Tenancy

Leasing as a Service for industrial real estate

Live

Leasing

Fill your buildings. Per-building SEO and AEO, signal monitoring, automated outbound, AI inbound calls, certified leasing closers.

Available now in private beta · Three operators in · Fourth slot open

Coming Q3

Retention

Keep your tenants. Renewal cadences triggered 120/90/60 days out, expansion tracking when tenants outgrow units, referral programs for tenant networks.

Beta waitlist now open · Built on the same data layer as Leasing

2027

Expansion

Grow with your tenants. When a tenant signals expansion, route them to the right unit in your portfolio before they shop the market.

Architecture defined · Build sequenced after Retention

2027+

Referral

Turn tenants into channel. Productized referral incentives, tenant network analysis, vertical clustering for cross-sell.

Designed as a network effect — every customer's tenant base feeds the model

The discipline that makes it productizable

Built like an API. Amazon-style.

Every component is built so it could be exposed, sold, or replaced without rewiring everything else. The SEO operating system, the lead scoring model, the email lifecycle engine, the outbound engine, the brand-voice and strategy skills — modular, callable, swappable. The discipline of building Tenancy as if a third party might one day run it on top of WareSpace is what made the system durable, and what makes the same engine that fills WareSpace buildings the engine that fills another operator's buildings.

Discovery layer

SEO, AEO, and AI-search optimization, run continuously.

Most CRE sites were built before AI Overviews existed and haven't been touched since. They're invisible to ChatGPT, Perplexity, and Google's AI Overviews — which now intercept 40-60% of warehouse-related searches before a human ever clicks a link.

Per-building landing pages with structured schema for LLM ingestion
Google Business Profile management and auto-suspension monitoring
Core Web Vitals tuned to top-tier (LCP under 1.5s)
Listings syndication funneling traffic to owned sites
Strategic AEO content optimized for citation by ChatGPT and Perplexity

Google traditional ranking

Schema, Core Web Vitals, local SEO

Google AI Overviews

Cited 3.2× more than category benchmark

ChatGPT + Perplexity AEO

Structured for LLM citation and freshness signals

Google Business Profile

Per-building, monitored, recovered if suspended

Listings syndication

LoopNet, Crexi, CommercialEdge → owned site

2026 ranking pillar weights

32%

Google Business Profileposts, photos, categories

19%

On-page signalsschema, NAP consistency

18%

Reviewsvelocity, recency, photos

15%

Link & entity authoritybrand mentions, press

Behavioral signalsCTR, calls, dwell time

Citationsdirectory consistency

Contrarian take: Most local SEO services sell citations — the lowest-weighted pillar. We get citations right defensively and concentrate effort on the 32% pillar competitors leave empty: tenant-voice GBP posts and photo-rich reviews.

Local SEO operating system

We don't run local SEO as a service. We run it as an operating system.

Most CRE marketing vendors treat each building's local SEO as a checklist — submit citations, post once a month, hope. We treat each building as a node in a closed-loop system that senses ranking changes daily, diagnoses the cause, executes from a pre-approved action library, and measures the lift.

15-25 keywords tracked across a geo-grid daily, per building
Daily classification: healthy, slipping, invisible, NAP issue, review velocity, competitor surging
Pre-approved action library — we don't ask permission for proven plays
Every action logged with hypothesis, measured at 7, 14, 30 days
Strategy gate review before execution — the agent's reading is what gets approved, not its drafts

The content engine

Templated availability posts get ignored. Tenant voice doesn't.

Generic posts can be auto-generated by competitors. Posts rooted in real phrases from real tenants — overheard on tour calls, captured in real reviews — can't be faked. Every GBP post and every building page is sourced from actual tenant language, not marketing copy.

01 · Sense

Capture tenant voice

Tour call transcripts, Google reviews, on-site conversations, support tickets

02 · Extract

Mine pain quotes

AI extraction of objections, pain quotes, win moments, competitor mentions

03 · Decide

Strategy gate

Weekly review of each building's diagnosis before any drafts are written

04 · Execute

Publish & respond

GBP posts, review responses, photo rotations, citation updates — all logged

05 · Measure

Re-score & learn

7, 14, 30-day re-pull of rankings joined back to actions taken

Templated post — what competitors run

"3 units available at WareSpace Park Hill, starting at $X. Tour today."

