Tips for Renting Commercial Real Estate in NYC

Feeling overwhelmed by the attempt to rent commercial real estate in NYC? It’s a tenant’s market, so you’ve got the ball in your court to make the most out of the transaction.  Smaller tenants are also on the rise, so don’t feel like you’re going to be excluded from the opportunities available with smaller spaces.  In the past “bigger is better” seemed to guide the market for commercial real estate in NYC, but that’s no longer really the case.  Part of that is due to the fact that many companies are downsizing and renting out part of their location under subleases.

Hunt for the Duration You Need

Whether you’re looking for more short term or long term, the options are out there for the lease length you need.  Since there are more options on the market, there’s a better chance that you’ll be able to find a short-term lease if that’s all you want.  In the past, when it was a seller’s market, the landlord could have some control over the length of the lease.  Given that there are more options now, more are willing to be flexible.  Make sure you’ve given your ideal terms for commercial real estate in NYC to your agent.

Be Prepared for the Deposit

Since small businesses might, in the landlord’s eyes, face a higher risk of failing, you should be prepared to pay up to 10 percent as a deposit.  While you might be able to ask for concessions elsewhere, don’t expect that you’ll get much wiggle room here.  Make sure you do your own research on the landlord, too, because you don’t want to end up with commercial real estate in NYC that doesn’t work for you.  Your agent can help you with this, too.