Understanding the Basics of Leasing NYC Retail Space
Retail Space in NYC is expensive and location is critical. The first step is determining your budget, the square footage you need, what location you prefer and the potential construction costs, if needed. Once you have that in mind, experienced brokers at Metro Manhattan Office Space will assist you in navigating the complexities of this market. As you begin your search, here are some tips for leasing New York City retail space.
As a retailer, you want to display your products to their best advantage and where you can draw the most foot traffic. The first floor or lower level of a commercial building gives you that exposure. A 2nd or 3rd floor is also a good bet if the space has windows facing the street and you can install signage that grabs attention.
Make sure you understand exactly what you’re getting: Manhattan retail or store space generally has very low loss factors (usable vs. rentable space), which generally range from 3-10%. Manhattan retail space is generally leased in “as is” condition with no landlord work, but landlords may consider offering free rent in lieu of construction.
- 650 Sq. Ft.
- $8,667 / month
- Thompson Street
- Midtown South / Noho/Soho
- 1,396 Sq. Ft.
- $7,562 / month
- Park Avenue South
- Midtown / Park Avenue
- 1,163 Sq. Ft.
- $5,330 / month
- West 22nd Street
- Midtown South / Flatiron
- Lower East Side Retail Store
- 4,500 Sq. Ft.
- $25,125 / month
- Eldridge Street
- Midtown / East Side
Rent Flatiron Commercial LoftRent Flatiron commercial loft on West 22nd Street. Bright loft space facing North with Midtown Manhattan views. Concrete floors and pendant lighting fixtures. Attended lobby. 24/7 buildings access. Desirable space for architect, PR firm, ad agency or any tenant seeking a bright open plan. Call Alan Rosinsky at (212) 447-5403 for further information this Flatiron District commercial loft space. Office
Lower East Side Retail Store/Restaurant/Gallery Space for RentA ground floor Lower East Side store for rent which is 2,300 square feet and has access to the basement which is an additional 2,200 square feet. This store rental is located in the base of a 5 story residential walk-up. The ground floor store has 12' ceiling height and the basement has 10' ceilings. Column free space. There is new tiled floors, new electrical and mechanical and a new AC system. Electricity is metered to Con Edison. This property was previously a bar but can be used for any for any retail or restaurant use or an art gallery. The rent is $88 per square feet or $17,000 per month. This store is being delivered in "as is" condition. Free rent in lieu of construction can be negotiated. The landlord is seeking a 5-10 year lease term. Office
Prime Locations for NYC Retail Space
The rent for retail stores is driven strictly by the location. Manhattan retail rental rates vary from $75.00 per square foot all the way up to $2,000. The higher end of that range is mainly reserved for ground floor space along the ”Gold Coast” located from 50th Street up to 62nd Street, and from Madison to Fifth Avenue. Rents in this highly desirable area start at $600per square foot. Chic retailers such as Cartier, Barneys, Hermes, Bergdorf Goodman, Fortunoff and Dolce and Gabbana have stores on the Gold Coast.
Manhattan Retail Space is Limited
With the limited supply of leasable NYC retail space, the market is fiercely competitive. It’s not uncommon to find yourself competing with multiple prospective tenants for the same space. Due to strong demand and limited supply, negotiability on asking rents is minimal and landlord concessions are negligible. Landlords can afford to be selective about the types of businesses who use their buildings and at what terms.
Successfully leasing NYC retail space is often about who you know. Our brokers have years of experience negotiating New York City commercial retail and office space leases We are well-connected and know how to leverage our relationships with landlords, leasing agents and property managers to help your business find just the right space and location.