Things for Nonprofits to Consider when Leasing Office Space
For nonprofits, real estate should bolster, not compromise the mission. So, it is crucial to meticulously identify the organization’s wants and requirements before implementing a significant real estate shift to make sure your mission is protected.
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The Mission
Real estate must support operations but not detract from the mission.
➡️ Learn how mission-driven real estate decisions can shape nonprofit success in The Harlem Office Submarket.
Consensus
Input from all stakeholders is valued in decision-making process.
Revenue
Solution must be consistent with varied ways nonprofits source funds (donations, grants, etc.).
➡️ For strategies on reducing occupancy costs for nonprofits, explore Two Strategies for Nonprofits to Reduce Occupancy Costs.
Image
Space must reflect the image of the organization.
➡️ For examples of how office space can enhance an organization’s image, read Finding the Perfect Office Space in New York City.
Board of Directors
Business case for decisions must be air-tight to withstand board approval process.
Lease vs Own
Potential to save significant costs by owning real estate/leasehold condominium structure.
➡️ To learn about leasehold structures and ownership options, visit The 30-Year Leasehold Condo NYC: What You Need to Know.
Project Timeline
Transactions often take longer as a result of the decision-making process.
➡️ Understand how timelines impact leasing decisions in How Long Does It Take to Find a New Office Space in New York City.
Zoning/Permitting
Issues with potentially non-conforming uses.
➡️ For insights into navigating zoning and permitting challenges, check out The Latest on Manhattan Office Conversions: A New Era for NYC Real Estate.