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Colliers International | Global Occupier Guide

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New York, NY

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Space Measurement Standard
SQMT
SQFT
Space Unit of Measure

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Financial Data Currency

No

Transfer Taxes

Office Occupier Market Condition

1,1,1

Occupier Market Conditions – How conducive is the regulatory environment to starting and operating a business. Source: Colliers

Labor Cost – Wages for skilled office workers. Source: City Globe and Colliers

Tenant Favorable – Assessment of the real estate market condition for office space. Source: Colliers

Quadrant Legend: Blue = Favorable Medium Blue = Neutral Red = Less Favorable

Typical Loss Factor

27%

From rentable to useable square feet

Loss Factor Notes:

27% is typical for a full floor lease.

Landlord Concessions

Fit-Out Concession

The Landlord typically provides a contribution or concession to fit-out as a part of the lease transaction.

Amount of Fit-Out Concession

$75/sf-$150/sf

Typical range of fit-out contribution.

Fit-Out Cost Notes:

Office: 10 year term

Rent-Free Period

The Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

6mo.-15mo.

Typical number of rent-free months.

Rent-Free Period Notes:

One month/year of lease term is typical. Free rent typically includes build out/construction time period as well.

Tenant Rep Broker Fee (New Leases)

The Landlord typically pays the tenant rep broker’s fee.

Tenant Rep Broker Fee (Renewals)

The Landlord typically pays the tenant rep broker’s fee.

Lease Provisions

Lease Term

5yrs.-20yrs.

Typical lease term in years.

Operating Expenses & Service Charges Included

Quoted market rent typically includes operating expenses (service charges).

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Service Charge Notes:

Electric charges are typically $3-4 PSF, taxes are over base year. Some building cleaning are include; some others don’t. Operating expenses are included in the rent and there are pass thrus over a base year, but the additional costs should be left as they are.

Lease Fundamentals: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Requirements Notes:

OFFICE AND INDUSTRIAL: lease execution requirements includes security deposit.

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Statutory Subletting/Assignment

This is NOT a statutory right.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This is NOT a statutory termination right.

Negotiated Early Termination

It is NOT typical for tenants to be able to negotiate an early termination right in the lease agreement.

Early Termination Notes:

Cost: not typical, but if so, unamortized costs plus a penalty.

Workplace

Regional Office Space

150sf-250sf

Typical Square Feet per employee (includes office square footage for employees and contractors).

Regional HQ Office Space

150sf-250sf

Typical Square Feet per employee (includes office square footage for employees and contractors).

Desk Sharing

Desk-sharing is not a common practice in the market.

Industrial Occupier Market Condition

1,1,1

Occupier Market Conditions – How conducive is the regulatory environment to starting and operating a business. Source: Colliers

Labor Cost – Wages for manuafacturing and warehouse/distribution office workers. Source: City Globe and Colliers

Tenant Favorable – Assessment of the real estate market condition for industrial space. Source: Colliers

Quadrant Legend: Blue = Favorable Medium Blue = Neutral Red = Less Favorable

Landlord Concessions

Fit-Out Concession

The Landlord typically provides a contribution or concession to fit-out as a part of the lease transaction.

Amount of Fit-Out Concession

$2/sf-$5/sf

Typical range of fit-out contribution.

Fit-Out Cost Notes:

For Class A or new construction LL typically provides concession (Class B properties or 2nd generation: none).

Rent-Free Period

The Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

1mo.-5mo.

Typical number of rent-free months.

Rent-Free Notes:

Based on five to ten years deal

Tenant Rep Broker Fee (New Leases)

The Landlord typically pays the tenant rep broker’s fee.

Tenant Rep Broker Fee (Renewals)

The Landlord typically pays the tenant rep broker’s fee.

Lease Provisions

Lease Term

5yrs.-10yrs.

Typical lease term in years.

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges

$20/sf-$30/sf

Estimated range in total for all additional charges per Square Feet.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Lease Fundamentals: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Requirements Notes:

OFFICE AND INDUSTRIAL: lease execution requirements includes security deposit.

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Statutory Subletting/Assignment

This is NOT a statutory right.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This is NOT a statutory termination right.

