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.
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.
What Is the Role of a Real Estate Attorney?

New York City commercial leases for office, loft , retail or medical space  are complicated legal documents that  can range from 15 to more than 100 pages in length depending on the particular landlord. Therefore, it is in the tenant’s best interest to hire a New York real estate attorney to review a lease and to negotiate modifications on the tenant’s behalf with the landlord’s attorney. The role of a New York real estate attorney usually begins after a lease has been issued, and after the landlord’s agent and the tenant’s broker have reached agreement on lease business terms. Business terms may consist of base rent, any monthly pass-throughs, annual rent escalations, a proportionate share of real estate tax increases,… Continue reading

Posted in Brokers & Other Real Estate Professionals.
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.

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

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