Virtually every business in Manhattan – and everyone who wants to start a business in New York City – will venture into the commercial real estate market at some point. They make be looking to rent office space, loft space, retail space or showroom space. It is not a journey to take alone. The New York City real estate market boasts some of the most savvy landlords, property managers and leasing agents in the world, so it’s important to have the expertise of a commercial real estate broker on your side.
An Experienced Realtor Can Help
While you may be a smart business owner and veteran entrepreneur, you are likely a neophyte when it comes to finding and negotiating for commercial space. If this is the case, you would benefit greatly from having an experienced commercial real estate broker at your side. The most time-saving and cost-effective way for you to find new office space in Manhattan is to use the services of a professional broker. Here are six ways that a commercial real estate broker can help you find the right space:
1- Saving time: You have limited time and you must use that time in the most productive way. To help you operate and grow your business in the competitive New York environment, a commercial real estate broker enhances your efficiency by bringing you a variety of potential office spaces from which to choose.
2- Experience: By carefully researching the market, a realtor will select listings that potentially meet your unique needs. By first meeting you and reviewing your company’s real estate requirement a broker will help you develop a strategic plan to determine what you require today as well as in the future.
3- Complete access to the New York City commercial real estate market: A broker has virtually complete access to every office, loft, showroom, medical and retail space in Manhattan and the boroughs. The commercial listings accessible to the general public are usually inaccurate, incomplete and can be a waste of your valuable time and efforts.
4- Familiarity with buildings and landlords: When an experienced broker is not serving client needs, he is touring buildings and meeting with landlord representatives about new or existing space that will soon be on the market. He knows the market and the participants and can put you in a situation that best fits your business needs. Taking space is a long-term commitment. When you rent an office, loft or showroom, you are not only getting space but also a landlord. You want to be confident that a landlord with whom you will be dealing will be responsive to your needs when you have a problem or issue down the road.
5- Negotiating leverage: A savvy, knowledgeable New York City commercial real estate broker provides you with negotiating leverage. A broker knows how to package your offer and present your company in the most favorable light. An experienced broker knows what concessions to ask of a landlord and how to ask for them. Furthermore, when a broker represents a tenant, the owner understands that the tenant is being exposed to competitive properties and will, as a result, be more forthcoming.
6- Comparing multiple opportunities: A broker plays a crucial role in evaluating and comparing multiple opportunities that may be available in the market. For example, when considering two Manhattan office spaces, a tenant may see that one has a substantially lower rate. To the inexperienced eye, this may seem like a no-brainer; go with the lower-priced NYC office rent. But a broker can help determine the opportunity with the best overall business terms.
For a more in-depth explanation, contact Metro Manhattan Office Space Principal Broker Alan Rosinsky at 212-447-5403.