Negotiated Early Termination

It is NOT typical for tenants to be able to negotiate an early termination right in the lease agreement.

Early Termination Notes:

Cost: not typical, but if so, unamortized costs plus a penalty.

Project Management

Section 1. Fit Cost Data

Value-Added Opportunities:

Furniture manufacturers; architect as master consultants (Inclusive of all standard TI engineering and other consultants on a per RSF basis)

Total Fit-Out Cost

$235/sf-$400/sf

Class A Office

$165/sf-$225/sf

Class B Office

$10/sf-$75/sf

Flex Office / Warehouse

$10/sf-$50/sf

Warehouse

Total Fit-Out Cost Notes:

OFFICE: fit-out cost refers to the total cost of design, construction, and installation for a space. It includes categories such as materials, labor, furniture, fixtures, equipment, finishes and other related costs. The specific factors influencing the total fit-out cost can vary widely depending on the project scope, location, size of the space, quality of materials, and complexity of design.

INDUSTRIAL: fit-out cost varies based on use/tenant specification. (i.e. As-IS; fit out based on occupier use - such as 100% warehouse vs refrigeration)

Furniture Cost

$50/sf-$100/sf

Class A Office

$35/sf-$50/sf

Class B Office

$35/sf-$50/sf

Flex Office / Warehouse

$35/sf-$50/sf

Warehouse

Furniture Cost Notes:

OFFICE: Included in the Total Fit-Out costs. FF&E and Low Voltage for Flex Office areas only.

INDUSTRIAL: amounts are based on the finished office portion of warehouse

Low Voltage Cabling Cost

$8/sf-$12/sf

Class A Office

$6/sf-$8/sf

Class B Office

Other (IT/etc) Cost

$8/sf-$12/sf

Class A Office

$5/sf-$8/sf

Class B Office

Other Cost Notes:

OFFICE: Included in the Total Fit-Out costs. IT Infrastructure; AV Equipment; Security; Signage;

Construction to Move-in Cycle Time

21wks-36wks

Class A Office

17wks-30wks

Class B Office

16wks-52wks

Flex Office / Warehouse

16wks-52wks

Flex Office / Warehouse

Cycle Cost Notes:

Office: Add 2 to 4 weeks for DOB Permits/Approvals

Industrial: based existing an warehouse

(Using 10,000-20,000 RSF Interior Fit-Out from White Box and Union Labor for Offices and 50,000-250,000 SFt. Ground Up Flex Warehouse Using Open Shop Labor-Warehouse on "clean" Land. No Changes to Planning/Zoning)

Typical Manpower Hourly Rates

$305/hr

Programme Manager

$255/hr

Senior Project Manager

$195/hr

Project Manager

$170/hr

Junior Project Manager

$130/hr

Project Assistant

$190/hr

Workplace Consultant

$190/hr

Designer/Architect

$180/hr

Real Estate Expert

$165/hr

Change Manager

Section 2. Scope of Work Description

Phase 1: Services Before and During the Transaction

Review the LOI and work letter portion of the Lease to ensure that the clients interests are protected during the build-out of the project.
Typically included in "Project Management" scope of work.
Advise Colliers broker and client on project issues and their resolution as they occur.
Typically included in "Project Management" scope of work.
Participate in building tours, if requested, to evaluate building systems and other cost-related observations and prepare a building due diligence report
Typically included in "Project Management" scope of work.
Develop high-level project estimate and timeline based on test fit and Client standards
Typically included in "Project Management" scope of work.
Schedule and chair Schematic Drawings and Design Development Drawings review meetings/conference calls
Typically included in "Project Management" scope of work.
Define workplace strategy for client, research what kind of location, office / work environment accelerates business
Not typically included at all, but available for an additional fee.
Define program of requirements for location, building and interior characteristics
Typically included in "Project Management" scope of work.
Engage with the Client Facilities Management (FM) Operations team to ensure alignment with Client standards
Typically included in "Project Management" scope of work.
Test fits for different building options
Not typically included at all, but available for an additional fee.
Negotiation of technical agreements in the lease contract + hand over inspection and agreement
Not typically included at all, but available for an additional fee.
Perform Test-fit
Not typically included at all, but available for an additional fee.
Phase 1 Notes:
Test fits for different building options - CPL can make space Test fits part of the architectural qualifications/ selection , or we can use in house Colliers resources through CED.

