Utility & Miscellaneous Monthly Charges

Got the rent covered? Excellent. Now factor in the additional expenses for which you may be responsible if you lease Manhattan office space. Above and beyond the base rent, Manhattan commercial tenants are expected to shoulder the cost of electricity as well as a few other utility charges and operating expenses. Here’s the basic breakdown: Heat & Electricity for Manhattan Commercial Tenants The good news is that the cost of heat is always included in the base rent if you are a Manhattan commercial tenant. Electricity, on the other hand, is always billed separately. You’ll get hit with the bill in one of three ways: 1-     Directly from Con Edison (direct meter) 2-     From the landlord who monitors… Continue reading

Posted in Understanding Commercial Lease Language.
Short Term Versus Long Term Office Space Lease

For many commercial tenants in New York City, the decision to sign a short-term vs. a long-term lease is critical. The terms for Manhattan commercial leases generally range from two to 15 years. Because of the costs required to “re-market” a property – including legal fees, build-out costs, and rent lost during vacancy – landlords generally require a minimum two-year lease term. On the other end of the spectrum, landlords are hesitant to sign leases with a duration exceeding 15 years due to uncertainty about future rents. For tenants seeking commercial office space in Manhattan, there are various advantages and disadvantages associated with short- and long-term Manhattan commercial leases. Here are a few points that tenants should consider before signing… Continue reading

Posted in Understanding Commercial Lease Language.
What if I outgrow my space?

If business is booming and you need to expand into commercial office space NYC, the first thing you should do is pat yourself on the back. You deserve at least that much if you have made a big enough splash in New York to necessitate expansion. More demand for your goods or services requires hiring more employees to keep the business running smoothly. Of course, more employees means additional square footage, and unless you figure out how to use the ceiling, that means relocating to a bigger space. So what happens when your business outgrows its current commercial office space NYC but the lease term stretches endlessly before you? Don’t let this conundrum spoil the celebration. What to do When… Continue reading

Posted in Understanding Commercial Lease Language.
Mistakes Tenants Make

Mistakes when leasing NYC office space can be costly, especially if you are renting in high-demand commercial real estate areas like Manhattan. The New York City commercial real estate market is different from that of smaller cities. The terms and conditions of lease agreements can vary greatly from what small-market lessees are accustomed. Gaining a better understanding of how commercial real estate works in New York City can help business owners to avoid the most common mistakes made in leasing office space in this vibrant metropolis. Learn the Language of NYC Office Space One of the most common mistakes tenants make when considering NYC office space options is not understanding how certain terms and phrases are used within the context of… Continue reading

Posted in Understanding Commercial Lease Language.
nights and weekends

When the work piles up and deadlines run tight, sometimes it’s hard to squeeze it all in between 9:00 am and 5:00 pm. And let’s not discount the impending power of the pesky emergency. Clients make last-minute demands. Assistants get sick. Packages get delayed. Stuff happens. And when it does, the last thing you need is the added worry of being locked out of your commercial office space. Commercial Office Lease Provides the Details Landlords who rent commercial office space in New York City know that many companies have staff working after hours who need 24/7 access to their offices.  This is why most New York landlords include language a commercial office lease that gives a tenant entry to office… Continue reading

Posted in Understanding Commercial Lease Language.