Be Realistic When Searching for Commercial Space in NYC

Searching for the right commercial property is hard enough in any area — let alone in New York City. Commercial leasing can be complex and difficult, and NYC’s density only compounds the problem. To make sure everything runs smoothly, it’s more important than ever to set clear criteria for what you need and remain realistic in your expectations.

Picking the best spot

Choosing the perfect location for your commercial property means clearly defining your budget range so that you can shop inside of it. When budgeting, don’t forget those hidden expenses that make up the trust cost of a location — make sure to factor in the costs of moving, any necessary construction or repairs, utility costs, and more.

It’s important to partner with a broker that allows for open negotiation of the lease. This will allow you more freedom and flexibility with any given property to meet the criteria you set.

Vetting your chosen spot

Once you’ve picked a spot, you need to come down hard on research. In NYC in particular, it’s imperative that you understand the area inside and out before you buy in.

Part of that research means asking the right questions when you’re shopping around. Don’t forget to dig up answers to these big questions:

• Does the space meet your needs in terms of compliance?
• Is the space properly zoned for your business?
• Does the space leave room for your business to grow?
• Is the parking and public transportation situation favorable for your customers and your employees?

Don’t let these questions come up only once it’s too late to do anything about them!

Of course, the most important question of all: Is the lease favorable? Remember that you can negotiate based on your business’s needs and wants, but keep in mind that inflexibility will only narrow your potential options. Keep your expectations reasonable and be willing to compromise to make sure you get the best possible terms for your business.

To simplify the lease negotiation process, consider using a tenant broker. They’ll have your best interests at heart and will work hard to make sure you get the best lease for your needs.

[cta]Contact Manhattan Commercial Realty by phone at 212-624-9224, by email or online.
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