We’re asked all the time: what is a “normal security deposit”? Unfortunately, the truth is… it depends. Let’s start with the basics: the security deposit is a reflection of and hedge against the landlord’s perceived financial risk.
This tax season you want to evaluate the pass throughs or increases over a base year that your landlord charges you. More than likely you received a bill which shows the actual cost billed less any payments for these costs.
Did you know that the single largest expense to a landlord in running a commercial office building in Manhattan (outside of debt service) is real estate taxes? And did you know that 48.10% of New York City’s total tax revenue or 26.7% of its total 65.9 billion dollar budget is derived from real estate related taxes? Yes, that’s billion with a B. And in case we haven’t gotten your attention yet, did you know that in the last decade, real estate taxes have increased by 108%?
Some of us speak Greek, Spanish, French or Mandarin in addition to English. We think we can speak real estate, but you had better know someone who can speak fine print or your lease terms could get lost in translation.
So you signed your office lease at the top of the market, you’re paying a small fortune in rent, but your space is only worth a fraction of what you’re paying. What can you do to lessen your financial burden? Blend and Extend…here’s how it works:
It took a fire at my office for the little light to go on. Just how vulnerable is every business, regardless of size, to disaster? Do we realize how much we leave behind each night when the lights go off?
Hey, we all make mistakes – but when it comes to leasing office space for business, mistakes equal dollars – sometimes big dollars. Here are the eight most common mistakes tenants make when renting office space, as well as an insider’s take on how to avoid making them.
On August 17th, 2010, The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued the “Exposure Draft on Leases.” It’s 66 pages long, and while we commend you if you’re one of the few who read the entire thing, we’re here to help break it down for you. We’ve taken much of our info from our friend Bob Cook, whose blog has a variety of posts on the new Lease Accounting Standards. Visit Bob’s blog at http://bobcook1234.wordpress.com/ to read all about Lease Accounting. Now let’s get down to business. Here’s what you need to know.
When it comes to green or eco-friendly commercial real estate buildings, New York City is behind the eight ball. Very few buildings in the city are green and/or LEED certified, mostly due to the fact that most office buildings in the city are old, not new, and the cost of retrofitting an old building to make it green is extremely expensive. What are you to do if you’re a tenant that believes in the importance of going green? Request a green lease.
Your company is looking for new space, and you and your tenant representative have narrowed it down to two attractive buildings with competitive lease terms.
