Office Leasing Manhattan & NYC

Our extensive ability to offer our clients the best available spaces in New York City is unparalleled to anyone else. We understand our client’s expectations and our goal is to meet that demand and offer the top properties available. Our work is combined with our capabilities and drive to offer our client’s as many available choices and to guide our clients in to making decisions in the ever changing commercial Real Estate market in New York. We have had many clients over the years and we have built a reputation in matching our clients’ needs with the available office leasing spaces in the greater NYC area.

Desired Location

Things to consider while searching a location for office leasing NYC:

  • Does the specific area or neighborhood have other items that are important to you and your company (ex. Hotels if you have people traveling, restaurants, are your suppliers close by etc…)?
  • Does the surrounding area fit the “image of your company?”
  • Is it close to transportation?
  • Are you looking for high traffic areas such as an Avenue location or can a side street work for you?

For more information on neighborhoods in Manhattan please visit: http://en.wikipedia.org/wiki/List_of_Manhattan_neighborhoods

For more information on New York City Subway please visit: http://web.mta.info/maps/submap.html

For more information on New York City Buses please visit: http://web.mta.info/nyct/maps/manbus.pdf

Contact us if you are looking for office leasing in Manhattan.

Building Classes

Most commercial office spaces in Manhattan fall in the following 3 classes of buildings:

Class A
  • Usually High-rise building
  • Usually concrete and steel construction – Expert construction
  • Highest quality materials and finishes – Attractive buildings
  • High quality building infrastructure
  • Generally, 100,000 sq. ft. or larger – Five or more floors
  • Strong identifiable location – Convenient access (public transportation)
  • State-of-the-art systems according to BOMA guidelines
  • Business/support amenities
  • Professional management of the building
  • Premier tenants
  • Highest rental rates
  • Definite market presence
  • 24/7/365 Lobby attendant
  • High level of security
Class B
  • A grade below Class A
  • Slightly older buildings – Good management – Quality tenants
  • finishes – Fair to good
  • Good quality systems – not at Class A level
  • Well maintained – Functional
  • Average rental rates
  • Good tenants
Class C
  • Lowest grade for useable office buildings.
  • Usually older office buildings
  • Less impressive architecture
  • infrastructure
  • Some building are in need of renovations
  • Lower rental rates
  • Tenants requiring functional space and usually requires more out of pocket for building amenities

Square Feet

With very few exceptions in retail spaces most spaces for office leasing in Manhattan have a loss factor.

The square footage is measured from beam to beam of the building in Manhattan so most spaces will have a 10%-40% loss factor. (Ex. Rentable/Usable If the gross size of the space is rentable 1,000sf the actual usable size of the space will be 600sf-900sf) This will depend on an individual building.

The loss factor is usually determined by the following factors:

If you are renting Full floor or Partial floor- usually a full floor will have a smaller loss factors then partial floors because a partial floor include hallways, bathrooms, staircase, HVAC units and anything else that is shared on the floor, is used to determine the gross (rentable) square footage

Type of building- Usually high end buildings such as Class A and B building will have the highest loss factor on partial floor spaces

Floor Preference

Spaces for office leasing in Manhattan are divided in to Retail Use and Office Use unless they are zoned otherwise.

Retail Use- It includes usually the ground floor and basement (if basement is available and it is zoned as fit for work, then it is a sellable space and the landlord will want rent for it.) If it is not zoned for work and it can be used only for storage then it is usually included as part of the asking price with the ground floor.

In certain cases 2nd and 3rd floors are zoned as Retail Use. It means clients that come to your space usually come in without an appointment.

Prices for Retail Use tend to be higher than for office use.

Office Use – In most commercial buildings, this means 2nd floor and higher. If your company has clients that come to your space, it is usually done by appointment only and not clients that walk in from the street.

Views – If views are important to you, then usually the higher floors will work better. Most of the higher floors tend to have a higher asking price than lower floors.

Noise – Depending on the building, the higher floors will have less noise than the lower floors.

levators – Depending on how many elevators the building has, some buildings allow for people to use the staircase. In the event you have a lot of people coming up and down from your space a lower floor would work better if the building allows using the stairs.

Full or partial floor

Depending on how much space you need, there can be pros and cons of office leasing in NYC based on leasing a full floor or a partial floor and whether there are other companies on your floor.

Space/Build Out

Office leasing in NYC is flexible. If the area and the building can work for you but the existing layout does not, then in most cases we can negotiate for a landlord to give you a new build out or additional free rent for you to do a build out. This will depend on case by case basis with the major factors being the building and the landlord.

Specific Requirements for space:

If you are willing to install a bathroom, pantry, a server room, or if you want high ceilings, good views, sound proof walls, large windows, high security, 24/7 access, office to be close to the elevator or freight elevator, any other special requirements a company needs, our office leasing services in Manhattan adjusts it all.

Term

For office leasing in NYC, unless the space is a sublease, most common lease terms in Manhattan are:

  • 1 – 3 Years
  • 5 Years
  • 7 Years
  • 10 Years

Depending on the size of the space, most landlords prefer leases over 3 years.

In certain cases, landlord will only do deals on 5, 7 or 10 year leases. This is determined by:

  • Size of space
  • Use
  • Amount of build out they have to provide for the new tenant.

The longer the term, the greater the chances are of negotiating the best possible deal.

Leases over 10 years – In most cases, unless the space is a retail space, landlords will not give a lease for more than 10 years.

Options – In most cases, unless the space is retail, landlord will not provide options. However, in many cases, you can ask for First Right of Refusal when the lease is up.

