Office Space Types
Though Manhattan offers a wide swath of buildings and retail spaces, in general, landlords offer three types of office space: Traditional, sublet and shared. The specific terms of the lease may vary and depend on the tenants’ needs, and in most instances, building management will work with serious prospects to secure a mutually beneficial arrangement.
The largest percentage of commercial space, for such operations as Top-10 law firms and Fortune 500 companies, is governed by a traditional lease, in which tenants can reside from 15 to 20 years. Though occasionally tenants do find short-term leases of a year or two, most are – at the very least – three to five years. Most traditional leases are signed between the tenant and the landlord, with the tenant taking responsibility for – and control over – the entire leased space, which in most offices, starts at about 1,000 square feet, or about the size of a lawyer’s or accountant’s office.
In Midtown Manhattan, which hosts the headquarters of the world’s largest financial companies, large towers normally filled to the brim were left hollowed out, due to the economic fallout of 2008. Companies used the extra space to their advantage by consolidating and moving their own workers, then subletting that space to a smaller firm that needed expansion. Now that the economy is slowly recovering, fewer of these spaces are available, but many companies still need the leverage, offering their long-term-leased offices to outside businesses. In a sublet situation, the sub-landlord assumes all the responsibility of its sublessor and reports directly to the landlord, who must agree to the terms. Although many firms want a place to call their own, sublets can provide a nice transitional space, especially if a business is new and a tenant does not want to assume the responsibility of a long-term lease.
Shared Office Spaces
The most economically sensible for a growing company, Shared Office Spaces provides personalized office space for rent that feature amenities and services not able to be readily sustained by smaller firms and businesses. Most Shared Office Space companies have large amounts of space in prime locations and offer flexible contract terms. Business centers within these shared office space come equipped with ready-to-use advanced telecommunication solutions and high-speed Internet connections. Professional reception areas and concierge services leave favorable impressions on business associates, and offer clients a better picture of a business than one taken from a home office.
New York Office Space is a full-service commercial real estate firm specializing in Manhattan commercial properties for local businesses and companies looking to lease space. Our brokers are experienced, dedicated experts in New York’s real estate market, including many facets not limited to; the geography of the city and the availability of the buildings across Manhattan.
NYOS guides its clients through the entire process, beginning with the initial search, through all showings, negotiations and even architectural and construction plans.
Please call or email a New York Office Space broker for details.