DJIA ONE YEAR MARKET OVERVIEW

Today, you have real choices.  You can utilize the FREE professional services of Manhattan Office Space ™ to find the perfect office space, or you can submit inquires and then pour over stale listings that don't meet your needs.  The question is:  How valuable is your time?  For example, our last client has annual revenues in excess of $10 Billion, is a well respected multi-national, and relied upon our skills for (a) lease negotiations and (b) tenant improvements (included in the base rent, situated in SoHo, & with an elegant rooftop patio). 

With Manhattan Office Space, ™ you'll be escorted by a commercial real estate professional to view a wide variety of spaces, while you can remain focused on your business (instead wasting time looking at "less-than-desirable" spaces).  After all, it's your business that our teams seek to improve by image, layout, and functionality.  Online services are fine, if all you're looking for are listings that (a) are typically stale and (b) don't meet your specific requirements.  HOW CAN THEY?  These are just online databases who no one monitors for suitability-- and you'll end up paying more rent! 

Before ANYONE in the NYC real estate industry even considered supplying what's termed "valued-added marketing," we began with the premise that our clients ALWAYS come first.  Accordingly, this site was designed to help commercial tenants quickly identify 1500 to 50,000sf of Manhattan Office Space ™ proprietary retail, medical, loft and office space in New York City.  To accomplish this, we'll email you up-to-date listings, photos and floor plans within 2 hours from the #1 Ranked Internet Site in America, then escort you to view an excellent selection of space.  Just complete the brief information at Space Survey, Retail & Medical or Non Profit.  And please take a moment to read the letter of recommendation at the bottom of this page describing the quality and value of our services.

If you allow us five business days to find your ideal space, this will avoid your being contacted by a plethora of other brokers and agents, who would otherwise inundate landlords with calls and actually make it more difficult to show space and obtain the best rent for you.  Our goal is to find you the very best space, at the lowest price in the best building.  If we can’t do that for you in a week, then, by all means, feel free to contact as many brokers as you like.  But in a sellers’ market, the best way to save thousands of dollars in rent (including tenant improvements), we can save you money without being harassed by people who are more interested in earning a commission, than protecting your rights.

• Need less than 1,000rsf?  View the following Times article of January 20, 2009:
  http://www.nytimes.com/2009/01/21/business/21suites.html?_r=1&scp=1&sq=manhattan%20%20office%20space&st=cse.  This NY Times article describes the variety of office suites available, which are a prudent alternative to smaller companies or those opening a New York City office for the first time.  We never push clients into space that doesn’t make sense for them, from a financial or operational perspective.  We’ve always been in for the long run and have placed clients’ interests above any desire to make a “quick buck.”  That sort of approach is not only ethically repugnant, but clearly short sighted.  We also post listings for companies that need to rent individual offices without any cost to them.  Again, it would be short sighted to try to squeeze companies for a small amount when the development of a long term relationship makes much better business sense.   

In 1998, we established a commercial real estate division by the name “Manhattan Office Space. ™  At the time, virtually no one advertised the leasing or selling of commercial real estate in New York City using the name “Manhattan Office Space," nor did anyone conduct business under that name.  Since then, however, hoards of “want-to-bes” have tried to use our Federally registered service mark in advertising or attempted to trade off our success as a tenant-only brokerage in New York City.  But don’t be deceived—there’s only ONE Manhattan Office Space ™ that can help you find the "Right Space at the Right Price.™

7 Highly Efficient Ways to Save Time & Money with Manhattan Office Space ™

1. You'll receive a FREE, UP-TO-DATE Manhattan Office Space ™ Space Survey within 2 hours from a brokerage that Manhattan Office Space ™ selects which can best meet your office, medical or retail space needs.  There are absolutely no fees to you in connection with these professional services.  And you don't receive useless listings-- every Survey is carefully reviewed before it's emailed to eliminate "stale" listings, unsavory landlords and buildings.
    

2. We have access to 35% more Manhattan Office Space ™ proprietary listings than ANY online service and 2500 MORE than any purported MLS site.  Take a few minutes to see how "current" their listings are, because they include listings that are years old.  And, you're obligated to use only their limited services exclusively.  
    

