One of the most frequently asked questions we get is: what does the future of office space look like in our post-COVID-19 world? As we’ve said in the past, COVID-19 hasn’t changed the future of how we work or where we work.
Like all disasters, natural or humanmade, our world always (eventually) is left healthier. The reason is we do learn from our mistakes, even if it seems we keep taking steps backward. We, humans, are exceptional innovators, and we adapt because of our behavior changes. So, yes, COVID-19 has and will continue to make our office spaces better, safer, and more productive.
We learned in 2020 that New York City is not perfect, but it’s gritty and resilient and full of people who come together for each other. And like any great city (although there is only one), New York City is only as great as the people who live here.
As our city erupted in cheers, block parties and dance parties, New Yorkers enjoyed the summer-like weather with smiles under their masks. But beyond this past weekend, what does the changing of the guard mean for New York?
Ventilation is an urgent concern, whether you’re talking indoor dining, retail shopping, returning to the office, or yes returning to school. Our schools can learn a lot from the NYC Subway system about ventilation.
So you’re locked into a lease and find yourself paying above market. What can you do? We recommend signing what we call a blend and extend lease, which true to its name involves extending your lease at a rate that blends your current rate with the market value. Here’s how it works:
Who pays tenant rep brokers in New York City? Why does hiring a broker who only represents tenants matter? And why can’t you just represent yourself? We answer your New York City commercial real estate questions.
We have partnered with BBH Solutions, a leading New York information technology firm, to identify IT and Tech solutions that will help small and medium-sized businesses transition to a remote-work-future as seamlessly as possible.
A note from the Vicus Partners’ cofounder Bert Rosenblatt on guidance for NYC tenants including: paying rent and negotiating rent relief, social distancing space design and preparing your office for re-opening.
Businesses face the daunting task of reopening their offices once states lift their stay-at-home orders. Here are seven simple and cost-efficient ways to ensure employees feel safe in their post COVID-19 office space
NYC Non-Profits are faced with new challenges during COIVD-19 and many are forced to lower operating costs and keep cash. We are here to help Non-Profits strategize space needs for all stakeholders, consider their mission when finding a Landlord match, and ensure the economic terms allow them to spend less money on operating costs and more money on their mission.
Businesses need to take steps to ensure employees feel safe In their office space post COVID-19. Here are 6 Office Design Trends (both small and large) we see following the coronavirus COVID-19 pandemic.
Vicus Partner’s Founders breakdown Coronavirus (COVID-19) City, State, and Federal Relief Programs Offered to NYC Small Businesses, including new programs in the recently passed $2 coronavirus relief bill.
What will NYC look like after the coronavirus (COVID-19) pandemic? We see a heightened focus on local communities, where neighbors will work together to innovate and turn businesses into community centers.
We’ve received a lot of questions on how to navigate paying rent on your commercial lease in NYC during the Coronavirus pandemic. We’e here to help answer your questions on your rights and existing lease, and work with you to communicate with your landlord and plan a path forward.
The Coronavirus / COVID-19 pandemic is testing how businesses can quickly respond to flexible working. Unfortunately, there will be deadly pathogens in the future. We must rethink the future of office work. Flexible work may be a solution that we can all work on together.
If you’re a commercial tenant in New York City, you may be wondering: how do rentable vs usable square feet work in a commercial lease? Do I pay rent on rentable or usable square feet? How should I plan my square footage needs? We’ve got you covered.
Offices need to prepare themselves beyond Coronavirus. We must think about how to retrofit our current and future office space better to protect employees from current and future pathogens. This way, the next time a pathogen like SARS or Coronavirus spreads we can be better prepared. Here are 8 ways we can start.
New York City’s Hudson Yards and Penn Plaza’s proximity to Penn Station make them the hottest neighborhood for NYC big tech companies like Apple, Amazon, Facebook and WernerMedia trying to recruit and retain top talent.
One of the best-kept secrets in the commercial real estate business, or at least one of the most lucrative secrets, is the degree to which landlords exploit the electricity clauses in their leases. Virtually every tenant over-pays for electricity. It’s an enormous profit center for building owners and landlords go out of their way to make electric clauses confusing. They do this because it makes them money. Even sophisticated tenants with smart attorneys routinely sign terrible electric clauses – in large part because they don’t fully understand what they are signing.
Hey, 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 that a tenant make when renting office space, as well as an insider’s take on how to avoid making them.
A Subordination and Non-Disturbance Agreement (SNDA) commonly called a “non-disturb” is an agreement that your landlord asks its lender to provide. The agreement basically says that if the building goes bankrupt and the lender takes control of the building from the landlord, the lender will honor your lease.
In a word, yes. Why? Because small tenants are the lifeblood of Manhattan’s commercial real estate market. Really? Look at the graph below. 36% of commercial tenants rent less than 2,500 square feet of office space. In the world of big time Manhattan commercial real estate, do you know what 2,500 square feet is?
If you ever walk in New York City, you’ll quickly realize the stores have a different vibe, the architecture suddenly changes, and people have a different aura. This is the beauty of Manhattan. Go ten blocks, and all of a sudden it’s a new experience.
1. You matter to landlords: 78% of office leases in NYC are under 10,000 square feet, and 56% are under 5,000 square feet. You don’t have to be a large space footprint to matter to a landlord; smaller space footprints are the lifeblood of the NYC real estate market. Landlords look at more than just size when considering a tenant; are you good for the community? How financially sound is your firm? Is there growth potential here? Who are you serving? In a slightly softening real estate market, a landlord would rather keep you than negotiate a new deal with a new tenant, so you have leverage.
Presented by Jonathan Twombly, Law Firm Team Director and former lawyer at Gibson Dunn & Crutcher and Stroock & Stroock & Lavan, we reveal the workplace trends in their industry, and tell you why it matters to you.
1. Rent is a critical component of your overhead: Real estate decisions are critical to non-profits for many reasons, including because rent is often the 2nd largest expense. You want to find the right space that balances supporting your budget and your mission.