Perform Test fit - CPL will oversee and collaborate on test fits by working with the architect and space planner to ensure the test fits are aligning with client needs.

Define workplace strategy for client, research what kind of location, office / work environment accelerates business - CPL will manage the planning exercise to identify a work place strategy along with the architect, and will join tours and review building appropriateness for client’s needs.

Managed by CPL in collaboration with either Colliers Workplace strategy or client’s architect.”

Phase 2: Service Before and During the Design Process

Develop preliminary project budget and schedule.
Typically included in "Project Management" scope of work.
Develop the RFP for selection of a space planner/architect and any other consultants identified and required
Typically included in "Project Management" scope of work.
Analyze, compare and evaluate responses to the RFP.
Typically included in "Project Management" scope of work.
Orchestrate the space planner/architect interview process.
Typically included in "Project Management" scope of work.
Negotiate, on behalf of the client, professional services agreements with the space planner/architect and other consultants.
Typically included in "Project Management" scope of work.
Review architect’s final Program of Requirements.
Typically included in "Project Management" scope of work.
Monitor the design team’s schedule of deadlines and deliverables. Coordinate meetings with the design team and the client. Manage the design process on behalf of the client.
Typically included in "Project Management" scope of work.
Review and recommend payment of the invoices for services. Submit invoices for payment to landlord or client and prepare monthly reports of project costs versus project budget.
Typically included in "Project Management" scope of work.
Negotiate all client-vendor contractors (IT, AV, Security/Access Control, Signage, High Density Filing) on behalf of client.
Typically included in "Project Management" scope of work.
Coordinate with either Architect or General Contractor in permitting process
Typically included in "Project Management" scope of work.
Schedule and chair weekly design review meetings/conference calls
Typically included in "Project Management" scope of work.
Other Value-Add Services: Test fits (including Look & Feel) - Cost Estimates - Schedule/timing/phasing scenarios - Floor plan, core and circulation efficiency ratios(GIA vs NIA) (NOA vs NIA) - Technical due diligence/Assessments - We may pack everything into a Feasibility Study or proposed them separately depending on the situation.
Not typically included at all, but available for an additional fee.
Define interior guidelines for architect based on workplace strategy
Not typically included at all, but available for an additional fee.
Control workplace strategy and functionality and during design process
Not typically included at all, but available for an additional fee.
Architectural design
Not typically included at all, but available for an additional fee.
Colliers Project Leaders Bid Document Review™ (Review bid documents at 100% design complete stage to identify shortcomings in the bid specifications and drawings.
Typically included in "Project Management" scope of work.
Phase 2 Notes:
Architectural design - CPL will develop Architectural RFP, create shortlist , compare Architect SOW.

Phase 3: Services Before Construction

Liaise with the Landlord’s Representative.
Typically included in "Project Management" scope of work.
Prequalify a list of general contractors to be interviewed (consult lease to confirm any Landlord required GCs).
Typically included in "Project Management" scope of work.
Develop the RFP, including Landlord and/or Lease required documents, for selection of a general contractor.
Typically included in "Project Management" scope of work.
Analyze, level, and evaluate the responses to RFP.
Typically included in "Project Management" scope of work.
Orchestrate general contractor interview process and prepare evaluation scorecard.
Typically included in "Project Management" scope of work.
Review all proposed subcontractors and monitor the general contractor’s subcontractor bid process to ensure integrity of the process and quality of the workmanship.
Typically included in "Project Management" scope of work.
Monitor the general contractor’s schedule of deadlines and deliverables. Coordinate meetings between the design team, general contractor, client and appropriate vendors.
Typically included in "Project Management" scope of work.
Negotiate, on client's behalf, the General Contractor agreement for Client approval
Typically included in "Project Management" scope of work.
Schedule and coordinate Architect's 90% Construction Drawings review
Typically included in "Project Management" scope of work.
Develop Project Cost Summary + Invoice Tracker and update weekly
Typically included in "Project Management" scope of work.

