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If your business is thinking about subleasing an office near Grand Central Station, NYC there is (as of January 2016) a nice selection of high quality options to choose from. Notwithstanding, the rent for subleased office space has increased along with those leases made directly with Building Owners. As reported by Costar, the Commercial Real Estate Information Company, in the Third Quarter of 2015 (the most current data at this time) the average quoted rent was $66.70 PSF across Class A, B and C buildings.Vacancy stood at 11.80%. Nevertheless, in most cases subleases can still provide a significant cost savings compared with direct leases. Other tangible benefits may include the following:
• Subleases are typically rented in a pre-built condition which can reduce the waiting time to move-in;
• Some subleases include furniture, an IT network and phones. That’s a substantial time and cost savings;
• The length of a sublease term may vary widely from as short as a few months (called “swing space”) to ten- years;
• Because the transaction expenses associated with a sublease are usually less than a direct lease, the Security Deposit requirements may be reduced.
A small sample of currently available subleases is shown below. Cogent Realty Advisors, has detailed information about subleases in all: (1) NYC geographic sub-markets; (2) sizes; (3) space designs and (4) term lengths.
BEST STRATEGY FOR FINDING A NYC OFFICE SUBLEASE
Cogent Realty Advisors has provided NO FEE Tenant Representation to New York businesses for over 15 years. By utilizing our extensive commercial office database and network of contacts we will find a high quality NYC office sublease that satisfies your requirements. Contact Mitchell Waldman today: (212) 509-4049.
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