Where to find a small office lease?
Maybe not the best place to post this question but what's the best resource to find a small office for a team of ~6 in NYC?
I complained enough about our current office that I was given the green light to look for something else. Anyone been through this? Don't want a private office at a WeWork or equivalent, because those are tiny.
Based on the most helpful WSO content, here are some insights and suggestions for finding a small office lease in NYC:
Direct Deals with Landlords: Many landlords are offering significant discounts post-COVID, with some deals going up to 50% off pre-pandemic rates. Larger landlords might offer incentives like several months of free rent on a 5-year lease. This could be a good opportunity to negotiate directly with landlords for better terms.
Avoid Shared Spaces like WeWork: Since you’re not interested in shared spaces like WeWork, consider looking into smaller, independent office buildings or Class B/C properties. These types of spaces are often more flexible and may have lower rents compared to premium Class A buildings.
Broker Assistance: While brokers can be helpful, you might want to avoid them if you’re looking for luxury rentals or spaces with amenities, as these are often leased directly through the building’s office. This can save you from paying broker fees.
Neighborhood Considerations:
Leverage Online Platforms: Websites like LoopNet or specialized commercial real estate platforms can help you browse available office spaces tailored to your team size and budget.
Flexibility in Lease Terms: Given the current market conditions, landlords are more open to flexible lease terms. This could be advantageous if you’re looking for a shorter commitment or specific customizations.
If you’re navigating this process for the first time, it might also help to consult with a real estate professional who specializes in commercial leases in NYC.
Sources: 2017 FT Roommate Thread, WeWork?, SA 2021 NYC Housing Thread, When will NYC rents hit rock bottom?, 1st year analysts: stupid to move into NYC right now?
Loopnet is pretty solid for browsing. A shared space might be better for such a small team though.
Will check it out, thanks. Unfortunately, we all use a conference room pretty often and it seems like you're very limited re: usage in a shared space.
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