Welcome to the Big Apple – the city of business opportunities, amazing people, and expensive real estate. Renting a commercial property is not a piece of cake. There’s a lot to consider before you sign the lease and find the perfect place for your business. The reason is that renting a commercial property is different from renting a house or apartment. There are several types of commercial properties, and leasing them comes with a set of unique factors. This guide will help you negotiate the best lease, find the perfect office space, and learn how to lease commercial property in NYC. Let your business grow in one of the most popular places on the planet!
Don’t underestimate the power of time
Living in NYC is everything but slow. Everything is high-speed, so you need to be very aware of this factor when leasing a commercial property in NYC. It’s a process that includes a couple of steps, so it’s important to give yourself enough time to do that. Half a year is an optimal period you’ll need to take care of everything. You’ll have to browse locations, choose the right property, negotiate the best lease conditions, make the necessary changes, furnish the space, and move in. Avoid rushing the process as it leads to mistakes and poor organization. It’s better to start planning on time and do tasks without a hurry.
Location is everything
The importance of the location of your property is something you should take seriously. Depending on what type of property you’re looking for, the location will determine several important aspects of your business:
- Target audience
- Access to a specific talent pool and good employees
- Proximity to important amenities
- Proximity to the competition
- Foot traffic and, therefore, your revenues
Consider these before choosing the location.Search some of the best areas in NYC to rent office space.It’s best to browse some popular areas and narrow the options depending on your business’ needs. However, not all businesses depend on all of these factors, which is how they should pick the location for their premises. Think about the way your company runs and what are the top priorities that will help you choose the best location.
The complexity of the lease
As this is not a simple rent for a one-bedroom apartment, there are more details to consider when negotiating the rent. Firstly, you should know your plans and expectations first. Make sure the landlord tells you all the lease details and what exactly you’ll be paying each month. As this is a commercial lease, you’ll probably need to make certain improvements to the property. See if your landlord offers a grace period, so you don’t need to pay the rent until the work is finished. Furthermore, discuss the end of the lease, too. Some landlords require the businesses to restore the property and remove the changes they’ve made. Go through all the details, so there are no unpleasant surprises.
Find a place where your business can grow
When it comes to leasing commercial property in NYC, most businesses go for a long-term commitment. It’s usually five or more years. That’s why you should try to predict the growth of your business and find a place that can support that progress. Talk to your landlord and see if you can make any further changes to the property as your business develops overtime. This can be quite a problem in the future if you’re unable to let your business evolve just because of a strict lease. That’s why it’s better to know the landlord’s expectations and see if there’s room for any changes.
Remember: thinking long-term when leasing commercial property in NYC can result in better lease conditions. Landlords often feel more positive toward businesses that have a clear, long-term plan and plan to stay. This way, you can get a more affordable rent or some help with the renovations. If your landlord sees you’re serious, they will be more likely to make alterations to their requests.
Get professional help
For those who have less experience with NYC leases, a broker and an attorney are necessary for the overall security of the lease. A broker and an attorney will ensure your lease is eligible and that its conditions are not solely in favor of the landlord. Brokers are usually paid by the landlord, so there’s one more reason to protect yourself and ensure the good conditions in your lease terms. Ask them to help you negotiate the main terms, security deposit, and rent details. Your attorney can go over these documents and make sure the conditions are reasonable and won’t cause you trouble in the future.
Bonus tip: be sure to trust professionals when you organize the move. Commercial relocations are more complex than residential ones, so it’s best to have an experienced expert by your side. Commerical moving teams know how to quickly move in all the items and minimize your downtime. Also, businesses often include specialty items, delicate electronics, and important documents. Make sure to do thorough research on the best moving teams in NYC to make sure you hire the most reliable one.
End of the lease details
As a lease is coming to an end, landlords start looking for their next tenant. However, this often includes showings of the space and visits by other businesses. Landlord’s accessibility to the premises is something you should discuss at the very beginning of the lease. Be open to discussion and offer your help to re-lease the property, but be clear about the way these tours will affect your work. While you’re still on the property, random visits to other businesses can be bothersome, so it’s essential to set some rules before it’s too late.
There are quite a few details you should care about when leasing commercial property in NYC. However, all of this effort is worth it, as it secures the best possible base for running a business. New York is a tough market, so you need to rethink every step of the way to make sure it leads to success.