Are you thinking of subleasing office space? If so, it is a great time to consider sublease space in New York City.
One of the top benefits of subleasing is lower office rent. By subleasing, you will (almost) always get a better price than if you were to enter into a direct lease with the landlord. Right now, those looking to sublease their space are offering very attractive deals in hopes of subleasing their space quickly.
Lease terms in NYC generally average 5-10 years. By subleasing, you can rent for a considerably shorter term, often only 1-2 years. This allows you to feel out the space, location, and potential build-out of the office before committing long term.
Most subleased space is move-in ready, meaning you won’t have to worry about downtime for build-outs. Sublease spaces are usually fully furnished and fitted with lighting and electrical in place. Get in and get to work!
Sublease agreements are usually much less paperwork than direct leases with a landlord. You still want to have an agent and attorney review your sublease agreement, but you can expect much less paperwork to have to go through. If you’d like to learn more about subleases and why I love them, check out my video on YouTube.
There are 3 subleases that I came across that are too good not to share:
641 Lexington/3,500 sq ft
No appetite for a 4-5-year lease? Then how about 1 year?! I was hired by a private equity firm to sublease this corner unit with a TON of light. Six offices and 1 conference room on a very small floor with only one other tenant. LOTS of money was spent furnishing this space. It would be ideal for a small law firm, accounting firm, hedge fund, or investment firm. Come on in and have a look.
366 Madison/6,500 sq ft
Want your own floor near Grand Central? This space is 6,500 square feet and comes fully furnished, wired, and available for 3 years. Deal around $50 which is great value for Grand Central with the privacy of your own floor and the flexibility of a shorter-term sublease without any upfront expenses for furniture or wiring.
800 Third Ave/15,000 sq ft
Name your price. Calling all Law Firms!!! This tenant has a law firm build-out with tons of offices. Third Avenue corridor with access to the E, F makes it just as convenient for those coming from Penn Station as it does from Grand Central.
Interested? Reach out to me so I can set up a time to show you the space!
Debating if a sublease is the right move for your business? Let’s talk.