“Learn (or Relearn) the Market”
When facing an upcoming search for a new office or renewal of an existing lease it is important to remember that the office market in New York City is large, complex, and constantly changing over time. What was true 10 years ago may not be how the market operates today. Similarly, high demand (expensive) neighborhoods several years ago may be today’s bargain as TAM (Tech, advertising, and media) tenants, new subway lines, the revitalization of downtown, and other factors continue to influence change in the market. Even with a decorated history of obtaining office space in the concrete jungle, it is reasonable to assume that you will need a booster shot of fresh information to help bring you up to speed on your next search of lease renewal.
I think you’re starting to see a pattern here? The message I’m trying to convey is: knowledge of the market needs to be fresh and up to date. The way to be up to date? Do your homework! Speak to commercial brokers that know the NYC market in depth. See spaces and develop an idea of what exactly you are looking for and what that should cost. Even if you fully are prepared to renew your lease, go out and relearn the market. You may just realize that your money can be better spent elsewhere or at the bare minimum you will go into the lease renewal negotiations confidently!
– David Goldberg, Managing Director