New York Commercial Building or Space Lease
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How to fill out New York Commercial Building Or Space Lease?
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FAQ
Manhattan retail rental rates vary from $100 per square foot all the way up to $1000. The higher end of that range is mainly reserved for ground floor space along the Gold Coast located from 50th Street up to 62nd Street, and from Madison to Fifth Avenue. Rents in this highly desirable area reflect its prestige.
According to research data, the average rent for a single square foot of traditional office space in NYC is between $75 and $84. That means you may only get about 811 square feet of space for $5,000 a month, which isn't enough for many growing and successful companies.
For office buildings that include retail space, the 2019 edition of Chain Store Age's annual survey of retail build-outs put the average cost at $56.53 per square foot.
As of Apr 12, 2021, the average annual pay for a Commercial Real Estate Broker in New York City is $85,559 an year. Just in case you need a simple salary calculator, that works out to be approximately $41.13 an hour. This is the equivalent of $1,645/week or $7,130/month.
On Fifth Avenue from 42nd to 49th streets, rents are up 5 percent from last fall but down 8 percent from the spring with a range of $1,000 to $1,500. The city's highest retail rents are on Fifth Avenue between 49th to 59th streets. They run from $2,700 to $4,450 per square foot with the average of $3,484.
Multiply the amount by the rentable square footage to determine your monthly cost. Divide that amount by your usable square footage to calculate your actual price per usable square foot. For example, if the rentable square footage is 1,130 and the price is $1 per square foot, your monthly lease amount is $1,130.
Retail space is highly sought after because of the foot traffic; it generally costs more per square foot than office space. Typically, there is an anchor store, like a grocery store, and then smaller stores next to it or maybe in a building adjacent.
According to research data, the average rent for a single square foot of traditional office space in NYC is between $75 and $84. That means you may only get about 811 square feet of space for $5,000 a month, which isn't enough for many growing and successful companies.
To calculate the value of a commercial property using the Gross Rent Multiplier approach to valuation, simply multiply the Gross Rent Multiplier (GRM) by the gross rents of the property. To calculate the Gross Rent Multiplier, divide the selling price or value of a property by the subject's property's gross rents.