Generic. Auto-generated. Ignored.

Tenant-voice post — what we run

"Heard on a tour last week: 'I'm done explaining to my neighbors why there's a box truck in my driveway.' If that's you, we have units."

Specific. Unfakeable. Converts.

Cold email infrastructure · Live deliverability

SPF / DKIM / DMARC

All passing

Inbox placement

94.2%

Spam folder rate

2.1%

Bounce rate

0.8%

Active sending domains

Warmed inboxes

Daily volume cap

2,320

Reply rate

5.4%

Multiple isolated domains. SPF, DKIM, DMARC, BIMI, MTA-STS configured. 6-8 week warming protocol. Smartlead production sending. NeverBounce verification waterfall. Continuous blacklist monitoring across 80+ providers.

Demand layer

Cold email infrastructure that looks like institutional outbound, not a broker spamming.

Most CRE operators trying cold email get blocked, marked as spam, or ignored. Three reasons: domain reputation destroyed in two weeks, sending through Gmail directly, list quality is garbage. Our infrastructure is engineered to deliver.

Multiple isolated sending domains per customer
SPF, DKIM, DMARC, BIMI, MTA-STS authentication stack
6 to 8 week warming protocol before any production sending
NeverBounce + ZeroBounce verification waterfall
Continuous monitoring across 80+ blacklists

List building layer

Six data sources, one waterfall, scored against your closed-won data.

Generic ZoomInfo lists won't fill industrial buildings. Our list-building pipeline is engineered specifically for industrial real estate — fleet expansion signals, lease expirations, tenant business growth, technology stack changes. Roughly 25% of raw prospects survive the full waterfall as qualified ICP fits.

Apify Google Maps scraper for radius-based prospecting
Apollo for firmographic enrichment
Trestle for phone verification and line-type validation
BuiltWith for technology stack signals
LinkedIn hiring signals refreshed weekly
Reonomy + CompStak for lease expiration intelligence

Apify Google Maps scrape

~120,000

Domain + ICP filter

~28,000

Apollo firmographics

~14,000

Trestle phone enrichment

~9,800

BuiltWith tech signals

~6,200

Score 1, 2, or 3

~2,400 qualified

Signal layer

47 sources monitored continuously. Outreach concentrated at the moment of highest intent.

Most outbound is spray and pray. Signal monitoring is the opposite — it identifies which businesses are actively in market right now and concentrates outreach when intent is highest. The same playbook B2B SaaS companies use to close enterprise deals, applied to filling buildings.

Lease expiration estimates from Reonomy and CompStak
LinkedIn hiring spikes refreshed weekly
Funding rounds from Crunchbase and SEC filings
RB2B anonymous website visitor identification
Bombora and 6sense intent data on competitor visits
BuiltWith tech-stack changes as leading indicators

Hot

3+ active signals AI voice call within 24h · personalized cold email · LinkedIn touch from closer · direct mail · CTV retargeting · tour offered within 48h

Warm

1-2 active signals Cold email sequence · LinkedIn touch · display retargeting · tour offered through standard cadence

Emerging

Matches ICP, no active signal yet Cold email at lower cadence · brand-level retargeting · re-scored monthly for signal changes

T+0

Tour booked confirmation

Building details, parking, what to bringemailsms

T+24h

Pre-tour brief

Photos, virtual walkthrough, FAQemail

T-24h

Reply-yes confirmation

Micro-commitment trigger — reply YES to confirmsms

T-1h

Day-of nudge

Address, parking, contact namesms

T+1h

Tour debrief

Personalized follow-up from closeremail

T+24h

Proposal + pricing

LOI, lease structure, next stepsemail

D+3, 7, 14

Decision support cadence

Objection handling, social proof, urgencyemailsms

Lifecycle layer

Every prospect, every tenant, every renewal — orchestrated automatically.

Most operators send one confirmation email and pray. We run a full lifecycle — pre-tour priming, post-tour follow-up, multi-touch decision support, tenant onboarding, renewal cadences, and referral asks — across email, SMS, and push. Every touchpoint is conditional on prospect behavior, not a one-size blast.

