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OFFICE RENT

06/11/2008


This short, pithy article is a must-read for commercial office tenants who plan to renew their lease in New York City over the next two years.  As rents continue to remain at current, astronomical levels, tenants deciding whether to stay or to move in 2008 and 2009 (and possibly beyond) should execute all of the suggestions that are discussed in this article

In past years, we have moved our own offices twice and have helped to relocate several other organizations.  Having much experience with this topic, we are certainly in a position to know which strategies work.  The key strategies that are discussed in this article include: 

·
Beginning negotiations at least twelve months before the expiration of your lease. You must develop alternatives if you plan to negotiate significant reductions in your rent with your current landlord. 

·
Retaining a skilled broker: It is critical and difficult to get the right broker.  Retaining a skilled broker, however, is a must if you plan to get an honest appraisal of alternatives in the marketplace.

·
Negotiating proper lease terms. This will help to reduce your exposure in this ever increasing market. 

But have heart.  The looming slowdown in real estate prices across the country will eventually affect New York City as well.  At some point in 2009, and perhaps even earlier, rental rates will come down in every sector of our city.  Just how much these rates will come down is anybody’s guess, but I would predict at least a 10-20% reduction from today’s very high levels.  Those of you who have a lease that expires in 2010 or later will probably see a more balanced market than you have seen in a very long time. 

Should you have any questions relating to leasing, please do not hesitate to give us a call or e-mail us at info@klein&solomon.com. ---Ed Klein

 


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