Important Considerations to Find Office Space

Lora Davis
 


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Trying to find NYC office space can be one complicated affair; it can be compared to ring to find an apartment or a house to buy or rent. Many entrepreneurs, and especially those that are just starting up their business need to know the most important variables that they need to consider so that they can avoid getting into deep financial trouble as they try to find office space in Manhattan. The following are some of the most important aspects of trying to find office space that you need to understand clearly even before you begin your search.

Calculate the rent: There are millions of business people that spend the entire day driving around town and calling landlords and Manhattan commercial real estate agents as well as initiating negotiations when they don’t have the slightest idea of what they are going to pay for and what their rent is going to be. There are important terms you need to understand as a prospective tenant looking for NYC office space since they will affect the payable rent amount at the end of the day; these are square footage, common area factor and rentable square footage. When you get to know what you are supposed to be paying for, you also need to know what a quoted rental rate is and how it is calculated. Traditionally, NYC office space rent is quoted as a monthly or annual cost per square foot while rent for temporary space is normally quoted as a total monthly cost.

The role of commercial real estate: There are at least four important players that are involved in any Manhattan commercial real estate deal: the tenant, the tenant broker, the landlord, the landlord agent or a listing broker. As a tenant you will be the legal entity or person that will sign the lease. The tenant broker will represent you as you try to find office space. The landlord is the person that owns the property while the listing broker or landlord agent is responsible for marketing and leasing NYC office space on behalf of the landlord. The tenant broker works on a commission and this will be an agreed upon percentage of the gross value of the payable rent.

Know the questions to ask: Trying to find Manhattan office space rental involves more than just visiting a number of offices and selecting the one that pleases you most or what may appear to be more affordable. As a prospective tenant you want to know he right questions to ask so you can get relevant information about any potential NYC office space. You want to know what the building hours are, when the building was constructed and whether the individual rooms have their own individual conference area or if there are facilities that you will be sharing with the other tenants. Try to find out also whether there is on-site parking or reserved or open parking and what it is going to cost you without forgetting to find about the availability of air conditioning.

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