You’ve found the right commercial broker and you’ve scheduled the first meeting to discuss the details about the office space your business needs. There is one more thing you could do before you go out and meet with the broker: a list of all the features and specs you want from your future office space.
Having this list will not only help turn your meeting into a smooth and concise conversation, but will also save you and the real estate professional a lot of time by limiting their search, and thus your wait time. The broker’s mission is not limited to only a search query in their database, but includes calls to the landlords to find out details such as availability, other offers currently on the respective spaces, possible concessions, build-outs, TIAs, and so on.
We’ve made a list with the essential things you should figure out about your future commercial space. Tailor it according to the asset type you’re looking for, before you meet or call your broker, and it will greatly improve your communication.
It goes without saying that this is the most important factor you need to consider when looking for a space. Keep in mind that, when calculating your budget, you should also take into account additional expenses such as security deposits and tenant improvement allowances. The latter in some cases is covered by the landlord, while in other cases it falls under the tenant’s responsibility, at least initially.
Based on the type of business you’re in, your area of interest might differ from one region of the city to another. If you are keen on a specific part of the city, specify that, otherwise detail to the broker what your business entails and he or she could suggest suitable regions for your business. As important for some businesses is the access to public transportation, proximity to medical centers, or good foot traffic, so make sure you tell that to your broker.
Size and layout
Looking for a 500-square-foot space is not the same thing as looking for an 11,000-square-foot suite. The size varies primarily based on the number of employees you are going to house there, as well as the projected number of employees if your firm is in the expansion phase. Additionally, depending on your activity, the floorplan is another crucial feature; some businesses require a higher level of privacy, while others find more value in open layouts. Moreover, make sure you take into account the loss factor.
The type of business you run determines your search for the space. Specific needs such as no steps or water use inside the unit (medical practitioners usually have these requirements) are critical features you need to tell your broker about. Other niche uses might also have different, and very specific needs. Law firm office space usually requires a high level of privacy, featuring private offices and meeting rooms to discuss confidential issues with clients. Architecture and design companies will prefer an open, loft-style layout with plenty of natural light, while tech tenants or advertising agencies will want a mix of open and private spaces.
Start by determining what building class best suits your needs and budget. While a Class A building will have by default a set of amenities such as a 24/7 attended lobby or tenant-controlled HVAC, Class B and Class C buildings will not. Furthermore, if your office needs an ADA-compliant restroom, or parking, make that known to your broker. Also think about whether you need additional amenities like security systems, operable windows, sustainable features, high ceilings, or access to lounging areas and other informal spaces.
To learn more about the importance of a property search criteria list before enlisting the help of a professional, check out some tips from Metro Manhattan principal broker Alan Rosinsky:
Are you thinking of setting up your business in a convenient location in Manhattan, and are looking to lease space in a modern building offering state-of-the-art amenities? Then reach out to us and we will show you worthwhile space situated right in the heart of New York City. To learn about available office space, call Metro Manhattan Office Space at (212) 447-5403.