Pre-tour and post-tour cadences with reply-yes micro-commitments
Decision support sequences for the 3, 7, 14 day post-tour window
Tenant onboarding from signing through 90-day check-in
Renewal cadences triggered 120, 90, 60, 30 days out
Referral asks at 6 and 18 months
Long-term nurture for unconverted prospects, re-scored monthly

The compression model

Tours go cold fast. We engineer the calendar to compress them.

Most CRE leasing operations book tours on the prospect's timeline — whenever they're free, even if that's three weeks out. By then, half the prospects ghost and the other half have visited two competitors. Tenancy runs the compression model: every booked tour is engineered to land inside a tight window from first contact, while intent is hot.

Scheduling logic that prioritizes same-week tours over same-month
SMS-led confirmation cadence with reply-yes micro-commitment 24 hours out
Tour blitz weeks pre-CO that stack 30+ tours into 5 days
Pre-tour video brief so the prospect arrives already qualified
Same-day proposal handoff so momentum doesn't break
Behavioral cadence drawn from 50 buildings of conversion data

Industry standardtours stretched across 21 days

Day 1Day 7Day 14Day 21

Tenancy compressiontours stacked in 5 days

Day 1Day 7Day 14Day 21

Why it works: Same-week tours close at meaningfully higher rates than tours scheduled weeks out. Compression keeps intent warm, eliminates competitor shopping windows, and stacks momentum into proposals while the prospect is still engaged.

Integrations

Plugs into the systems you already run.

Tenancy connects to your property management, ERP, and CRM stack — pulling rent roll, lease, and tenant data in real time. Native integrations for the systems most industrial operators run, custom integrations for everything else.

Property management & ERP — native

Voyager · Breeze

Property Manager

Open Access · API

OneSite

Property Mgmt

Property Suite

CRE Suite

Multi-site

Lease & Asset

Your stack

Custom integration
on request

CRM & sales — native

CRM · Marketing Hub

Sales Cloud

Sales CRM

Outbound & data

Any CRM

Custom integration
via API or Zapier

Don't see your stack? Tenancy's data layer speaks SQL, REST, GraphQL, webhook, and SFTP. If your system has an API or a database, we connect to it. Custom integrations are scoped during onboarding at no additional cost — every customer in our beta cohort has at least one custom integration running today.

The substrate underneath

Most operators in this category buy software. We sell the operating engine.

Six layers and one watchdog. Together they're what turns a leasing service into something repeatable, durable, and improving on its own.

LAYER 01

The playbook, codified

Two years of operating decisions captured as machine-loadable rules — brand voice, ICP definition, market-by-market strategy, building-launch sequence. Every page, email, ad, and sales script your buildings produce reads from the same source. New buildings inherit the playbook on day one.

LAYER 02

One source of truth

Your property management system, your CRM, and every lead source stitched into one warehouse. Building-aware attribution that actually tracks which channel filled which unit. No more reconciling spreadsheets across three systems.

LAYER 03

The rituals that fill buildings

Recurring playbooks that run on cadence — new building launches, listing refreshes, market nurture, tenant testimonial collection, monthly competitor checks. Your team stops reinventing the wheel every quarter.

LAYER 04

The engines that produce the work

Performance reporting, lead scoring, email lifecycle, live chat, paid media, SEO and AEO, outbound prospecting, on-site leasing — each one closed-loop. Outcomes feed back into inputs. The system learns from what worked last week and adjusts what it does this week.

LAYER 05

Clear ownership, no bottlenecks

Each layer has a named owner and codified decision rights. Your team stops escalating routine calls. The system scales without scaling headcount in lockstep.

LAYER 06

The cadence that keeps it running

Weekly check-ins, monthly per-building reviews, quarterly portfolio reviews. Built-in governance so the system doesn't drift back into chaos six months in.

∞

THE WATCHDOG

The system that watches the system

Software components drift over time — a workflow stops firing, a data source schema shifts, a playbook gets stale. Substrate Sync catches drift across every layer, flags it in a weekly digest, and suggests fixes. It's the reason the platform improves on its own instead of decaying like most operator-built tools do.

Who this is for

Four operator profiles. Different needs, same engine.

Tenancy is built for industrial real estate operators who own the buildings, run the leasing function, and want to fill faster. The engagement shape changes by operator type. The underlying platform is the same.

Profile 1 · Multi-tenant Sunbelt

The 20K–100K sq ft flex distribution operator.

