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Commercial Real Estate FAQ
As you navigate the complex world of Manhattan real estate, you’ll likely run up against more than a few questions. For your information, here is a quick set of questions we commonly hear and brief answers. For more in-depth information, feel free to contact Prime Manhattan Realty at any time.
Should I lease or buy office space?
There are countless costs and benefits associated with an office
space lease or purchase, but here are the basics.
Choosing office space for lease means a much lower cash outlay and fewer
responsibilities. You won’t have to worry about a massive down
payment and the landlord will be responsible for maintenance charges.
Also, rent payments are tax deductible.
Purchasing office space means putting up a down payment, securing a
mortgage and paying for al maintenance on your own. Ownership is more
demanding and less flexible, but it helps build equity and can lead
to a return when you sell.
Whether you choose an office for lease or a purchase agreement should
depend in your level of capital, the viability of the investment and
your organization’s long-term future.
Which location should I choose?
When it comes time to choose a new office lease in Manhattan,
you’ll have countless options. Should you opt for an upper floor
in a high-tech Midtown skyscraper or a Clinton loft?
Before you proceed, ask yourself how important location is to your organization.
Does it make a difference to your clients? Your employees? Do you need
to impress people with a great-looking space or do you only do business
on the phone and over the internet? Manhattan real estate includes some
of the priciest office leasing anywhere. Your company should choose
the most affordable location for that is appropriate for your needs.
That may very well be a high-priced Class A spot in Midtown.
What is an office lease?
An office space lease is a written, legally binding contract
between the owner of an office space and a tenant allowing the tenant
to use the offices for commercial purposes over a set period of time,
as long as terms are met. An office lease can last anywhere from a month
or two to more than a decade and can vary in complexity from a handshake
to a massive document with dozens of pages.
Can I negotiate commercial lease terms?
Absolutely. But do it before you sign. Office leasing is serious
business, and Prime Manhattan Realty will never recommend that you sign
a lease before it has been reviewed by a lawyer. When approached correctly,
nearly every term on an office space lease is negotiable, from rent
to maintenance fees to the length of the term. Prime Manhattan commercial
brokers are experts at negotiating with landlords and will take every
step to secure the best possible terms for each client.
What about zoning?
Depending on your industry, zoning laws may be very influential
over your search for office space for lease. Be sure to check local
zoning laws to see whether the area in which you are considering real
estate leasing is appropriate for your business. You might be surprised.
Why locate in New York?
It’s very true choosing an office for lease in New York
is not cheap, especially when compared with other areas. You can certainly
find office space for lease at much lower prices in other areas of the
country, but locating in New York has some major advantages. First,
you’ll have all of Manhattan at your fingertips. In terms of networking
and access to the global economy, there is no place on earth like New
York. True, office leasing here is expensive and challenging, but it
pays for itself in time. Second, New York has an incredible workforce.
Manhattan residents are educated, hard-working and dedicated to success.
If the above commercial real estate faq didn’t address your any
question you still have about real estate leasing in NYC, feel free
to contact Prime Manhattan Realty at any time. We’re proud to
be at your service. Contact
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