If you have plans for leasing out NYC commercial property, there is a number of elements to consider. Those elements include the terms of the lease, your tenants, and the NYC commercial market. Before moving forward and leasing your property, be sure you are prepared and here are tips that will come in handy.
Be Aware of Your Tax Situation
A nation’s tax code can change from time to time. It is pertinent that every commercial property owner is aware of their tax situation. You may wish to consult with advisors on any changes in local, state, and federal taxes on an annual basis. Remember to perform this task early. This way, you will have more time to plan for any required tax changes or the allowable deductions and regulations.
Work with Specialists in the NYC Commercial Leasing Field
Some commercial property owners contract the work of managing and inspecting their buildings and receiving monthly leasing fees out to specialized property managers. Others act on their own. If the current property manager for your commercial buildings is you, is it time for a change? It is about time you start deciding which things should an engaged property manager handle and what outside services you need.
Also, you may not have the best access to a network of tenants that are ready to lease NYC commercial property. In such a case, working with agents that are active in the NYC commercial property scene will help you get great tenants that are matched with your price offerings.
Perform Sound Asset Management
Asset management is part and parcel of leasing a commercial property. If you require assistance, you can always engage an asset manager to give you advice on an array of issues that could surface when it comes to commercial property leasing. These issues range from making improvements to market knowledge, monitoring how well your tenants are performing financially, performing regular maintenance, and watching out for upcoming lease rollovers.
Ensure Commercial Property is Equipped with the Latest Technology
You need to ensure that your commercial property is set up for any technology needs the potential tenant may have. If your building is considered old, you may wish to update the cable lines or WiFi to attract high-paying tenants. In addition, access to the Internet is becoming part any company’s lifeline. If there is a need to retrofit, you need to remember to advertise the latest technological capabilities your property is prepped for.
Consider Zoning Laws and Regulations
When you consider prospective tenants, you need to know what your properties are zoned for. Changes to zoning regulations and laws are implemented regularly, and that’s why you need to update your knowledge before handling new tenants. If you lease to a business in an area that is not zoned for, this decision is not going to be viable over the long term. You may even face fines!
Find Out More About Prospective Tenants
Oftentimes, you will start receiving queries from prospective tenants once the property is being advertised. This is a good time for you to get to know more about their business. You may go about the matter by acquiring their financials to assess their ability to continually make payments. Next, you need to ensure that they have a robust and strong cash flow. In addition, find out if your tenants have any special needs such as corporate signage or if there is a need to cater to a certain level of foot traffic.