Tech and creative firms going for shorter leases, smaller spaces: panel
May 1, 2012
By: Adam Pincus
Technology and creative firms which have been driving the Manhattan office leasing market this year are inking deals that are shorter and that utilize space more efficiently than the typical financial firm deal, brokers speaking on a panel this morning said. The companies are negotiating deals that are shorter than the industry standard of 10 years, and the firms average about 120 square feet to 130 square feet per person versus the industry standard of 200 square feet to 250 square feet per person, the panelists said.
“For tech firms… the most important thing for them is the lease term, whether it be three to five years, versus a 10-year lease,” said Greg Taubin, executive managing director at tenant-side brokerage Studley. ...
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