Multi-tenant flex distribution buildings clustered in supply-constrained Sunbelt submarkets. Strong rent growth in good cycles. Underexposed to a softening cycle because demand-pull infrastructure was never built. Tenancy plugs in as the demand engine the operating model never got around to building.

Looks like EastGroup Properties · First Industrial

Engagement: Done-with-you (DWY) at portfolio scale

Profile 2 · Value-add multi-tenant

The institutional buyer absorbing smaller assets through portfolio deals.

Acquired smaller multi-tenant properties as part of larger transactions. The standard enterprise-tenant-acquisition machine is mismatched against the small-tenant economics of these buildings. Brokers don't want a 5,000 sq ft commission. Tenancy fills the buildings the institutional model wasn't built for.

Looks like Rexford Industrial · Prologis (post-Duke)

Engagement: Done-for-you (DFY) on the value-add tier

Profile 3 · Secondary-market retention

The operator who acquires fully-occupied buildings — until they aren't.

Single-tenant or small multi-tenant buildings in secondary markets where broker networks are thinner. The acquisition strategy works until existing tenants don't renew. Then the broker channel that was never used is suddenly the only option. Tenancy's retention module ships Q3 specifically for this profile.

Looks like STAG Industrial

Engagement: Retention module · Q3 launch waitlist open

Profile 4 · Independent operator-owners

You own the buildings, run the company, and want professional infrastructure without hiring it.

10 to 100 buildings. You compete against institutional capital that has more cash but less operational discipline. Your structural advantage is being closer to the tenants. Tenancy is the engine that converts that closeness into faster lease-up at lower cost than building the marketing function from scratch.

Looks like WareSpace · The independent operator

Engagement: DWY or DFY across the portfolio

The outcome, charted

Eight months pulled forward. Per building.

Industry-standard flex industrial buildings reach 90 percent occupancy at approximately month 19 from certificate of occupancy. Tenancy-driven buildings reach 90 percent at month 12. The shaded region is pulled-forward revenue, captured by the operator running the platform.

The unit economics

On a typical 25-unit flex building generating $50K per month at full occupancy, an eight-month acceleration in time-to-full produces approximately $400K in pulled-forward revenue per building. For an institutional operator with 100 buildings in lease-up, the aggregate value is in the tens of millions per year. Tenancy at $7K per building per month plus $400 per unit per month plus 2 percent first-year commission costs a small fraction of that value. That is why the unit economics work for both sides of the engagement.

The software moat check

Won't a property management software vendor bundle this?

Yardi is the largest property management software vendor in real estate. Their leasing CRM, RentCafe CRM IQ, is the closest existing analog to what Tenancy does — and it's still not very close. RentCafe automates the back half of a leasing funnel for residential apartments. Tenancy operates the entire funnel for industrial real estate, from how a tenant first searches Google to how they renew three years later. Same surface category, different engines, different industries.

What Yardi doesn't have, by design

Per-building local SEO operating system. Tenant-voice content engine. Industrial-tenant AI chat and voice agent. Outbound prospecting waterfall. Bird's-eye on-site leasing tool. The whole demand-generation half of the funnel.

Capability	Tenancy Industrial RE, full funnel	Yardi RentCafe CRM IQ Multifamily, post-funnel
Discovery
Per-building local SEO operating system	Built	No
Schema and structured data for AI Overviews	Built	No
Per-building Google Business Profile management	Built	No
Tenant-voice content engine (call & review mining)	Built	No
Demand generation
Outbound prospecting (scrape, enrich, score)	Built	No
Building-aware lead scoring	Built	Partial · residential
Multi-touch building-aware attribution	Built	Partial · residential
Performance marketing creative at volume	Built	No
Signal monitoring (47+ tenant intent sources)	Built	No
Conversion
AI inbound chat tuned to industrial-tenant questions	Built	Yes — for apartments
AI inbound voice / call agent	Built	Yes — for apartments
On-site leasing tool with bird's-eye floor plan	Built	No
Three-intent flow (tour / apply / reserve)	Built	No
Lifecycle & retention
Lifecycle email automation	Built	Yes — for apartments
Renewal & expansion signal detection	Built	No
Tenant referral mechanics	Built	No
Industry fit
Built for industrial flex / small-bay tenants	Yes	No
Building-mode logic (lease-up vs stabilized)	Built	No
Integrates with Yardi / AppFolio / Rent Manager / MRI as data layer	Yes	N/A — they are the data layer

Yardi has built strong post-funnel automation for residential apartments. They have not built a per-building local SEO operating system, a tenant-voice content engine, an industrial-tenant-aware AI chat, an outbound prospecting waterfall, or a building-mode-aware on-site leasing tool. Same is true for AppFolio, RealPage, and MRI.

