Market Conditions in Hoboken>Question Details

Michael, Other/Just Looking in Hoboken, NJ

What would be the going rental rate for a 900sq. ft. commercial storefront in Hoboken on Park or Willow ave.

Asked by Michael, Hoboken, NJ Thu Feb 28, 2008

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It would be in your best interest to view the available spaces and contact the respective realtors who are representing them. A brief interview of the realtors who are familiar with the area will give you good insight as to the comparable rents and an opportunity to feel them out to compare their individual bedside manner. Thirty minutes with 3-4 of them may give a good comfort level as to who knows their stuff and may protect your interests as a client. It could be the best two hours you spend in this endeavor. Once you have found one who is experienced and you feel will represent your interests well, that realtor should guide you through the best terms and conditions available. Even if the londlords seem to be simple and honest, you should still have your lease reviewed by a competent attorney prior to execution. Your realtor should be aware as to what is customary in the marketplace in regard to the condition of the space as well as tenant improvement allowances, intial lease term, approrpriate extensions, and a right of first refusal. In the event your business prospers and you need more space, your realtor should be able to inquire as to the terms and viability of expaning into one of the adjacent spaces.

While we are not licensed in New York, we would be happy to refer one of our local affiliates.

Evan Musikantow
Musikantow & Associates
480-483-6014 FAX

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