A bait and switch scenario can be a disaster for any attorney looking to rent an executive suite or shared office space.
Finding a sublet office is no walk in the park. In fact, it can be pretty stressful and distracting. Shared office spaces and executive suites are meant to provide a sense of stability that can be a huge boost to any busy lawyer.
Some of the most common clients of shared spaces and executive suites are solo and small firms and this has become an increasing trend recently.
An NYC executive suite may be a great option for anyone and for solos and small firms, this option may be ideal. In addition to having your own space, but you get an office that is professionally managed by on-site staff so you don’t have to do it yourself. These additional perks come often at a little extra cost.
But unfortunately, life isn’t always sunshine and rainbows. There are some providers that will try to lure you into renting from them by using the classic bait and switch technique. If you are searching for a new law office for your firm, then you will want to take these factors into consideration.
Beware the Bait and Switch
It’s typical to have services built into your rental agreement when using an executive suite. This could include guest reception, mail and package services, and much more. Executive suite pricing tends to be somewhat higher than a standard law office sublet. This is because most law office sublets may not have adequate service and are not professionally managed to meet you and your client’s needs.
With all the executive suite centers to compete with, especially in New York City, some providers try to be extra competitive in offering “too go to be true” rent deals. These tactics are similar to what a used car salesman might do because the focus is only on bringing in the monthly payment and not so much the quality of the product.
Take an office that is over-priced, to begin with, say $3,000/month. Then give away four months’ free rent. Pro rate the free rent over the course of the year, and what was originally a ridiculous monthly spend now magically fits within your $2,000/month budget.
The key word here is “short-term generosity” and it’s a common way to trick a client into signing a lease agreement. You might have this great deal for that year or two of the agreement, but when it comes time to renew, you’ll find that that generosity is gone and the subletter is singing a different tune. The subletter will only be worried about making a profit.
Come year three, expect your renewal to be based on the base rental price (before the discount), plus an additional 10% – 20% increase.
Executive centers understand the stresses associated with a move. It’s not fun and overall is time-consuming and expensive. Such centers that pull this kind of crap know there’s a high probability the subletter is willing to pay the higher rent at least for another year because the stress of moving is often not worth it to many people.
You won’t find this at every center, but be sure to keep this in mind the next time you’re searching for a new law office rental for your practice!
