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Negotiating Tips

You have probably already noticed that Manhattan rents are high. In fact, the current office market rents in Manhattan are the most expensive they have ever been. At the same time, concessions granted by landlords such as free rent and cash allowance are shrinking. Furthermore, the amount of money that landlords typically spend to do their own repairs to your space (known as base building work) is also decreasing.

The time to negotiate a lease is also being pushed downward. It used to be that landlords would allow 4-6 weeks for a lease signing. Now, across all size ranges, landlords are pushing to get leases signed faster. They are also refusing to negotiate points in the lease. Some landlords are letting tenants propose only ten changes to the document. In 1993, when negotiating on behalf of a 300,000 square foot French bank in Rockefeller Center, we proposed over 600 changes to the lease. The market has changed dramatically since then.

The spread between the price the landlord asks and what you pay is oftentimes no more than 15%. Landlords very often get their asking price and choose among tenants based on credit. TenantWise and its founders have a strong reputation in the market. We will not propose ridiculous offers nor will we submit a conflicting multitude of offers. Don't fool yourself that you will find a landlord that doesn't know the state of the market. Each landlord monitors the rents he receives quite rigorously. What he does not always know is what other landlords are truly getting. This is why our ELR calculator and data is a such a great tool. Your TenantWise representative will work with you in putting forth appropriate offers but also in leveraging what is happening elsewhere in the market.

TenantWise will assist you in preparing and presenting your credit picture to the landlord. It may be necessary to supply financials to landlord. As such you should attempt to have audited financials ready to present. If you do not have audited financials, proformas may be requested.

Getting a good deal also depends on some extent on the broker's relationship to the landlord. The founders of TenantWise are well known in the market and benefit from their past deal experience. TenantWise is a powerful force in the market, and our volume attracts interest.
 

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