Same Space. More Square Footage
Okay, so there is this thing that happens in commercial real estate in New York City that will blow your mind. When I learned about this, it took me a while to get it. It is called re-measuring. In its simplest form, you can sign a lease for 10,000 square feet, and in some time […]
It’s Electric
There are so many different costs associated with an office lease outside of the base rent. Many of these can add up to real dollars! It is important to know what is going into your office lease. This is for two reasons: 1) so that you can make an apples-to-apples comparison when considering the space that works for you 2) to understand what your costs are upfront so there are no surprises once you have signed a lease.
Today I want to address electricity because if negotiated incorrectly, it could be a profit center for the landlord. There are going to be situations where some of these are not available, but it’s better to be an educated consumer and ask, rather than assume what is proposed to you is the only option.
There are three options for electricity. These include ERIF, Submetering, and Direct Metering — only one of these is not a moneymaker for your landlord. So, let’s get into it.
How To Break Up With Your Landlord If You Have Office Space
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.