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.
Multiple Real Estate Brokers: Help or Hindrance?

Some business owners assume that contacting multiple commercial real estate brokers is better than seeking the services of one agent, thinking that this increases the number of properties they visit. While this makes sense in some ways, it is often not the case, especially in Manhattan. In New York City, all commercial real estate brokers source their listings from one property database, so multiple brokers will often show the same spaces to the same prospective tenant. Commercial vs. Residential Real Estate Landlords, leasing agents and property managers all source their listings from an online database exclusively accessible to professionals in the commercial real estate community. This listing service displays at least 99 percent of New York City commercial listings. Since… Continue reading

Posted in Brokers & Other Real Estate Professionals.
NYC Office Space Security Deposit

When you rent New York commercial real estate, landlords require payment of a security deposit at the time of lease signing. It will be returned to you at the end of the lease provided you comply with all relevant lease terms. Unlike residential properties, commercial real estate landlords have much greater freedom in the amount of security deposit they can demand. Manhattan real estate security deposits usually range from two to 12 months depending on the landlord’s perceived financial risk. Established companies with strong financial statements will pay less security than will start-up ventures that are just establishing their profitability. A respected commercial real estate agent will help you find the best value for your budget and credit history and… Continue reading

Posted in Understanding Commercial Lease Language.
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.