EXCESS OFFICE SPACE STRATEGY

extra-page_imageExtra NYC office space is a non-financial asset within your overall portfolio that has unique potential. If you have underutilized space of over 1,000 rsf hiring an experienced real estate agent will help you maximize its return.

A shrewd step when developing a business plan can be to take extra Manhattan office space when the original lease is signed. Long term cost efficiencies can be realized by locking in space for your business to grow. During the interim period before that space is needed, costs can be transferred to a third party by subleasing it. When the business expands later, you can take back the subleased area, thereby, avoiding the expense and inconvenience of relocating your firm due to a space shortage.

For a company in growth mode, renting extra space can pay off in a big way.

The best way to realize the potential gains from subleasing is to hire an expert to advise and execute a sublease strategy for your business. An experienced real estate agent will know how to quickly market the space and will handle the entire transaction so that you can focus on your business.

When choosing an agent, make sure there are no conflicts of interest,i.e., that the agent does not represent competing spaces or parties, either inside or outside the building. Big firms are often prone to these conflicts so you should question prospective agents closely about this issue. You should also select an agent with extensive experience with sublease transactions. Your agent should be a partner, someone who will work hard for you, with creativity and diligence.

Interested in subleasing extra NYC office space as part of your long term business plan? Call (212) 759-0408 for help or send us an email.

CONTACT WHARTON PROPERTY ADVISORS TODAY!