Commercial Space
Browse top listings for commercial real estate. Get insider tips: find the right property, avoid hidden costs, and negotiate favorable lease terms.
Browse top listings for commercial real estate. Get insider tips: find the right property, avoid hidden costs, and negotiate favorable lease terms.
Find the perfect Commercial Office Space Space for Rent in NYC with Metro Manhattan! Browse our commercial space listings: Office Space, Loft Space, Retail Space, Law Firm Space, Medical Space, Life Sciences and Biotech Space, Startup Office Space or Sublet Space.
The first office buildings in New York City were built as early as the mid-1800’s. By the year 1870, seven to ten story buildings with elevators had started to appear. New York’s long history means that today’s commercial office space market is complex and mature. Whether you are a new or experienced tenant, you will undoubtedly benefit from the experience of a commercial realtor to help fulfill your requirements while avoiding pitfalls, wasted time and financial losses. Metro Manhattan Office Space is ready to assist you with your search for office space.
For over 17 years, Metro Manhattan Office Space has successfully negotiated many hundreds of leases for office space in New York City. Make use of our knowledge of the available listings, landlords and buildings, and take advantage of record low square footage costs in 2021 by securing a highly favorable long-term lease to reduce your business’s long-term real estate costs. Browse our listings or call us for access to thousands of properties not currently listed on our site: (212) 444-2241
(Updated September 2022)
Class A Buildings: $48 to $150 per square foot
Class B Buildings: $33 to $80 per square foot
Class C Buildings: $26 to $55 per square foot
Landlords often offer “Prebuilt Space”. Prebuilt space is built to generic layouts that are commonly in demand. Offices are built, painted, electrical distribution is installed and floor treatment is performed. Tenants looking for more upscale space can locate excellent prebuilt space in Class A and B buildings.
Unlike residential properties that are often move-in ready, most commercial office space in Manhattan typically requires modification. This can include new flooring, painting, cleaning, lighting, constructing offices, conference rooms etc. This is called a “buildout”. In many cases, the landlord will invest their own funds to renovate the space for your tenancy. As part of the buildout process, landlords will often provide architectural planning and file for construction permits on behalf of the tenant.
Typically, renovations/buildout would be required if:
Landlords generally offer a “tenant improvement allowance” or “TI”. The amount offered is based on the length of the lease. Longer leases warrant larger TI allowances. When landlords build on behalf of a tenant, they provide TI and will build to a maximum cost (cap). If the cost of the work exceeds the cap, the tenant pays the difference.
The involvement of a commercial realtor from Metro Manhattan Office Space provides you with leverage, allowing you to compare multiple properties and offerings from landlords – letting you select the most beneficial and cost-effective option. We strive to obtain the maximum buildout allowance from landlords for the tenants we represent. This is a nuanced process of give-and-take, with many factors involved. Our input will help you avoid a situation where an overly unyielding landlord forces you into a costly arrangement that results in financial losses, wasted time and other long-term problems for your business.
See our video with extra tips on this subject. New York City commercial tenants usually pay their proportionate share of real estate tax increases over base year. Occasionally, it is possible to “negotiate out” liability for real estate taxes if the tenant is willing to pay a greater annual rent escalation. Note that real estate tax increases occur at an uneven rate.
Talking to us will give you new insights. Our job is to protect your interests and save you money. Call us at (212) 444-2241 and make use of our 17 years of specialized commercial real estate experience in Manhattan.
Regardless of whether you need traditional office space, an open plan commercial loft or a short-term executive office suite, it is helpful to understand the differences between “A”, “B” or “C” office buildings:
Class C buildings offer the most affordable NYC office space for lease. They are usually former warehouse or manufacturing buildings converted to office use. In some cases attended, the lobbies may range from nice and acceptable to bare bones and functional. Class C buildings are great for start-ups that are seeking an inexpensive office space to lease in NYC.
You lease office space in Manhattan and NYC by calling an office space rental agency and asking them to show you worthwhile space based on your parameters and budget. Once you choose a space, your broker will help you submit offers on spaces that you like and complete the leasing process once your offer is accepted.
The average price per square foot in Manhattan is $50.
A business should never pay more than 33% of their gross revenue for rent.
Average commercial rent increases are 2.5% per year.
The average commercial lease is 5 years.
It costs as little as $150 a month to rent a co-working space in Manhattan.
You negotiate with a commercial landlord by submitting formal offers and counter offers detailing proposed business terms.
The biggest landlords in New York City are SL Green Realty Trust, Vornado Realty Trust, Brookfield properties, and Tishman Spire.
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