Additional rent

Your base rent does not include your portion of the building’s operating expenses, which the landlord will pass onto you.  These usually begin in the second year of the lease. Additional rent charges can include tax and insurance increases as well as common area refurbishing and repairs. This is an important element of lease negotiations that should be thoroughly reviewed by your broker and real estate attorney. … [Read more...]

Base rent

Usually described as “price per square foot” – also known as “fixed rent.”  Base rent does not include items that are detailed in additional rent. … [Read more...]

Conventional office space

Conventional office space is usually chosen by well-established companies, as the unknown costs and time constraints are too great for most startup firms.  When conventional office space won’t work, shared office space is the likely alternative. Pros: Priced from $30 to $100/square foot for base rent Locations throughout Manhattan Potential for high visibility Can be designed to your exact specifications Customization will add $25/sf to $65/sf based on design requirements May be eligible for city and state … [Read more...]

Corporate suites

Corporate suites are offices where all services are supplied to the tenant, allowing for an immediate move-in, usually in a prime location.  There are over 150 locations for NYC office spaces in Manhattan alone.  Also known as executive suites, turn-key offices and shared office space. Here are the benefits of corporate suites versus conventional office space: Monthly rates start at $1,000 Can be operational in 24 hours from finding space Cost-effective, as rent includes furniture, utilities, cleaning, phone and … [Read more...]

Executive suites

Executive suites are offices where all services are supplied to the tenant, allowing for an immediate move-in, usually in a prime location.  There are over 150 locations for NYC office spaces in Manhattan alone.  Also known as corporate suites, turn-key offices and shared office space. Here are the benefits of executive suites versus conventional office space: Monthly rates start at $1,000 Can be operational in 24 hours from finding space Cost-effective, as rent includes furniture, utilities, cleaning, phone and … [Read more...]

Load factor

Your base rent includes the charge for the rentable square footage of your offices.  You also pay a separate fee for the common areas, which include the lobbies, hallways, restrooms and service areas that you share with other tenants.  This is known as a load factor or loss factor. Load factors generally run between 27 and 31 percent – the higher the factor, the more space you need to rent as usable space.  It’s important to know the load factor to determine the true price being quoted per square foot … [Read more...]

NBI – New Building Installation

NBI stands for New Building Installation.  Brokers sometimes use this term to describe a space that has never been occupied before. There are pros and cons to “new” space.  The pros are that you don’t have to demo someone else’s partitioned space, you’ve got a clean slate. The cons are the extra costs involved to run wiring, build interior walls, doors, flooring, painting, etc.  However, the landlord will usually contribute or pay for these costs, depending on the length of the lease … [Read more...]

Needs analysis

A needs analysis is performed to assess your current location, size and needs so that we have the best understanding of what requirements are necessary for your new office space. During this process, we will ascertain why you’re looking to move, when your current lease expires and your timeframe for moving. Other areas we will address include: What’s important to you in an office space? Are there particular buildings you’re interested in or neighborhoods? Are there companies you need to be close … [Read more...]

Pre-built office space

Pre-built offices offer the benefits of both conventional and shared office space. For growing companies that want to make their own design choices including furniture and their overall vibe while containing costs, a pre-built office space is the perfect solution. Here are just some of the immediate benefits: - Class A buildings - Locations around Manhattan - Sizes from 900 to 10,000 square feet - Fully wired for phone and data - Flexible lease terms - 24/7 access - Choice of configurations including private … [Read more...]

Rentable square feet

Rentable square feet is the measurement used to calculate your lease payment.  However, it is not the actual size of the office you’ll be renting.  ”Rentable” means not only the size of the actual rooms but includes your share of the bathrooms, stairways, elevator shafts, mechanical and electrical closets in the building. There’s a formula involved and it changes for every building.  This formula is called the load factor (or loss factor) and can run anywhere from 27% to 31% or higher, … [Read more...]