Office space installations are generally provided by landlords

Getting the Build Out You Want When you rent a new location for your existing business or start-up, getting your space built out exactly as you want it is key. If you are an accounting firm that needs 8 offices and a conference room, you will not feel comfortable in an open plan. If you are a technology start-up looking to create a collaborative work environment with an open layout, you are not happy in an office intensive space. The good news is that landlords will often modify a space so it meets a new tenant’s architectural specifications. They will hire a general contractor, manage construction and, to varying degrees, pay for build-out costs. So, as a tenant, don’t assume… Continue reading

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Posted in Commercial Leasing 101Manhattan Office SpaceNYC office spaceUncategorizedUnderstanding Commercial Lease Language.

How Long Will It Take You To Lease a New Office In Manhattan? The commercial leasing process in New York City generally lasts anywhere from a few months to a year. In order to estimate the length of time it takes to acquire a new space, it is essential to understand the key steps involved; from determining your architectural needs, searching for the right space, negotiating business terms and lease language, to completing construction. Contact a commercial real estate expert at (212) 447-5403 who can explain the steps below in detail and help you lay out a course of action to locate the perfect Manhattan office rental for your business or organization. The timeline described below applies to any types of commercial real estate rental in New York… Continue reading

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Posted in Commercial Leasing 101Manhattan Office SpaceUnderstanding Commercial Lease Language.

Like death and taxes, there are certain expenses that can’t be avoided. For instance,  if you you have a New York City office space rental, your commercial lease is going to have an escalation clause and your rent will increase every year. There is no getting around that. To understand why this is inevitable, place yourself, for a moment, in a landlord’s shoes. Because the cost of building services, personnel, energy and building maintenance go up every year at a pace that matches or exceeds inflation, a landlord’s only option is to recoup increased costs by adjusting rents. How Much More Per Year? Landlords will figure out the amount of the increase in different ways. –Fixed annual percentage increase (most common)… Continue reading

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Posted in Commercial Leasing 101Understanding Commercial Lease Language.

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

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Posted in Commercial Leasing 101UncategorizedUnderstanding 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

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Posted in Understanding Commercial Lease Language.