Since the beginning of the pandemic, many companies including professional firms have been sitting with significant amounts of unused office space. If you have been receiving our emails you are likely aware that Wharton Property Advisors has extensive experience in all facets of the niche market for office subleasing transactions and in representing professional and financial firms, among others.
We can help you minimize the expense of your lease by marketing excess space to prospective subtenants. Further, we can help your firm devise creative strategies designed to sublet unneeded offices quickly and profitably. Our innovative strategy resulted in WPA being considered for the Real Estate Board’s 2021 Deal of the Year for our work subletting some of the space of a prestigious Madison Avenue law firm. At the height of Covid, we subleased 20,000 rsf in a few months at competitive rates with flexible term lengths. Management is delighted with the results.
An important feature of this approach provides substantial savings for clients in addition to rental revenues. With our co-working approach, there is no free rent or construction allowance needed to entice prospective subtenants as well as lower brokerage commissions. This results in significantly reduced out-of-pocket expenses for our clients as compared to those that would be incurred in a traditional sublet arrangement.
In addition, the large brokerage firms are not set up to handle the microtargeting approach that we have found to be effective in sublet situations. While the initial goal is usually to sublet all the space to one company for the sake of convenience, in today’s market that is not always possible. WPA is sufficiently nimble and more than willing do the hard work of subletting just a few offices at a time if necessary to fill the house. The big firms cannot provide that level of service with their incentive and cost structures.
Let us devise a customized strategy to maximize the value of your firm’s office space. One size does not fit all, and every client’s needs are different. Please feel free to tap our expertise to devise a unique solution to your firm’s space situation. We always represent our clients with creativity, integrity, independence and diligence.