It takes time to move space and as a tenant, time can be your biggest asset or your biggest liability... so make sure you have enough of it!
In the real estate business, it’s no secret in Manhattan that when you get out into the boroughs or suburbs, the quality of the landlords changes quite dramatically. It’s not true of all landlords, but there is a definite mindset that begins to take hold as soon as you cross the Hudson or East River: Tenants are a necessary evil, not valued customers.
It’s a presidential election year, and while that often has implications for markets, it is also a useful insight into people’s thinking. Politics engenders passion, so what we often see are people entrenched in their positions—sometimes while ignoring potentially important points of view.
If a new building department regulation goes into effect subsequent to the signing of a lease, either the tenant or the landlord has to comply with that regulation. In most cases, the landlord stipulates that the tenant is fully responsible for complying with all laws and regulations. However, it is usually possible to prevent the tenant from being fully responsible for capital improvements. An excellent example of this is retrofitting a space for a sprinkler-based fire prevention system.
“Total cost” encompasses more than the rent.
When negotiating a commercial lease the “total cost,” including each of these factors, must be considered:
When a new client meets with a tenant representative broker, one of the most important pieces of the consultation is utilizing the client’s goals and aspirations as a “road map” to the right building. That map may cover different terrain in each tenant’s case, but there are 5 basic factors to consider that are universal in any move: