A Commercial Building Lease is an agreement between a tenant and a landlord that grants a tenant the right to use a commercial property for a specific period of time in exchange for rent. This type of lease is often used when businesses are looking for a space to lease for their operations. There are two main types of Commercial Building Leases: Gross Leases and Net Leases. A Gross Lease is when the tenant pays one fixed monthly rent for the space, and the landlord pays for all operating expenses such as taxes, insurance, and maintenance of the building. A Net Lease is when the tenant pays a base rent plus additional costs for taxes, insurance, and maintenance of the property. The tenant is responsible for their own utilities. Both of these types of Commercial Building Leases are subject to negotiation and can be customized to meet the needs of both parties.
Commercial Building Lease
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Based on publicly available commercial real estate leasing data, the average asking rent for New York office space is around $80 per square foot, and units in Class A buildings are a little under $90 per square foot.
Times Square office space costs an average of just over $83.25 per square foot to rent. This pricing is slightly below the $86 per square foot Midtown Manhattan average. Times Square's pricing is comparable to that of Penn Plaza, the Garment District, and Greenwich Village.
Gross leases are most common for commercial properties such as offices and retail space. The tenant pays a single, flat amount that includes rent, taxes, utilities, and insurance.
The average cost to rent a food restaurant in New York is $3,500 per month. However, the cost can range from $2,500 to $5,000 per month, depending on the location and size of the restaurant.
A Price range for retail space in NYC is about $30 to $50 per square foot.
In 2019, there were three such deals, including WarnerMedia's $1.97 billion lease at 30 Hudson Yards, Google's $1.5 billion deal in Hudson Square, and law firm Cravath, Swaine & Moore's $1 billion lease at 2 Manhattan West.
Direct office space in Manhattan costs an average of $82 per sq ft each year. Class A space is more expensive, costing an average of around $91 per square foot per year. Class B space costs a relatively affordable $62 per square foot per year. Of course, this varies from neighborhood to neighborhood.