The reason is structural. These vendors evolved out of accounting software. Their commercial customers are property managers and finance teams, not marketers. Their roadmaps are shaped by what those customers ask for: more property management features, not tenant-acquisition features.

Even if Yardi extends RentCafe into industrial, they sell software to property managers. Tenancy sells leasing outcomes to operators. Different customer, different sale, different organizational footprint inside the buyer.

How you engage

Three ways to use Tenancy. One platform.

The Leasing module is live today. Run it yourself with the free tools, have us run it with you, or have us run it for you. Retention ships Q3 to all paying customers at no additional fee for the first twelve months.

Buildings 8

Units per building 25

DIY

Do It Yourself

Run the playbook yourself with our free tools and frameworks.

Free

Forever. Real free, not freemium.

Building Audit Tool
The TRM Playbook (PDF)
Cost-to-Fill Calculator
Local SEO Operating System guide
Cold email deliverability checklist
No platform access
No support

For operators with internal capacity who want the framework. Most users start here.

DWY

Done With You

We run the demand engine. Your team closes the leases.

$36,000

/ month · 8 buildings × 25 units

$4,000/building + $200/unit

Per-building SEO + AEO sites
47 signal sources monitored
Cold email infrastructure
AI inbound call agent
Apify + Clay + Apollo waterfall
Tours booked to your calendar
Monthly strategy calls

$15K platform setup. Annual contract. Min 5 buildings or 50 units (whichever greater).

Most operators

DFY

Done For You

We run the engine and close the leases. You sign them.

$136,000

/ month · 8 buildings × 25 units

$7,000/building + $400/unit + 2% commission

Everything in DWY
Dedicated remote leasing closer
Trained on the WareSpace method
Virtual tours conducted end-to-end
Lease handoff to your GMs
Cost-per-tour reporting
Time-to-full accountability

$25K platform setup. Annual contract. On-site delivery scoped per portfolio.

On-site delivery — DFY upgrade

For high-value deals or active lease-up campaigns, DFY engagements can include in-person tours, lease-up blitz weeks, grand opening events, and broker outreach. Custom-scoped per portfolio with travel as passthrough billing. Standard for operators in Phase 1 lease-up of new construction.

Year-one ROI on DFY at this size

3.4×

$5.6M revenue pulled forward against $1.6M annual fee.

DIY · Free tools

The playbook is free. The platform is the moat.

Most local SEO services charge to do work that should be free. We give the framework away. The platform that runs it at scale across your portfolio is what you'd hire us to do.

Interactive · Gated

Building Audit Tool

Enter your building address. Get a five-page report on local SEO posture, GBP completeness, citation consistency, ranking gaps, and your top 10 prospects in market. Real diagnostic, not a marketing pitch.

Run the audit →

PDF · Gated

The TRM Playbook

Forty-page operator's guide to running tenant relationship management as a system. Closed-loop ranking model, 7-gate governance, action library, content engine architecture. The same doc we use internally.

Get the playbook →

Calculator · Open

Cost-to-Fill Calculator

Calculate the real cost of an empty building. Vacancy carrying cost, opportunity cost, time-to-full impact on IRR. Built from operating data across 50 WareSpace buildings.

Open calculator →

More tools shipping monthly. Subscribe to the Tenancy newsletter for new releases, product updates, and operator-facing research.

The operating team

Built by operators. Run by operators.

Tenancy is the productized version of the operating system WareSpace uses to fill its own buildings. The team building it has the credibility of operating it on their own portfolio first.

Levi Cohen

CEO · WareSpace

Capital allocation, asset strategy, operating shareholder of the platform

Joseph Ely

COO · WareSpace

Multi-site operations, leasing ops, building-level execution across 50 buildings

Eric Golman

CMO · WareSpace

Built the operating system. Previously: e-commerce + ERP for 15 years

Zak

Performance Marketing

Previously: PennyMac, Redy — performance marketing at scale

CTO

Engineering Leader

Hiring now. Vertical SaaS background. Founding equity

Operating customer · Reference site

WareSpace runs the platform on 50 buildings across 30 markets in the U.S.

