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5 Common Mistakes of First-Time Renters in New York City

March 27th, 2014 / Author: rbielsky

common commercial leasing mistakesAt any given time, there are millions of square feet of available commercial space in New York City. The options can be overwhelming, and if you’re unprepared, frustrating. If you’re new to the business world, you probably have some misunderstandings and misconceptions about commercial properties. Finding the right commercial space is a complex, back-and-forth process with plenty of room to make errors if you’re inexperienced. Avoid these five common mistakes.

1. Insisting on open floor plans.

Presently, large open spaces are the trend in New York City. Technology startups often prefer this type of layout because they believe it enhances productivity and communication. However, many of buildings were built before this type of office was popular. Tenants often pass over perfectly good spaces at great prices because they want to be trendy.

2. Failure to anticipate their own needs.

The type of space you lease can fundamentally affect your business. It could give you opportunities to expand or limit your growth. If you lack the appropriate facilities you can make it difficult to hire more people or bring in the necessary equipment. Spend some time listing all the functions your space will fill, then consult with other people in the same industry for advice. If your company is large, speak with a space consultant or architect.

3. Lack of representation.

The benefits of tenant representation are vast, so it’s always disappointing when someone looking for space tries to do it alone. A good broker understands the market, the negotiation process, and the area. They can find the best spaces for your business, even if those spaces look poor on paper, or aren’t publically listed. The money you “save” by representing yourself will be paid out down the line when you’re forced to renovate your space to suit your needs or move to a new one.

4. Failure to benchmark similar spaces.

The commercial real estate market in NYC is tremendous, but it’s also very specific. Similar spaces in your neighborhood, on your street, and in the same building can affect the price of the space you’re seeking. Extensive research on the area is necessary to make sure you’re getting the best deal. What are your neighbors paying? What amenities do they have?

5. Failure to inspect the HVAC systems.

First-time real estate renters often overlook this aspect of their space. Many older buildings throughout the city have HVAC systems held together by tape and twine. If you visit the space during a time of the year where the heat or AC isn’t necessary, you may not consider these systems.

new york city commercial realtyWritten By Robert Bielsky Owner of Manhattan Commercial Realty

Mr. Bielsky holds a national reputation as a leader in the commercial real estate industry. His market expertise, creative deal making skills, and keen knowledge of the art of negotiation have maintained his position at the forefront of the industry.

As the founder and Chairman of Manhattan Commercial Realty he leads one of the most powerful negotiating teams in NYC. With his leadership mCr has maintained a strict dedication to tenant representation, and successfully negotiated over $1 billion in real estate transactions since its inception in 1982.

He is frequently called upon by clients, fellow brokers and industry experts for his opinions on complex litigation, lease negotiations, and to provide clarity on intricate industry matters.

Mr. Bielsky has been a keynote speaker on a multitude of real estate panels and has recently retired as an NCAA Football Referee after a long and distinguished career.

He also is the son of the legendary partisan leader Tuvia Bielski, who led the largest armed rescue of Jews by Jews in WW2. His actions were depicted in the movie Defiance (2009), starring Daniel Craig, Liev Schreiber and Jaime Bell.

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