When looking for office space you can search independently or use a real estate broker (or multiple brokers).
The benefits of using a broker include the following:
- Ensuring that you are aware of every space in your criteria. Since brokers all have access to each others listings, you don’t have to worry about missing out on a space because you never knew about it.
- Saving time. There is a lot of office space in New York, but the majority of available space is available for a reason- it’s not appealing or attractive. Having someone save you from visiting 50 spaces until you find your office allows you to focus on your own full time job and minimize the disruption to your business.
- Staying organized. Even a novice broker will keep track of properties you’ve seen, reasons you do and don’t like certain spaces, and ideally take pictures of space you’ve seen for reference. Tenants looking independently or using multiple brokers often don’t know which buildings they’ve seen and will visit the same property more than once with two different brokers. This wastes the tenant’s time and discourages quality brokers from working for them.
- Securing a space and saving money. A broker will help you present your company and offer in an appealing and appropriate way to an owner so the owner doesn’t dismiss you. A broker with that has developed a landlord’s trust can sometimes make the difference between your company or another company getting the first crack at a space. A broker with knowledge of the market can also help you negotiate a more favorable deal.
- Being one of the first to know about new spaces. Undesirable properties usually lay stagnant on the market for months or years, but the most desirable spaces are leased almost immediately after they enter the market and sometimes before they even hit the MLS. In studying our records, 25-30% of our transactions have been completed on properties that are about to hit the market or right after they hit the market. If you don’t have a broker that understands your needs working for you, no one is going to call you the morning a space hits the MLS (or right before) and encourage you to go check it out before someone else takes it.