Every Tenancy module is battle-tested on WareSpace buildings before any external operator runs it. WareSpace is the anchor customer, the reference, and the proof.

TRM

The category we're naming

Leasing as a Service is what we sell. Tenant Relationship Management is the category.

Sales has CRM. Finance has ERP. Marketing has automation. The tenant lifecycle in commercial real estate has never had a system of record. We're building it. We're calling the category Tenant Relationship Management — TRM. The first one. We'll write more about it as the platform matures.

The clock is running

The category-creation window is real and finite.

Most likely future competitor

Link Logistics

Blackstone's industrial logistics platform. Most operationally aggressive of the institutional players on tech investment. Built Link+, won a CIO 100 award in 2024. Their CIO is technically capable; their parent has the capital. But their organizational momentum is pointed at customer experience for existing tenants — not at tenant acquisition for new ones. Reorienting that momentum requires executive-level redirection. Possible. Not happening yet.

Most likely software entrant

Yardi or AppFolio

Yardi's RentCafe CRM IQ is the closest existing analog — for multifamily. Extending it into industrial would take 18 to 24 months minimum: a strategic decision at the executive level, re-architecting the data model, building integrations into industrial-relevant systems, and executing a sales motion to a different customer base. Doable. Not announced.

We estimate the category-creation window at 24 to 36 months. After that, the question is not whether Tenancy can be the category-defining player but how much share Tenancy captures in a more competitive landscape.

Industrial real estate professionalized every function except the one that makes money.

Acquisitions has investment committees. Construction has project managers. Operations has Yardi. Maintenance has capex schedules. Leasing has a coordinator and a LoopNet listing.

This isn't an oversight. It's a thirty-year accounting error. When you bought a well-located warehouse in 1995, it leased itself. The muscle never developed. The budget line never got built. Every other CRE function professionalized — leasing stayed amateur.

Then the world changed. E-commerce reshaped tenant demand. Google killed the broker's information monopoly. AI Overviews now intercept tenant searches before anyone in your office sees them. The function nobody built is the function that decides whether your buildings fill.

We know this because we lived it. We didn't build what the institutional players use. We built something sharper — in our own buildings, against our own pro formas, with our own capital on the line. Fifty buildings later, we have a system that works.

So we made a choice. We could keep it inside WareSpace as operational alpha, or we could productize it as the leasing service the rest of the category needs. We chose to productize it. We're calling the service Leasing as a Service. We're calling the category we're filling Tenant Relationship Management — the first one.

You bring the buildings. We bring the tenants. Then we keep them. Then their networks become yours.

That's Tenancy. That's the work.

— Eric Golman, founder, Tenancy

Industrial real estate professionalized every function except the one that makes money.

A clean staircase. From left to right.

Where every dollar in industrial real estate actually goes.

Zero of sixty positions. Across six markets.

"But Prologis has seventy people in marketing."

Leasing as a Service. Paid by the building.

One service. The full tenant lifecycle.

Built like an API. Amazon-style.

What's actually running when Tenancy fills your buildings.

SEO, AEO, and AI-search optimization, run continuously.

We don't run local SEO as a service. We run it as an operating system.

Templated availability posts get ignored. Tenant voice doesn't.

Cold email infrastructure that looks like institutional outbound, not a broker spamming.

Six data sources, one waterfall, scored against your closed-won data.

47 sources monitored continuously. Outreach concentrated at the moment of highest intent.

Every prospect, every tenant, every renewal — orchestrated automatically.

Tours go cold fast. We engineer the calendar to compress them.

Plugs into the systems you already run.

Most operators in this category buy software. We sell the operating engine.

The playbook, codified

One source of truth

The rituals that fill buildings

The engines that produce the work

Clear ownership, no bottlenecks

The cadence that keeps it running

The system that watches the system

Four operator profiles. Different needs, same engine.

How many months does Tenancy take off your pro forma?

Eight months pulled forward. Per building.

Won't a property management software vendor bundle this?

Three ways to use Tenancy. One platform.

The playbook is free. The platform is the moat.

Built by operators. Run by operators.

The category-creation window is real and finite.

The fourth Leasing slot is available now.