Commercial Lofts in NYC
Commercial lofts are in strong demand as a result of the expansion of the media and tech industries. In fact, Midtown South with its high concentration of commercial lofts, had a vacancy rate of 6.9% and average rents of $54.33 PSF at the end of 2013. Big drivers of the commercial loft market include the need for space that encourages creativity and collaboration (light, high ceilings, open floors) as well as a clustering of like-minded companies. Twitter’s leasing of a 140,000 SF at 245 West 17th Street will have a magnetic pull.
Commercial Lofts intro
Most commercial lofts are in Class C or B buildings, accessible 24/7 and have a small lobby which may be attended. Many offer leases with a modified gross rent. That means in addition to rent and electricity expense, there may be additional charges for water, sprinkler, guard, trash removal and cleaning. Lofts are either offered in an “as is” condition or with limited work and/or a cash contribution for improvements. Attention should be paid to the sufficiency of the infrastructure in commercial lofts- particularly elevators, electrical, plumbing, HVAC and telecom capacities
4 Cool Commercial Lofts
Commercial lofts come in all shapes, sizes and rental rates. Recently, Cogent Realty was researching +/- 7,500 RSF HQ for a software developer. Some or our findings are below:
BEST STRATEGY FOR LEASING A COMMERCIAL LOFT IN NYC
By using an experienced Tenant Representation Broker you can be assured of the best deal when you are leasing a commercial loft in NYC. Cogent Realty Advisors is a NO FEE Commercial Broker with over 15 years of success representing local business. Contact Mitchell Waldman today: (212) 509-4049.