Renting or selling commercial office space in New York is a great investment. Given that the state is a hub of economic activity, there are always new buyers. From startups looking for their first office and larger firms that are trying to expand, there are thousands of businesses looking for the right commercial property.
However, finding and negotiating a commercial lease in New York is often a time-consuming and overwhelming process. To help you get the best deal possible, we’ve compiled some tips that will help you along the way.
1. Give it time
Although you might want a tenant to move into your office the very next day, it’s important to set realistic expectations about the time you’ll need. Set aside about three months to secure a new lease for the property because you’ll have to:
- Advertise the place and meet potential tenants
- Negotiate the lease terms
- Obtain permits for any renovations or improvements that you plan to carry out
2. Get a real estate advisor and an attorney
A real estate advisor will be able to give you valuable information about listings and market prices, so you can make the best decision possible. They’ll also connect you with potential tenants and help you advertise the place.
Additionally, you will also need an attorney who can help you with all the legal paperwork and financial aspects of the deal. They’ll also guide you regarding tax information, so you’re able to get the most of your deal.
3. Think long-term
Many property owners prefer tenants who can guarantee a long-term commitment, and for good reason: long-term leases offer security and can hedge against future risks. Consider offering renovations, lower rent, or even a few months of free office space to get potential tenants to commit to a longer lease contract.
Discuss your options with your attorney regarding the terms for termination, assigning and subletting, and lease modification. While these are more attractive to the buyer, they can cause trouble for you later on.
Looking for commercial real estate listings in NY?
If you’re looking to sell or lease office space in New York, reach out to the experts at FSBO Commercial. The company offers multiple commercial real estate properties for sale in New York, New Jersey, and Pennsylvania.
The company also offers advisory services to its clients to ensure that they get the best out of their deal. The real estate experts connect certified sellers with the right buyers and ensure transparent dealings for the best results. Visit their online platform to view property listings in New York or contact FSBO Commercial for more information.