- Which landlords are most willing to negotiate during this downturn?
- Which areas of Manhattan have the best deals for your type of business?
- How are other businesses similar to yours managing their office space challenges?
- How have the tenant requirements changed?
- Should you re-negotiate within your current space, or exit your lease and acquire new space at a major long-term discount?
- What lease terms are most favorable at this time?
- What should you watch out for, in light of the pandemic?
- How will the New York City commercial real estate market evolve as COVID-19 becomes endemic?
We are carefully tracking the market and we are ready to answer your questions while having access to the latest information available. To help address your COVID-19 related office space concerns, call us at (212) 444-2241. Get access to important information that will help you make informed business decisions during the current market uncertainty.
Listing Databases Never Tell the Full Story
The basic factors in choosing a desirable office space include the monthly rent, geographic location, layout, building amenities, proximity to public transportation, landlord concessions such as customized build-out of your office and free rent.
Popular online commercial real estate databases typically show rentable square footage, asking rent and listing photos. Critically, they do not provide the following tangible factors:
- Listing amenities (Central HVAC, light and views, access to water, permitted uses, ceiling height), and the building (security, after-hour access, ADA compliance, common areas HVAC)
- Actual square footage (“useable square footage” – which is always less than the advertised “rentable square footage”)
- Condition of building common areas and mechanical systems (this can vary greatly; a good broker will know which buildings have gone through recent renovations!)
- Confirmation of a listing’s availability
Online commercial property databases also fail to disclose intangible factors that adversely affect your tenancy:
- A landlord’s willingness to negotiate terms favorable for the tenant
- Quality of ownership (a prospective landlord’s financial strength)
- Your ability to expand within a building
- Lease provisions that increase costs
- Hidden costs
- Limitations on subleasing your space
- Personal guarantees
Other factors include information about landlords and their tenant preferences, lease terms, and concessions (businesses frequently waste valuable time in negotiations that don’t result in a deal, forcing them to restart their search) and more.
Transparency in New York City’s Commercial Real Estate
The lack of transparency in the commercial New York City office space market can hurt your company. Reduce your risk by ensuring that you get access to crucial details about potential spaces, buildings, landlords, and lease terms, which you will be bound to for many years.
Metro Manhattan Office Space, Inc. (see our company details here) has acted as an office space rental and brokerage agency since 2004. We have excellent knowledge of buildings and current inventory of listings and have substantial experience making deals with New York City’s major commercial landlords, managing agents, leasing agents and property managers.
Get the Details that Landlords are Reluctant to Disclose
Our mission is to create transparency in the NYC commercial real estate market. We provide key up-to-date information and insights which will improve the quality of your search and save you substantial time and money. Let us help! Get in touch by calling us at (212) 444-2241 or use our contact form.
Are You Affected by Any of these Common Tenant Scenarios?
- Your lease is expiring & you don’t intend to renew
- You need to move to a smaller space in an affordable office building
- You need more space due to business expansion
- A start-up seeks its first commercial space
- Demolition and redevelopment of your office building
- Out-of-town business needs a New York City office rental
- Negotiation of rent reduction and abatement during an economic downturn
- Negotiation of an early termination of your lease
We’ve consulted and assisted tenants with solving and negotiating each of these and many other difficult scenarios.
Metro Manhattan Office Space News, Articles and Videos
Want up-to-date news about Commercial Real Estate in Manhattan? Read our News & Articles for Market Reports, information about commercial real estate topics and events surrounding Manhattan and the greater New York City area. Visit our popular Metro Manhattan Office Space YouTube Channel to find over 100 videos about commercial real estate in Manhattan – offering advice, information and light entertainment while addressing many potential tenant concerns.