The Commercial Real Estate Blog

Know When The Price Is Right For Manhattan Office Space

commercial-office-spaceManhattan office space come in a variety of forms, however, the lease terms required for each space vary slightly. You will need the help of a commercial real estate broker to help you examine the proposed lease terms. An experienced broker will help you to sort out the contract language and determine which office spaces have the best price and fairest terms. To make a fair comparison you will need to do some basic research and calculations.

Manhattan Office Space

Ultimately the perfect price for any piece of Manhattan office space will be set by your needs. It is extremely important that you find a qualified partner who can walk you through the process and clear up any confusion about what the prices actually look like at a base level.

Price Per Square Foot

When you first hit the streets looking for a new Manhattan office space, the one thing you should be asking is what is the price per square foot of a given space. However, you also need to be explicitly clear about what that number includes. Some landlords will give you a price per square foot for the space, but not include extra expenses like shared maintenance or landscaping costs, or other additional fees. Some landlords will give you a price per square foot for only the useable office space, while others include common areas like hallways or storage spaces. If you aren’t sure what you’re comparing, ask a broker to help clean up the numbers so that you can get a more accurate picture of what is and is not included in the price.

Negotiating Power

It is important to remember that the commercial real estate industry is known for high stakes negotiations and high profile deal making. All of the research you are doing to determine which prices are fair and competitive will also play a role in how well you negotiate at the table. More than likely your broker will be the one handling the negotiations on your behalf, but they will be using the information you have gathered during your search to ask for a more favorable deal. Being able to clearly state what the competitors have to offer can be a great way to get someone to bring their price down or work with you on extra fees or terms.

Your Budget

When it comes to setting your budget and determining whether or not a given property falls within it, you also need to think about what kind of terms you are hoping to get. The price of a Manhattan office space is only right if it also comes with the terms you need to make it work for you. You may have one budget for spaces that include a number of amenities or improved infrastructure and a different budget for spaces that will require additional work on your end to make functional.

Preeminent Manhattan Office Space Brokers

The team at Handler Real Estate Organization is here to help you find a Manhattan office space that meets your budget and needs. We will help dispel any confusion around property pricing and help you negotiate the deal you need. For more information call 212. 398.1888 or click below to schedule your consultation today.