1. Why use a tenant broker?  The simple answer is you'll save money.  Office space advertised online, in a newspaper, or on a building sign directs you to landlords' agents who do not represent your interests.  As a result, the asking rent will be inflated and the agent may not show you all available space.  A bonafide tenant broker, like Manhattan Office Space,^® knows the historic rents in the building, vacancy rate, and other key data which affect market price, and can obtain much better business terms.

2. Select your broker carefully.  To be effective, a broker must match your needs with the right space, draft a competitive and detailed offer that protects your rights, and structure the transaction to close in a timely manner.  He should therefore be a licensed real estate broker, not an agent-in-training.  Also, inquire if his employer represents landlords or is acting as an exclusive leasing agent.  If so, ask for a written Tenant Agency Agreement that specifies he's working for you and will not share confidential information with the landlord. 

3. Make offers on a variety of spaces. This can significantly improve your bargaining position and provides a backup in the event your first choice is leased to someone else.  Even after an offer is accepted, most landlords continue to show the space, and some will actually lease it to another party who they feel is a better credit risk.  With a sublease, the landlord typically has the right to cancel the prime lease and recapture the space (which could result in the loss of 3-6 weeks).

4. Be proactive and market your company.  Financial statements and a company brochure or written summary should be submitted with the offer.  Landlords will not consider an offer without basic financial information, and a written overview can showcase your company.

5. Include other professionals.  If Tenant Improvements (TI) are anticipated, an architect or experienced office space planner should be consulted and any recommendations incorporated into the offer.  Your insurance broker should also review those portions of the lease that deal with property damage, personal injury, and condemnation rights.  We co-ordinate with your attorney, architect, and other professionals to complete the transaction.  We also recommend that TI be approved as part of the lease negotiations instead of after the lease is signed (a)  to avoid wasting free rent while the landlord reviews plans and (b) because there's greater bargaining power before.

6. Don't stop looking for space.  Just because your offer has been accepted by the landlord doesn't necessarily mean a lease will ultimately be consummated.  Until the lease is signed by both parties and delivered, there's no legally enforceable contract.