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Benefits of Engaging a Tenant Representative

What’s in it for you to use a broker? In a word, plenty. The “golden rule” of real estate negotiation is: Leverage = Time + Options. Unless you have full time to commit to pursuing the optimum deal, and you’re fully aware of all the opportunities both in your market and within your current landlord relationship, you’re likely going to leave savings and favorable conditions on the table.

Determining the Appropriate Amount of Office Space

In 1985, most organizations designed their offices for each employee to occupy between 250-300 RSF. Over time, this figure has steadily decreased to an average of 125-175 RSF. Breakout rooms, telephone booths and collaborative meeting spaces have become increasingly important for modern businesses, and many companies are seeking newer buildings with column-free spaces and comprehensive amenities (i.e. wellness facilities, bike-storage rooms and conferencing centers). 

Choosing the Right Neighborhood

The location of your office can have a profound impact on your ability to recruit and retain top talent. It can also materially-impact your company's occupancy costs. Premier Plaza District trophy buildings can cost more than $30,000 annually for one employee to work from a cubicle. In Lower Manhattan, one employee can oftentimes work from a collaborative workbench for a relatively-modest $7,500.

Lease Terminology

Negotiating an office lease is nothing like executing a residential apartment agreement. Not only is the process significantly more time consuming -- frequently in excess of 4-6 months from kickoff to lease signing -- but there are also a multitude of negotiable components that require a deep understanding of what other tenants are achieving in the broader market.