8 Key Questions

Before calling a New York City commercial real estate broker to help you rent Manhattan office space, ask yourself these eight key questions. Your answers will facilitate your search and help you find the best space at the most favorable lease terms. 1. How much Manhattan office space do I really need? Use our office space calculator to determine how much square footage you require. Input the desired number and size of offices, number of cubicles, conference rooms, bullpen areas, break rooms and reception areas, and our calculator will generate an approximate square footage. Take the following factors into account when determining ideal square footage: Existing head count in your space Projected future growth of your staff Square footage of your… Continue reading

Posted in Commercial Leasing 101.

Good for you!  You’ve found an ideal office space in New York City.  You like it but can you really afford it?  Of course, you are wondering. But do you know that, on the other side, the landlord is probably thinking the same thing?  He knows you are considering submitting an offer to lease the space but he wonders if you can pay the rent on time and over the long haul.  ASSESSING THE CREDITWORTHINESS OF AN NYC BUSINESS TENANT Landlords are conservative business people and don’t like taking chances unless they’re convinced that they’ll receive timely rent payments throughout the term of a lease.  So, if you see a space that works for you, you still have a long… Continue reading

Posted in Commercial Leasing 101UncategorizedUnderstanding Commercial Lease Language.
Who Build Outs the Space, You or the Landlord?

Often the existing layout of an office, loft, showroom or medical space needs to be modified in order to suit a potential tenant. “Building out” a space allows it to be customized to best meet a firm’s needs, and often involves building sheet rock walls, modifying electrical distribution, adding floor treatment, installing HVAC or lighting fixtures, and painting. When tenants evaluate a space, they should be sure to learn whether the landlord is agreeable to build-out in NYC. Many commercial landlords will agree to build-out in NYC for a credit-worthy tenant. Assuming the tenant signs a lease term of at least five years (so the landlord has sufficient time to amortize the cost of construction), the landlord will often modify… Continue reading

Posted in Commercial Leasing 101.

The commercial real estate market in New York City moves at the same pace as New Yorkers—VERY FAST! This is the largest commercial real estate market in the country with hundreds of properties changing hands every day. Offers get submitted, leases and sale contracts get issued and deals are consummated. In a complex market that’s moving at this speed, it’s impossible to maintain a high level of accuracy in online databases…. But the plot thickens. Remember, this is New York… Enter online databases… Sorry, they’re not available to YOU! Just as the world of the residential real estate has Multiple Listing Services (MLS), so does the commercial real estate market.  These commercial property databases provide realtors with up-to-date information on… Continue reading

Posted in Brokers & Other Real Estate ProfessionalsCommercial Leasing 101Manhattan Office Space.
Don’t Fear the Loss Factor

Few terms make brokers and tenants in New York City squirm these days like “loss factor.” Loss factor is essentially the amount of communal space for which a tenant pays, but which is not included in the actual size of the office. Examples of common areas that contribute to loss factor can include the building’s lobby, janitor closets and elevator shafts. Loss factor made headlines recently when a news story reported on a small office tenant who sued his landlord for nearly $300,000 due to damages incurred by the owner’s apparent miscalculation of rentable square footage (RSF). The story illustrated why loss factor is an important term to understand before signing a lease. Brokers Know Areas with Low Loss Factor The… Continue reading

Posted in Commercial Leasing 101.