Tips For Finding Your Ideal Office Space In New York
It has never been an easy job to get office space in New York City
, know for the world's first skyscrapers, and now the venue for vacancies and affordable rents. The economic crisis is helping to make it inexpensive for tenants to move into Manhattan and play with the big boys.
How will you get the office space in New York that's best for you?
Let's get started with selecting a broker or agent. Try to look for somebody who has plenty of listings online. That would provide you with a good idea of location and price. Make a telephone call and talk to the salesperson. If they seem helpful, serious and aggressive, then they will look out in your best interest and negotiate a lease in a lot better terms than the asking price; considering so many businesses closing there's no better time to wheel and deal with the owner.
Lease agreements for commercial property in New York could be complex and many types of hidden charges abound in triple net leases and common area maintenance fees. An effective agent can lead you through these areas.
Consider the spot where you wish to be. If you reside on the Island or west side of the Hudson, you may want bridge, tunnel and train station access. Or perhaps you may like to impress clients and customers with the A class building. At this time it is easy to get a built- out, turn- key commercial property that you may move into the next day morning. Or you might want to design your own decor which makes a statement about your business. Bear in mind parking issues. Wall Street might be laying off workers, but parking in New York will almost always be at a premium.
Think you're making your first move into New York from the prior office in Long Island or New Jersey? Maybe it's best to go slowly and see if the economy rebounds before enrolling and signing up for a long term lease contract on a few thousand square feet.
Executive suites, or what some call shared office space or full service offices, are cost-effective and provide you with all of the options and amenities of leasing your own office. Leases are available from under 100 sq. ft. to 3,000 and even 5,000 sq. ft.
Sharing space provide you with your own office to meet customers in, and gives you having access to a reception area and receptionist, conference rooms, kitchens, fax and photocopy machines, online connections with T1 lines, and maybe even a great city view from your office.
Full service office leases could be signed for as short as one to twelve month terms, and a lot of owners include even a full complement of furniture. All you need to do is have a seat behind the desk and get ready to work.
Maybe you have an established business which even during these hard times is still doing business, grossing money, and turning a profit, and you also believe that it's the perfect time to possess a Manhattan address to draw international and national business and let your customers recognize that you are a New York City company with a full line of services and products. You want more than an executive suite; you want your own office together with your name on the door and a brass plate.
Currently, first class Fifth Avenue addresses are going for $50 a sq. ft., and the landlords are looking for 5 to 10 year leases. At 3,400 sq. ft. of space, you're paying about $14,000 a month.
Maybe a little farther downtown is precisely where you wish to be to network and connect to the financial services world. Office spaces to rent in Chelsea, south of Canal and north of Wall, can be found for $26 a sq. ft., and give pretty good views of downtown when you need to take a break.
Forty Second Street is in the core advertising and media world. Class A space is being advertised for $40 a sq. ft., and spaces have built out offices and conference rooms, ready to move into.
The Penn Station zone has listings for $32 a sq. ft., and Grand Central commercial properties for lease are going for $42 a sq. ft. These locations all offer from 3,000 to 7,000 sq. ft. of availability.
Before signing that lease, ask a couple of questions. Is electricity included or will it be an add-on? Often electric is provided directly without any extra fees. Will the landlord permit you an allowance for the build out? Are you being asked to personally guarantee a corporate lease? It is possible to limit guarantees to a few months or simply a specified amount.
Don't take it for granted that an old building certainly comes with elevator or AC. Ask initially and try everything out when you go to visit.
Ensure that your company is licensed to conduct inside the building. Don't assume all operations are permitted. If you wish to be near CPA's, lawyers, courthouses, media or consultants, start looking at the directory in the building for that types of businesses which are likely to be your neighbors.
Office Space in New York City is there begging for being rented. All you have to do is think before you leap.
by: Sandy Eliot
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