3. Online "database" companies direct you to building agents who represent the landlord, who will charge you higher rents (especially if the rent is listed as "negotiable") and are not motivated to show all you ALL the office, medical or retail space that's available.  And they often don't even bother to escort you to show space.
    

4. You will be accompanied to view a greater selection of Manhattan Office Space ™ proprietary retail, medical, not-for-profit, and New York City office space.  And all of your questions will be answered on the spot, unless further inquiry is required.  You can be moved-in in within weeks, not months.
    

5. Critical information about recent retail-office space transactions is maintained that you should know before a lease is signed.  For retail clients, traffic reports and other data can also be provided.
    

6. In lease negotiations, you'll be represented by a licensed real estate Broker (not an agent-in-training) who can obtain the most favorable business terms, which means that Manhattan Office Space ™ can Save You Over $100,000.00.
    

7. We typically are contacted by clients with annual revenue of $100K to $10,000,000,000.  One recent client based in Sweden has been in business for over 130 years and owns companies in the US and Europe.  The company chose us because we negotiated the lowest rent with the most concessions; recommended superlative legal and architectural services; and oversaw the entire process, until all the lease documents were completed.

State of the Market

Downtown Incentives have lured overseas investors, the overall vacancy rates have increased 15% and asking rents (especially in A buildings) have decreased by 35%.  But the current financial market uncertainties have begun to stabilize and lowered rents in all Submarkets offer an excellent opportunity for favorable, long term leases (the overall vacancy rate in Manhattan is currently approximately 11%).  You can also read the details of the Commercial Revitalization Program at the NYC Department Finance site: http://www.nyc.gov/html/dof/html/property/property_tax_reduc_revitalization.shtml.

Midtown South  Manhattan Office Space ™ proprietary vacancy rate is 11% ($49/sf average).

Midtown Manhattan Office Space ™ proprietary vacancy rates have increased and thus rents have reduced substantially over the past two years. Rents have now begun to stabilize, however, and in some instances, increased (for smaller, well appointed space).

Financial Incentives Manhattan Office Space ™ selects the most appropriate brokerage which can help you take advantage of lower rents, tax exemptions and available subsidies.  It is, currently, an opportunistic time for tenants to obtain long term leases at reduced rents with more generous concessions.

Background

Manhattan Office Space ™ was established in 1998 and is today the #1 resource for retail, non-profit, medical and office space in New York City.  Clients are offered a wide selection of lease or purchase options, obtain the finest space and negotiate the most favorable terms within weeks, not months. The CEO of Manhattan Office Space ™ is J. Lawrence Zegarac, a licensed real estate broker and active member of the California (www.calbar.org) and New York State bar associations.  For over 25 years, Mr. Zegarac has successfully represented commercial clients in Asia, Europe and North America in contract and lease negotiations.  He has conducted business with the best (and worst) commercial office space brokers in New York City and personally selects the brokerage which will best fulfill your needs, eliminating any guesswork.

The Difference

Because a licensed real estate broker negotiates the business terms of any lease or sublease, that critical job is not delegated to an affiliate or agent-in-training, as is the case with many brokerages; knows the commercial real estate market, each building, the asking and taking rents; and the leverage your company can exert through the intelligent use of financials, company brochures, etc.  With this expertise, significant concessions can be obtained on your behalf from the widest selection of available space through the use of Manhattan Office Space. ™

The Process

Manhattan Office Space ™ is the first step to provide professional brokerage services that others can only hope to.  Manhattan Office Space ™ approaches each client individually, assesses its space needs (present and future), and then has an extensive, proprietary Survey of ALL available space in locations identified by the client, except those buildings owned by unsavory landlords.  In addition, Manhattan Office Space ™ does not attempt to influence prospective tenants to lease larger space or those with a longer terms (as other brokerages often do, simply to make more money.)

Once a Space Survey is prepared, clients will typically select 6-12 spaces they’d like to see.  Manhattan Office Space ™ or its selected broker/agent will contact building agents to obtain additional information to determine whether the spaces are, in fact, suitable and uncover any potential hidden charges or issues.  Manhattan Office Space ™ or its selected broker/agent will then add any spaces that may be newer listings or those which could potentially fit the client’s needs.  It normally takes 2-3 days for Manhattan Office Space ™ or its selected broker/agent to arrange showings, and a printed itinerary is emailed to the client.  Office space tours typically last 2-3 hours, covering 9-12 buildings.

