A Broker Just Finds You Space, Right?… Wrong!
Finding the right space, though important, is half the job. Getting the best possible deal is where a good broker distinguishes him or herself. There’s a saying that landlords get rich by the nickel and dime. And it’s true. Understanding and negotiating the minutiae of a lease has a direct and significant effect on a tenant’s bottom line. Because a lease is 90 percent business we work with the attorney on the transaction to identify onerous lease terms and negotiate with the landlord to fix them. We painstakingly examine and negotiate each and every lease provision, including:
- Rent
- Free rent
- Sublease and
assignment clause
- Operating expense clause
- Free freight time
elevator charges
- Real estate
tax clause
- Electric clause
- Expansion options
- Renewal terms
- Tax treatment of a
landlord’s contribution
- Escalation and
self-help provisions
- Initial construction
and alteration clause
An SNDA basically says that if a building goes bankrupt and the lender takes control of the building from the landlord, the lender will honor your lease. People tend to get very freaked out about SNDAs, but the truth is, they’re nothing to go crazy over. Find out why…
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“What is a normal security deposit?” is a question we hear all the time. People are always looking to minimize the amount of money they have to fork over for a security deposit – and while there are ways to do so, there’s no foolproof method to achieving a lower security deposit.
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Did you know that the single largest expense for a commercial office building landlord in Manhattan (outside of debt service) is real estate taxes? And that 48% of the city’s total tax revenue is derived from real estate related taxes? Were you aware that in the last decade, real estate taxes have increased by 108%?
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We all make mistakes – but when it comes to leasing office space for your business, mistakes equal dollars – sometimes big dollars. Here are the eight most common mistakes tenants make when renting office space, as well as an insider’s take on how to avoid making them.
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