FREQUENTLY ASKED QUESTIONS
Why should I use a tenant broker?
When you engage the services of a Tenant broker, they have a fiduciary responsibility to represent your interests. Their allegiance is to you and not to a particular building or owner. They have an obligation to negotiate the very best deal on your behalf and will earn their commission wherever you decide to locate.
Is it in my interest to sign an exclusive letter of engagement with a tenant rep broker?
A broker representing you exclusively will work much harder to meet your requirements if it is certain that they will be compensated when a deal is consummated. Landlords receiving offers on space from a broker representing a tenant exclusively will take that offer far more seriously and many owners will passover offers from a non-exclusive agent.
Why not search for space myself?
Hiring a tenant broker will save you time, money, add efficiency and enable you to negotiate a better deal. Furthermore, a tenant broker will represent your interest s exclusively and insure that you negotiate the best lease.
Does it cost me anything to engage the services of a tenant rep broker?
There is no fee to the company that leases space. Customarily it is the landlord that pays brokerage fees. The only exception to this rule is if we sublet space on your behalf.
Should I hire a tenant rep broker if I intend to renew my office lease?
Hiring a tenant rep broker permits you to present your landlord with the credible threat that they may lose you as a valuable tenant. This leverage will enable you to negotiate superior lease terms.
How much space does my company need?
The amount of office space you require will be determined by the size of your staff as well as the number, layout and size of the offices, workstations, cubicles, reception areas, conference rooms, pantrys and common area necessary for an optimal work space.
To calculate the amount of square footage your firm requires please click here to use the the nyc-officespace-leader.com space calculator.
What is the difference between usable square feet and rentable square feet (RSF)?
Rentable square footage includes common areas (elevators, corridors, vertical penetrations) as well as columns and walls. This measure does not take into account the number of square feet that can actually be used. Landlords customarily use rentable square fee.
| Size to Sq. Ft. | 1,000 to 2,500 | 2,501 to 5,000 | 5,001 to 10,000 | 10,001 to 50,000 |
| Initial Planning | - | 1-2 | 2-4 | 4-8 |
| Search for Space | 2-6 | 4-8 | 4-12 | 6-24 |
| Lease Negotiation | 1-2 | 2 | 2-3 | 2-6 |
| Construction | 2-4 | 2-8 | 6-10 | 8-20 |
| Total Time (weeks) | 5-12 | 11-20 | 14-29 | 20-58 |
What is the difference between usable square feet and rentable square feet (RSF)?
Rentable square footage includes common areas (elevators, corridors, vertical penetrations) as well as columns and walls. This measure does not take into account the number of square feet that can actually be used. Landlords customarily use rentable square fee.
