If business is booming and you need to expand into commercial office space NYC, the first thing you should do is pat yourself on the back. You deserve at least that much if you have made a big enough splash in New York to necessitate expansion. More demand for your goods or services requires hiring more employees to keep the business running smoothly. Of course, more employees means additional square footage, and unless you figure out how to use the ceiling, that means relocating to a bigger space. So what happens when your business outgrows its current commercial office space NYC but the lease term stretches endlessly before you? Don’t let this conundrum spoil the celebration.
What to do When You Outgrow Commercial Office Space NYC?
1- Talk with your landlord. In many cases, landlords will work to accommodate their existing tenants by relocating them to a larger space within the building or another space within their portfolio of properties. As a general rule, landlords will go out of their way to accommodate existing tenants. From an owner’s perspective, existing tenants -especially commercially successful ones – are a far safer bet than unknown, untried tenants. In other words, a bird in the hand that pays its rent on time and complies with the terms of its lease is worth two in the bush. A little flexibility on your landlord’s part is a mutually beneficial thing.
If you choose to ask your landlord for expansion space within your building, give it a reasonable amount of lead time. It can take the owner several months to make an ideal space available.
2- Sublease your current space. If your business is bursting at the seams and your landlord has no alternatives to offer within the building or his portfolio, you might consider subleasing your existing commercial office space NYC. This basically entails finding another company that could use your current space while it pays your rent for the remainder of your lease term. In the process, you are freed to pursue something bigger and better. Before doing so, read the sublet clause of your lease carefully. Verify that you’re actually permitted to sublet, and remember that you always need your landlord‘s consent. You may also be able to simply assign your lease.
3- Terminate your lease early. In some wonderfully convenient cases, a landlord may simply agree to terminate a tenant’s lease early. This is particularly true if your existing rent is substantially below market or if your landlord needs your space back.
Need help in your drive to find larger commercial office space NYC? Contact Metro Manhattan Office Space Principal Broker Alan Rosinsky at 212-444-2241 for a free consultation.