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November 23, 2009 7:06 PM   Subscribe

Any tips on a short-team lease of retail space in Manhattan?

Brainstormfilter: Modeled after the costume shops that pop up for a month or so around Halloween and then disappear, combined with the down retail market, we're considering a short-term lease of a small commercial space to get the word out about our brand and products. The idea would be to offer freebies to attract a crowd (did someone say free cup of coffee?), and use the space as a showroom for our equipment and for our salespeople to make some quick contacts.

Granted, Manhattan's real estate market isn't experiencing the same horrors as some other parts of the country, but if we're ever going to do this, now has to be the time. Any tips/info on leasing retail space for as short as a few weeks to a few months, tops?
posted by yom3ts to Work & Money (1 answer total) 1 user marked this as a favorite
 
Sure - they're called pop-up shops. Many retail landlords are eager to experiment with short-term leases to fill vacancies while (if) the retail leasing market recovers. Manhattan's retail market is terrible right now, so you're correct - now is the perfect time to try this.

For instance, there's a shop on Broadway and 11th that was a showroom for New Jersey tourism over the summer. This fall it was a Mike Bloomberg office. I think it's available now.

Call some retail brokers and tell them what you're looking for and what you're willing to pay. They'll know which landlords will be receptive to the idea. Try Ripco Realty, Newmark Knight Frank, Winick, and Faith Hope Consuelo to start.

You should be prepared to spend $40 - $200 per square foot (annualized) depending on the location - I'm assuming you're not after 5th or Madison Avenue space. You'll need to be able to put up at least 3 months security, and have $1 - $2 million in liability insurance. You'll need to be able to use the space as is or pay for any renovations out of your own pocket - no landlord is going to pay for renovations for a 2 month lease.

Good luck.
posted by boots at 9:12 PM on November 23, 2009


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