Overview
ReadySpaces is a prominent provider of flexible warehouse and industrial workspace solutions tailored to support small businesses. Operating in the real estate and logistics sectors, the company specializes in offering turnkey spaces that cater to startups, eCommerce, and small-scale enterprises engaged in distribution and other business activities. These spaces range from 200 to 5000 square feet and are designed to be flexible and cost-effective.
Headquarters and Locations
ReadySpaces is headquartered in California, with significant operations in the San Francisco Bay Area and other strategic locations, including Queens, New York. The company recently expanded by signing a 116,000-square-foot lease in Queens and announced the opening of a 130,000-square-foot co-warehousing facility in Tampa, Florida. This expansion is part of its aggressive growth strategy across new cities.
Leadership Team
The leadership team at ReadySpaces includes:
- Kevin Petrovic, CEO and Founding Partner, renowned for his innovative leadership and management expertise.
- Jon Zimmerman, Co-founder, with a background in self-storage facilities, who developed the concept of co-warehousing.
- Lonnie Fischer, Vice President of Accounting, who ensures financial sustainability with his extensive finance and accounting experience.
- Additional key personnel:
- Susan Crellin, Controller
- LyTia Blackmon, General Counsel
- Nick Gardiner, Director of Marketing
- Amy Rafieyan, Director of Business Development
- Brad Allec, Director of Field Operations
- Ryan Santini, Regional Manager
Services and Market Position
ReadySpaces offers a variety of services, including warehouse rental solutions, co-warehousing, and office spaces specifically designed for small businesses. These spaces come with essential infrastructure such as forklifts, loading docks, WiFi, conference rooms, and flexible lease terms. The services are noted for their efficiency and security, featuring controlled access and video surveillance. ReadySpaces positions itself uniquely in the co-warehousing sector by providing flexible and tailored space solutions that allow businesses to scale, akin to a "WeWork" for co-warehousing.
Financial Highlights and Investment
Listed on the Inc. 5000 list as one of the fastest-growing private companies, ReadySpaces was ranked No. 1661 in 2022. The company has grown its workforce by 17%, bringing the total to 55 employees, or possibly as high as 126, depending on varying reports. Estimated annual revenue ranges from $7.4 million to $20.2 million. With revenue per employee approximately $135,000, the company has raised $36.2 million, including $20 million in debt financing, with investment from entities such as Budapest Angels.
Competitive Landscape
ReadySpaces operates in a competitive sector featuring:
- SaltBox
- Palletized
- Portal Warehousing
- SmartStop Asset Management
- CubeWork
- WareSpace
Competitors like Placer Title Company and OAKWOOD ESCROW serve different segments within the real estate market, showcasing significant revenue but differing focuses and operational scales.
Competitor Comparison
- Placer Title Company: $98.6M revenue with 526 employees, a major player in real estate title and escrow, mainly in California.
- OAKWOOD ESCROW: $0.5M in revenue, potentially offering more personalized services due to its smaller scale.
- SmartStop Asset Management: $112.6M revenue with 591 employees, focusing on self-storage and housing sectors.
Recent Developments
Recent advancements by ReadySpaces include the opening of their largest warehouse to date in Bergen County and expansions in the NY Tri-State area. These developments underscore the company's commitment to addressing the shortage of warehouse space by providing small, flexible storage and office solutions. ReadySpaces continues to support small businesses with high standards of customer service and flexibility.
