It is heartbreaking when you get that call from a client or friend who has Manhattan office space and the call goes something like this: “I absolutely love my office. But I am the only one who is using it right now? My employees do not feel comfortable coming back at the moment, but I […]
Do you have office space in NYC? Maybe you no longer need it. You want to turn to your landlord and just say:
“I’m outta here. It’s not going to work out between us.”
But Neil Sedaka was right and “Breaking up is hard to do.”
Ending a lease early can present a whole host of challenges like:
Eating your rent when you’re not even physically there (like a lot of folks right now. Paying a premium on cancellation. Losing your security deposit. And, perhaps even sometimes legal action.
But sometimes, you just need to do what is best for you. So let’s talk about your options.
Here are the four things you can do to end your lease or at least reduce your financial obligation if you have office space in Manhattan.
When you consider Manhattan office space and eventually sign a new office lease in NYC, one of the financial terms to negotiate is the base years for real estate taxes as well as for operating expenses. We will address each of these separately to help explain why you should care. The short story is that they add up to a large number of dollars and cents that either you are paying, or the landlord is paying based upon your advisor’s knowledge of the topic.
You know you don’t want or need your office space anymore but you don’t know what to do with it. In this blog, we will help explain what a sublease is, clarify what a sublease isn’t and then look at the 9 steps you need to take to successfully sublease your space. I’ve seen so […]
Visibility is low for many businesses. Stress is high while trying to keep your operations afloat. Your eyes are likely focused on the fixed costs and how to reduce them. At the top of that list is your commercial real estate expense AKA office rent. In an effort to help answer some of the questions […]
In the weeks leading up to the virtual shutdown of New York City, there was a lot of activity in the New York City office leasing market. Here’s a recap… The Numbers: 300%That’s the increase in fashion tenants downtown over the last 10 years. We’re talking companies like L Brans, Nike, and J. Crew all […]
Time is our most precious asset so in an effort to help you avoid wasting any of it when thinking about your company’s real estate decisions, I’m going to discuss the 6 questions your advisor must ask you when you meet for the first time. Prefer video? Check out the video for this blog post: […]
You know that feeling when someone asks you “Where are your offices?” and when you tell them they say “Ohhh nice”. They then go on to say things like, “That’s awesome, your so close to (fill in the blank from where ever you commute from)” or “Oh, your right by (insert food place), I go […]
It’s crucial to prepare for tomorrow. When looking at office space it’s not just about what you need now but it’s about the future. It’s important for your business to ask several questions: What are you planning for your company’s growth? What does the headcount look like in 2 years, 5 years? What are some […]
With the holidays just around the corner, “wish lists” seem to be very topical in many conversations. Staying on theme, for those thinking about their next lease, we thought we’d share the findings from our meetings with tenants this year. Interestingly they are quite consistent with the findings of Gensler’s 2019 US Workplace Survey, MIT’s […]