People who are in the market for a new commercial space for their business, be it a retail enterprise, a medical practice, a fashion showroom, a loft style studio or a traditional office space always have the choice of working with either leasing agents of individual buildings or independent real estate brokers. The only advantage of working directly with the individual leasing agent of a particular building is that the agent has an intimate knowledge of both the landlord and the characteristics of that building. The advantage of working with the independent broker is multi-fold and is as follows…. 1) The broker is quite capable of learning about all the relevant characteristics of any commercial building and explaining in detail… Continue reading

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Posted in Brokers & Other Real Estate ProfessionalsNYC office space.

The commercial real estate market in New York City moves at the same pace as New Yorkers—VERY FAST! This is the largest commercial real estate market in the country with hundreds of properties changing hands every day. Offers get submitted, leases and sale contracts get issued and deals are consummated. In a complex market that’s moving at this speed, it’s impossible to maintain a high level of accuracy in online databases…. But the plot thickens. Remember, this is New York… Enter online databases… Sorry, they’re not available to YOU! Just as the world of residential real estate has Multiple Listing Services (MLS), so does the commercial real estate market.  These commercial property databases provide realtors with up-to-date information on the… Continue reading

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Posted in Brokers & Other Real Estate ProfessionalsCommercial Leasing 101Manhattan Office Space.
Brooklyn Office was Once Industrial Space

Brooklyn Office Space Market Set to Boom The Lockaway Self Storage Building in Brooklyn is typical of the warehouses and factories that could potentially be converted to office use. This 1890s warehouse, located across from The Brooklyn Navy Yards was originally a shoe factory and then a root beer bottling plant before being shut down years ago.  According to Tucker Reed, president of the Downtown Brooklyn Partnership, this building among many others are ripe for conversion to office space. Tightening Market The Brooklyn office space for rent availability rate (the space that is available now or scheduled to become available within 12 months) in Brooklyn has dropped to 7.8% at the end of June; average asking rents are $32.13, compared… Continue reading

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Posted in Brokers & Other Real Estate ProfessionalsCommercial Leasing 101Manhattan Office Space.

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.
Multiple Real Estate Brokers: Help or Hindrance?

Some business owners assume that contacting multiple commercial real estate brokers is better than seeking the services of one agent, thinking that this increases the number of properties they visit. While this makes sense in some ways, it is often not the case, especially in Manhattan. In New York City, all commercial real estate brokers source their listings from one property database, so multiple brokers will often show the same spaces to the same prospective tenant. Commercial vs. Residential Real Estate Landlords, leasing agents and property managers all source their listings from an online database exclusively accessible to professionals in the commercial real estate community. This listing service displays at least 99 percent of New York City commercial listings. Since… Continue reading

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Posted in Brokers & Other Real Estate Professionals.