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Pre-built Offices offer a number of strategic advantages for relocating Tenants. By pre-built we mean a fully constructed office or one requiring minimal work such as painting and the installation of flooring.
#1. Pre-built offices are available for immediate occupancy once a lease is signed. This should be contrasted with a “build to suit” office which typically takes 60- 90 days for a Landlord to construct after the floor plan is approved by the Tenant.
#2. Pre-built offices eliminate the guess work about whether the finished layout “functions” properly for a Tenant. After inspecting the space you will know whether it fits your operational and aesthetic needs. In contrast, examining the proposed floor plans and finish plans of a build to suit may be inconclusive.
#3. Pre-built offices can be less expensive to rent, particularly in the case of 2nd Generation (previously occupied) offices. Because the space has already produced a revenue stream that has offset the capital expenses incurred during the initial construction, a Landlord may be more flexible with its pricing.
#4. Pre-built offices may have a smaller security deposit requirement. The transaction costs and risk incurred by a Landlord with a NYC build to suit office are very high. These costs include: architectural/mechanical plans and permits; construction; and the time interval during which construction occurs. A pre-built office- especially a 2nd Generation office, will have substantially lower transaction costs and risk for the Landlord. In keeping with this the security deposit requirement may be less.
From time to time most buildings in NYC will offer pre-built offices. When a Landlord invests its money constructing a new office in advance of securing a Tenant, it is speculating that there is existing demand for the space. Listed below is a small selection of pre-built offices around town. Contact Cogent Realty with your specific location, size, layout and budget requirements.
Time is money and knowledge is power. Cogent Realty Advisors can quickly identify pre-built office space that matches your specific criteria. Our access to inside information about recently signed contracts and “strike prices” assures that you will receive the best business and financial terms in your lease.
Cogent Realty Advisors has provided NO FEE Tenant Representation to New York businesses for over 15 years. Contact Mitchell Waldman today: (212) 509-4049.
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