Phase 4: Services During Construction

Coordinate with the Landlord’s Representative.
Typically included in "Project Management" scope of work.
Conduct weekly construction meetings to assess progress, quality and conformance with the Contract Documents and distribute minutes of meetings.
Typically included in "Project Management" scope of work.
Monitor the general contractor’s schedule.
Typically included in "Project Management" scope of work.
Monitor the construction budget.
Typically included in "Project Management" scope of work.
Review, and recommend for payment, the contractor’s Applications for Payment.
Typically included in "Project Management" scope of work.
Monitor all project documentation.
Typically included in "Project Management" scope of work.
Act at all times as client’s liaison to vendors contracted directly by Client (IT, AV, Security/Access Control, Signage).
Typically included in "Project Management" scope of work.
Oversee the punch list process to ensure acceptable completion of all items.
Typically included in "Project Management" scope of work.
Close out all consultant, contractor and vendor contracts.
Typically included in "Project Management" scope of work.
Submit General Contractor, vendor, and consultant invoices to Landlord for reimbursement per the Lease Workletter
Typically included in "Project Management" scope of work.
Review and recommend for payment all General Contractor, vendor, and consultant invoices; submit to Client for approval
Typically included in "Project Management" scope of work.
Deliver close-out documents, as specified in the Lease, to Client
Typically included in "Project Management" scope of work.
Coordinate value/engineering process, if required.
Typically included in "Project Management" scope of work.
Provide as-built drawings and O&M Manuals to Client FM Operations team
Typically included in "Project Management" scope of work.
Monitor one year guarantee period and final hand over
Not typically included at all, but available for an additional fee.

Additional Services: Services During Relocation

Develop RFP for moving companies, evaluate responses and recommend selection of moving company or identify, interview and review proposal for services from relocation consultants.
Typically included in "Project Management" scope of work.
Represent Client in development of move strategy.
Typically included in "Project Management" scope of work.
Monitor development of move activity checklist.
Typically included in "Project Management" scope of work.
Represent client on site during move process.
Typically included in "Project Management" scope of work.

Additional Services: Project Management Services Related to Furniture/Workstation Procurement

Conduct bid process for all furniture (workstations, case goods, seating, filing) purchases specified by the architect and/or client.
Not typically included at all, but available for an additional fee.
Conduct bid process for refurbishment of existing furniture and/or workstations.
Not typically included at all, but available for an additional fee.
Evaluate bids and negotiate purchase order with manufacturer(s).
Not typically included at all, but available for an additional fee.
Negotiate national buying contract with select furniture dealerships, using Colliers International purchasing power
Not typically included at all, but available for an additional fee.
Change management before, during and after moving to the new work environment
Not typically included at all, but available for an additional fee.
Measuring/monitoring (KPI's) how the way of working and building accelerates business and goals of the client
Not available / not a service that can be offered.
Additional Services Notes:
Change management and measuring KPI's handled by the Colliers Workplace Strategy team.

Operating Environment Rankings reported on a scale of 1 (least favorable) to 10 (most favorable).

Human Capital

6, 4 6/10

Labor Force Growth
Labor force growth rate (past 5 years)

5, 5 5/10

Wage Inflation
Rise in wages (past 5 years, local currency)

8, 2 8/10

Millennials
Proportion of population in the age 20-39 cohort


8, 2 8/10

High School Education Equivalent
Proportion of population attaining this level

8, 2 8/10

University Education Equivalent
Proportion of population attaining this level

8, 2 8/10

Overall Education
Composite average of High School & University


7, 3 7/10

Human Capital Composite

Business Climate

9, 1 9/10

Innovation
Presence of innovative factors in economy

5, 5 5/10

Economic Risk
Resilience of economy to unexpected events

8, 2 8/10

Business Environment
Friendliness of business environment

5, 5 5/10

Corporate Tax Rate
Favorable corporate tax rate


7, 3 7/10

Business Climate Composite

Operating Environment Composite

7, 3 7/10

Combined average score of Human Capital and Business Climate factors

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s).

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