Subleasing Office Space in Manhattan
The opportunity to lease commercial property in New York City is not limited to office space rentals being offered directly by landlords. While landlord-leased properties do represent the majority of commercial rentals in Manhattan, opportunities do exist to sublet excess office space. Metro Manhattan Office Space services business owners in both camps, helping connect business owners who are seeking available office space with those who are currently looking to sublet excess office space.
FIND AVAILABLE OFFICE SPACE FOR SUBLEASE
For many start-up businesses, as well as for business owners who are looking to expand to a new location, finding available office space for sub-lease often provides various cost benefits over traditional leasing. Sub-leased spaces are often in excellent condition, furnished and wired for telecommunications and Internet. Plus, renters often enjoy shorter lease terms, which is appealing to businesses that are uncertain about their future real estate needs.
In addition being move-in-ready or requiring minimal work such as painting and carpet installation, sub-leased office spaces may also present tenants with below-market rent costs. While sublets offer advantages to businesses who are seeking below-market, shorter-term leases, they do have some potential drawbacks:
- Sub-leased space is typically offered in “as-is” condition. While sub-leased space is often in excellent condition, the sub-tenant is usually responsible for the cost of improving the space.
- Sub-leasing tenants assume a certain amount of risk based on the financial well-being of a sub-lessor. A broker can request financial documents that indicate a lessor’s financial strength.
- Getting possession of a sub-leased property can take longer than taking possession of direct-lease space. All subleases are subject to the landlord’s consent, and in New York City landlords generally have up to 60 days to approve a sublease.
- When sub-leasing, a tenant is not developing a direct relationship with a landlord. Such a relationship may be beneficial if your business needs expansion space in the building or when it comes time to renew your lease.
FIND TENANTS LOOKING TO SUBLEASE SPACE
Sometimes businesses need to leave their commercial space before the expiration of a lease. Perhaps they have outgrown their existing space, or perhaps they are downsizing.
But to sublet excess office space can be challenging business, from finding prospective tenants and negotiating sub-lease terms to fully understanding the complexities of renting out your commercial property. Metro Manhattan Office Space provides the real estate brokerage experience that helps business owners seeking to sublet excess office space enjoy the benefits of sub-leasing while avoiding the headaches.
If your business is seeking to sublet excess office space or negotiate an early termination of your lease, we can help. Metro Manhattan Office Space can:
- Canvas for potential tenants.
- Screen for credit-worthy, capitalized and established potential tenants.
- Market space to potential tenants and to the brokerage community through multiple online channels.
Metro Manhattan Office Space represents tenants who are seeking to sublet excess office space in Manhattan, as well as renters who are looking to sub-lease their rented space. Contact principal broker Alan Rosinsky at 212-447-5403.