Manhattan is one of the most competitive real estate markets in the world. Even with a strong bank loan to help spearhead your office search efforts, it’s never a walk in the park. Whether you’re looking for an ideal retail location or the perfect office setting to get your startup up and running, the right guidance can score you a great deal.
As a business owner and real estate investor, you are trying to balance your space needs within a budget that works for you. There are ways to get good deals, even in Manhattan, if you know where to look. Here are proven tips to help you rent commercial real estate in Manhattan for your company.
Although Manhattan is a small island, it’s too complex a real estate market to navigate yourself, so it’s important to get expert help. At minimum you will need a broker who is familiar with the rental market trends.
You may also find you need a real estate attorney as well. A broker will help you in two ways. They’ll know about spaces that you might not be able to find. They will also know how to negotiate the best deal with the landlord. Additionally, you risk nothing by hiring a broker. Broker fees are paid by the landlord in New York.
Depending on the type of commercial real estate you want to invest in, you’ll also need experienced guarding services to protect the businesses and maintain integrity and safety for business owners and consumers.
Bottom line: Manhattan is a special kind of real estate market. You need professional help to navigate it correctly.
Plan For The Future
As you determine what you need in an office space, consider both what you need at present and in the future. If you’re looking for a space, you should not only consider just the space you need now, but also how your company is likely to expand in the next few years. This office space your renting should ideally work for you company for about three years. Therefore, the office space needs to include the space and amenities you are likely to need before three years are out. Short term rentals in Manhattan cost a great deal more than long ones. If you can predict your needs for the next few years and buy a space accordingly, you will save a considerable sum in the long run.
Examine Your Lease
Once you find the office space you want, read the lease for it carefully. Even if the broker signs off on it, have your own lawyer look it over. Check to make sure there are no fees you didn’t agree to in the lease. Manhattan landlords may also include rent escalation, raising the rent by a percentage each year. This escalation might even be tied to the consumer price index. Confirm that you negotiated and agreed to all this fine print. Signing without reading may result in you paying double the rent in hidden fees.
Consider Shared Office Space
If your company has a tight budget, a flexible or sharing office space might be a good compromise. These office spaces share an office between several small companies. You rent desks or room in the office and then share break and conference rooms with other companies. This can give your company a lot of flexibility. You have all the benefits of an office when you need them and don’t pay for them when you don’t. Today, coworking spaces in Manhattan (and around the world) are on the rise. A shared office space can also provide you with amenities, like a receptionist or fiber optic internet, you might not be able to afford otherwise. Even with rents going flat, shared office space can be a nice stepping stone as your startup becomes the sort of company that can afford Manhattan real estate.
Manhattan real estate requires timing and patience. The market moves in cycles and there are parts of the year where commercial real estate can be leased for far less. If you can not find what you are looking for at the price you want, then do not get discouraged. In a couple of months, you might have better luck. The important thing is to stick to what you want and not give up. Manhattan real estate might be tricky, but it is also really varied. You will get the best result if you can wait for that perfect property to come to you.
Finding office space in Manhattan can be easy with a few tips. Hire a broker to guide you through it. Choose a space that fits your present and future. Read the fine print on your lease carefully and watch out for hidden fees. Consider a shared office to save money. Be patient and be ready for a long search. These tips will help you navigate the dense maze that is commercial real estate in Manhattan.