The Dirty 4 Letter Word in an Office Lease
The lease is a contractual obligation, written by landlords, for landlords, and it is of utmost importance to understand your rights and your exposure. It’s why I say it’s crucial to have expert real estate advisory, as well as legal representation. Amongst the many potential pitfalls, there is one clause that pops up from time […]
One Year Post-COVID Outbreak: NYC Office Market Update
It’s been a long 12 months. Spring is in the air, and New York is waking up after a long nap. But, the landscape seems different. Yes, people are starting to come back into the city but everyday office occupancy is still hovering around 15%. Some businesses are operating within a hybrid model, having their staff in the office […]
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.
If You Renew Your Lease, You’re Saving Your Landlord BIG TIME
Your lease renewal is Worth A LOT! A lease renewal is seen as the path of least resistance for many companies, as it removes the potential disruptions associated with a move, from a change of address to the associated costs, and everything in between. It is important to remember that it is the best option […]