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Commercial Space
Broker Assisted Property Search
Do the Property Search Yourself (DIY)
Searching for commercial office space in New York is a major process, to say the least. If your company does business in New York, it is inevitable that you will be looking for new commercial space at some point in the future. When the time comes, you’ll want to be prepared. Prime Manhattan commercial office space brokers are extraordinarily well-versed in every process involved in locating and securing commercial property in New York. We are honored to serves as your trusted advisor and guide as you select your company’s next home. We oversee every commercial real estate sale and rental as if it were our own.
Commercial space for rent or sale in New York is not cheap. But there’s
a big reason why companies that locate here choose to stay: access.
New York’s workforce is one of the best-educated, hardest-working
groups of people in the world. Maintaining a New York commercial space
means you will have access to great employees. You’ll also have
immediate access to Manhattan’s tremendous business community,
with unlimited networking opportunities.
Here’s some great advice when you’re getting ready to search
for commercial real estate for lease or for sale in New York: plan ahead.
The total time you’ll spend on various steps of the relocation
process may vary, but it can take months. Consider every stage: analysis
of your needs, search, touring spaces, negotiating the lease, architectural,
construction and moving.
If you overstay your current lease, you may be subject to enormous charges.
There is a large amount of New York commercial space for rent that you
may lease for a very short term, but you’ll pay a premium for
it. The best thing to do is allot proper time to choose commercial real
estate for lease or sale that meets your needs within a reasonable time.
If you are in the market for commercial space for sale, be sure you
take into account all related costs. In most cases you’ll need
to invest significant funds in construction and renovation. As you investigate
possible spaces, be sure you keep track of all likely construction costs.
Even if you are interested in commercial real estate for lease, you’ll
likely wind up paying a lot of construction costs, depending on what
you can negotiate from the landlord.
Commercial office space in New York is divided into three classes: Class
A, Class B and Class C. Class A represents the most in-demand, high-tech
offices in the best areas, the highest priced commercial space for sale
on the market. Class B is of good quality but with fewer amenities and
a less desirable location. Class C is the bottom of the market, but
includes many decent quality spaces. The amount of construction you’ll
wind up doing will likely be linked to the classification of the building
you choose. A lower classification means more renovation.
When you and your Prime Manhattan commercial broker are out touring
commercial real estate, keep track of the details so you’ll be
able to make an easy comparison between the best possibilities. Don’t
forget to check out the bathrooms, neighboring buildings, the noise
level, views, and any other important aspects of the property.
One of the biggest factors influencing every commercial real estate
sale or rental is rentable square feet. Rentable square footage includes
the total amount of space in an office plus a portion of all building
common areas. The difference between those two numbers is called the
loss factor, which is described as a percentage. The lower the loss
factor, the less you’re paying to rent common areas in your building.
When it comes time to negotiate a lease agreement, be sure to keep track
of every additional charge included in the lease. Landlords will tend
to add ambiguous charges or frame things in an amorphous way. Be sure
that every charge can be explained, and negotiate down anything that
is not reasonable. Major sticking points include rent escalations, maintenance
charges and property taxes. The principal areas of concern when securing
commercial real estate for lease are rent payments, free rent, landlord’s
contribution to renovation and the length of the lease term.
Prime Manhattan Realty always recommends using a lawyer to aid with
the drafting of the lease. You should never sign a lease that hasn’t
been thoroughly reviewed by a legal professional. Our legal consultants
are among the best real estate lawyers in New York. Only sign a lease
when every clause has been negotiated thoroughly.
This is just a basic discussion of a few of the steps you’ll take when securing commercial real estate for sale or commercial real estate for lease in New York. As your commercial property experts, the Prime Manhattan team will be with you at every step of the way.
