How much does it cost to use a commercial real estate agency when you are in the market to rent Manhattan office space? Are you going to be liable for a hefty commercial real estate brokerage fee once a lease is signed? You might be surprised. Most leasing and sales transactions for commercial real estate are handled by commercial realtors. Landlord have managing agents and leasing companies represent their interests in negotiations with potential tenants. Many smaller businesses and virtually all large companies hire commercial leasing agents to go to bat for them. In New York City the landlord always pay the entire brokerage commission. So businesses owners get the perks of being represented by a commercial realtor at no cost.  … Continue reading

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Posted in Brokers & Other Real Estate Professionals.
Loss Factor

You make an appointment to see a New York City commercial space that, judging from some online photos, appears to be ideal for your business. It’s got a great location, reasonable rent, and just enough square footage. But when you get there, there seems to be less space than was advertised – significantly less. You’ve just experienced loss factor. What is Loss Factor? Loss factor is the difference between “rentable square footage” (RSF) and “usable square footage” (USF). RSF incorporates a corresponding proportion of common areas such as the lobby, corridors, public bathrooms and elevator vestibules. USF, however, is the space allocated for your company’s use. It follows that USF is always smaller than RSF. How is Your Company Affected?… Continue reading

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Posted in Commercial Leasing 101.
Insurance

Insurance and liability requirements are among the many complex issues that your commercial lease will address. Negotiating lease terms for New York City office space is the primary responsibility of your attorney. But Metro Manhattan Office Space, an experienced commercial real estate tenant representative broker, helps tenants understand the basic insurance and liability protections that should be included, and works in cooperation with attorneys during lease term negotiations. What is Commercial Liability Insurance? Liability insurance protects insured parties from liability in third-party claims concerning personal injury or property damage. Insurance Requirements New York City landlords require their tenants to have liability insurance. Commercial tenants are not permitted to take possession of leased space until their insurance policy is effective. Prior… Continue reading

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Posted in Commercial Leasing 101.