Budget

For office leasing in Manhattan, the asking price per square foot can be negotiated in most cases. The main factors that will be considered in determining the price are:

  • Term of the lease
  • Amount of build out they have to provide for the new tenant
  • Type of use
  • How strong are the companies financials how secure is the landlord the rent will be paid on time for the term of the lease

Keep in mind that besides what the rent will be, you should estimate an additional 10%-15% of your rent for additional building expenses (such as utilities, tax, CAM charges and other expenses associated with leasing the space). – Let’s put link to addition expenses.

To calculate price: Square feet X Price per square foot = Annual rent/12 months = Price per month (ex. $40sf X 1,000sf = $40,000 Annual rent/12 months-$3,333.33 a month.

Timing

Depending on your targeted move-in date, you should start the search 90 days – 18 months before.

The main factors will be:

Use – You have you might need special requirements or permits to conduct business in New Your City. In some cases you have to have the office leasing space in NYC first before applying for the permits.

Size – usually the larger the size, the longer the build out will be. Also, larger deals tend to take longer to negotiate both on a real estate side and by the attorneys.

Build Out – In New York City, any construction work requires permits; the more extensive build out you need, the longer it will take for you to move in.

Searches for typical office leasing in NYC that need several offices, conference rooms, pantry etc. require you to allow 2-5 months from the start of the search to the move-in date.

Industry Profile

Things to consider while searching for office leasing in Manhattan depending on the USE and INDUSTRY:

Office Use

This type of office is for any company that will only use the space for office use. (ex of industry. Accountants office, PR, Law office, etc)

Do You Need

  • Doorman building
  • 24/7 access ( which most buildings have but not all)
  • Nice lobby
  • Windows and natural light
  • View (some spaces are in the back of the building and have no view)
  • Quiet space
  • Specific wiring for internet and or fiber
  • What build out do you need
  • If it is not a full floor a bathroom in your space or is it ok if it’s on the floor
  • Terrace
  • Proximity to transportation
  • Who are the neighbors on the floor ( if not a full floor)
  • How many elevators are in the building
  • Freight elevator

Financial companies/Trading companies

  • If clients visit the space -Nice entrance and lobby to the building
  • Mix of offices and open space
  • Space with windows and good light
  • Enough electricity for servers
  • Secure building

Internet/ Software

  • Building is wired with all the internet connections they need, if not can company do it them selves

Showroom

  • Freight elevator
  • What does the lobby look like
  • Door man building ( not in all cases)
  • Usually require a large open space with either one or several offices
  • Is the space column free, if not how many columns and what is the width between columns
  • Proximity to transportation
  • Ceiling heights
  • Windows and natural light

Gym/Yoga/Martial Arts

  • Ceilings height
  • Is the space column free, if not how many columns and what is the width between columns
  • How many bathrooms
  • Is there a shower in the space, if not can one be build
  • What is the layout of the space
  • What type of floors wood, carpet or cement
  • Can signage be placed in the windows
  • Can flag be placed next to the window
  • 24/7 access
  • Freight elevators
  • How many elevators are in the building
  • Proximity to transportation
  • Is the space zoned for public assembly( in some cases)
  • Physical Culture Permit – some gyms require this (some buildings have this and in some the client has to get this permit). This depends on if this is one on one private training gym or a traditional gym with membershipsWill landlord allow music to be played

Production space

  • High ceilings
  • Is the space column free, if not how many columns and what is the width between columns
  • How many windows and is there a lot of light in the space
  • 24/7 access
  • Is there a freight elevator
  • What is the layout of the space
  • What is the ampge in the space- production companies usually require higher ampge than regular tenants

Photography Studio

  • High ceilings
  • Is the space column free, if not how many columns and what is the width between columns
  • How many windows and is there a lot of light in the space
  • 24/7 access
  • Is there a freight elevator
  • What is the layout of the space

Medical Space

  • Doorman building ( in most cases)
  • Lobby
  • Proximity to transportation
  • Lay out of the space
  • Running water in every office
  • Ampge – if they have x-ray machines they will require additional electricity.
  • ADA bathrooms

Schools

  • Correct zoning
  • As per zoning requirements means of egresses
  • Close to transportation
  • ADA bathrooms or ability to build them
  • Ability to build out
  • Secure building
  • Building and space has no violations from EPA

Galleries

  • Column free or minimal column spaces
  • Open Space
  • High ceilings
  • Either wood or cement floors
  • Ability to build out
  • Freight elevators to bring up equipment
  • 24/7 access

Government offices/UN councils

  • Secure building
  • Close to transportation
  • If high volume of traffic to have enough elevators
  • Close proximity to UN or City Hall and other government buildings

Spaces for Executive suite companies or Venture Capital companies providing spaces

  • Landlord to allow to either sublease or license the space to other companies
  • Full floor
  • Must have kitchen or the ability to build one
  • ADA bathrooms or ability to build them
  • Minimal columns
  • Ability to build several large open spaces
  • To build patricians in the open spaces to make them bigger or smaller when the need arises
  • Secure building
  • Nice entrance and lobby to the building
  • Close to transportation

Spas/Salons

  • If on higher floors must have 2 or more elevators
  • Open space with ability to build out treatment rooms
  • Access to water
  • Correct zoning
  • Freight elevators to bring up equipment
  • Nice entrance and lobby to the building
  • Close to transportation
  • Enough electricity
  • 24/7 access

Companies with 50 + employees

  • Full floor
  • Ability to build out a mix of offices and open space
  • Enough electricity
  • Secure building
  • Presentable building and lobby
  • Multiple elevators
  • Close to transportation

Franchises

  • Type of business
  • If parent company will cosign the lease or will the franchise owner be the only signer
  • How many existing NYC locations
  • Competition
  • Demographics reports
  • Specific look of the franchise to be allowed by the landlord both for frontage of the building and the inside
  • All zoning relating to industry

Other Industries

  • We can custom search for any industry based on required specific needs