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.
Where Did Manhattan’s Vacate Office & Loft Space Go?

Tenants in the market to relocate or acquire expansion space in New York City are usually surprised to learn how limited vacant office space in Manhattan really is. On top of that, they are often surprised at how rent rates have climbed significantly. After dipping during the recession, NYC commercial rental rates are now approaching their 2007 peak and there is now a scarcity of reasonably priced vacant office space in Manhattan. As recently as late 2011, there was still a pretty good selection of vacant office space in Manhattan. Much has changed in a year. Due to increased scarcity and higher pricing, the commercial real estate market by late 2012 had become challenging for businesses seeking space. Supply-and-Demand Dictates Rent… Continue reading

Posted in Manhattan Office Space.
Finding Office Space for Your Startup in “New Tech City”

You know the names: Google, Yelp, Foursquare. You may also know the real estate associated with them: Chelsea Market, Union Square, SoHo. All three, combined with a swarm of other NYC tech start-ups to open their doors in Manhattan in recent years, have helped New York City earn the suitable nickname “New Tech City.” In a recent study by the Center for an Urban Future, New York City was named the fastest-growing market in the country for Internet and media technology companies with more than 400 new companies opening between 2007 and 2011. The trend will likely continue as the city breaks ground on Cornell NYC Tech, a multi-million dollar satellite campus of Cornell University on Roosevelt Island that is… Continue reading

Posted in Manhattan Office Space.
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.