The location of your business is deeply tied to its success, but finding a new rental space can be complicated. What is the best way to conduct a New York office search? How can you find the best office space in Manhattan? Extending your current lease or seeking to expand the space you rent in your current building are great ways to avoid the costs incurred during a relocation.
But if relocation is necessary, there are cost-effective measures you can take to make your New York office search financially palatable. Use the checklist provided below to arm yourself with answers to some of the most important questions.
Your New York Office Search Checklist
- What are your goals for your rental space? One objective may be to reduce monthly rental costs by moving to a cheaper neighborhood and paying less per square foot. Or you can save money by moving into a smaller space than you currently lease. Other objectives may be to relocate to a more prestigious neighborhood, to be closer to a transportation hub, or to be in a building with better security. It may be some combination of these different goals, as well. Once you have clearly spelled out your objective or objectives, you can begin to write your budget.
- Write out your monthly budget. Remember that rent payment is not the only expense to consider. When you sign a lease, you will likely have to pay a security deposit and first month’s rent. Determining your budget will help your real estate broker meet your needs.
- How much space do you actually need? An experienced real estate broker can help you plan your space requirements and let you know approximately how many square feet you need to acquire. A broker can also help you realize what can you expect to acquire within your budget. As a first step, you can use our space calculator tool to estimate how much space your business needs.
- Do you prefer remaining in your existing building or moving to a different location?
- If you decide to move, allow yourself enough time to find a new space. It can take a few months to find your next location. Negotiating business terms and lease language can take anywhere from a few weeks to a few months. If you’re building out space you should plan to wait anywhere from a few weeks to several months, depending on the extent of the construction.
- How much rent are you paying per square foot (if you are leasing now)? Calculate your current price per square foot by dividing your current rent by your office’s square footage. To find out if this is a fair rate, and to learn what comparable spaces are available, you can consult with a trusted real estate broker.
- Find a reputable New York City commercial real estate broker to assist you with your property search. In order to search the real estate market for the right space, the real estate agent will need to know your monthly budget, when you need possession, how you need the space built out, how you will use the space, what lease term you are seeking, what neighborhoods are suitable, and what type of building you are seeking.
- What type of building do you want to be in? Do you want a cool office loft in SoHo or Tribeca? Or are you looking for a Class A office space near Grand Central Station? Are you an architect seeking open-plan space with high ceilings in a former manufacturing building? Or are you a financial services firm that needs to be in Class A building in Lower Manhattan’s Financial District?
Begin your search by browsing the commercial real estate listings on Metro Manhattan Office Space.
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