On the day of showings, Manhattan Office Space ™ or its selected broker/agent personally accompanies clients to every space, making notations of work that needs to be done, asking salient questions of the building agent (location of wet columns that can be used for a pantry, HVAC age and condition, electrical panel output, flooring conditions under existing carpeting, expansion potential, etc.), and answering any of the client’s questions.  On each showing, a licensed real estate broker/agent selected by Manhattan Office Space ™ accompanies clients, in order to promptly address any issues.

Once the perfect space is found by the broker/agent selected by Manhattan Office Space, ™ the most favorable business terms are negotiated for the client and a written proposal is prepared, financial information (Balance Sheet and P&L) are submitted, and the client will often provide a brief, 1-2 paragraph written summary of its company, which highlights its history, operations and projected revenues.  Manhattan Office Space ™ will periodically encourage a client to meet with the landlord to establish a more personal relationship.  This technique is not practical with REITS, but Manhattan Office Space ™ strives to develop a personalized, working relationship between Tenant and Landlord, before the lease is signed, which always works to the Tenant’s advantage (in terms of free rent and other concessions, and later, in occupancy).

After the broker selected by Manhattan Office Space ™ has negotiated the very best business terms for clients (length of lease, rent, free rent, operating cost and real estate tax escalations, Landlord work, etc.), a Term Sheet is prepared from which the prime lease or sublease is prepared.  Manhattan Office Space ™ also endeavors to ensure that the specific tax base year (from which any real estate tax escalations are calculated) is most favorable to the client.  For example, most leasing agents will try to include future tax increases based on the current tax year, even though the new tax year is only months away.  In New York, the tax year runs from July 1st though June 30th.  Thus, if you sign a lease in May, you could be facing a large tax increase in July, instead of having no tax increase for 14 months.  The broker selected by Manhattan Office Space ™  therefore uses the most favorable formula to calculate clients' tax base year (which sometimes might be a calendar year), or have an adjustment included in the lease that excludes any increases while the tenant was not actually occupying the space (i.e., pro-ration).

If Tenant Improvements are part of the lease, the broker selected by Manhattan Office Space ™ does two other important things.  First, included in the lease a description of any alterations that will be made to the space (otherwise, you’ll have to submit a request later that has to be separately approved by the landlord, wasting time and costing money).  Second, the broker selected by Manhattan Office Space ™ can recommend reputable and reasonable architects and contractors to obtain permits and complete Tenant Improvements in a timely manner.  However, we never request nor receive any compensation for this type of referral.  Brokers/agents selected by Manhattan Office Space ™ often visit the space while work is being done to further insure that the work conforms to the Landlord's commitment, and co-ordinate lease issues with other involved professionals.

When the prime lease or sublease is prepared by the landlord’s attorney, Manhattan Office Space ™ or its selected broker reviews all of the business terms to confirm they accurately reflect the agreement between the parties.  This includes operating cost escalation calculations, Landlord Work, insurance, tax increase calculations, term of lease, free rent, and other critical factors. As an attorney, Mr. Zegarac is prohibited from offering legal advice when acting as a real estate broker.  Nevertheless, he or brokers he selects can and do speak with the Tenant’s attorney to discuss issues that might otherwise be overlooked (insurance amounts/coverage, estoppel provisions, etc.) with the knowledge many brokers lack.

Manhattan Office Space ™ doesn’t advertise (e.g., Ad Words, etc); we don’t get paid referrals from contractors or office suppliers; nor do we accept any other compensation (gifts, money, etc.) other than referral fees for doing our job.  Manhattan Office Space ™ receives a fee from the owner (similar to a residential sales transaction), so you don't incur any costs.  Manhattan Office Space™ works ONLY for you to find and lease the perfect retail, medical or office space in New York City.  While some companies try to imitate our name, we ARE the only Manhattan Office Space ™ in the United States, and are registered with the US Patent and Trademark Office.  Most brokerages consider you a “customer,” not a client—in other words.  But we follow the Golden Rule of business--

“Treat your client as you would have your client treat you.”  

Below is a letter from a multi-billion dollar corporate client re: our services:

For: Manhattan Office Space ™ Space Survey  For: Manhattan Office Space ™ Retail & Medical Space  For: Manhattan Office Space ™ Non-Profit Space