Hey everyone this is Christopher OkadaOkada and company and today I'm going tobe showing you guys how to rent officespace in New York so the first thingthat you have to know is your budget andthe budget is in New York is calculatedon a per square foot basis that is notdone on a monthly rent now this is foroffice space or retail space if you rentan apartment it's done $3,000 a monthfour thousand dollars a month for aoffice space it's calculated on dollarsper foot or for retail it's dollars perfoot so that's the main difference soyou have to know what your dollar persquare foot basis is now what thisdollar per square foot basis can do isif you do have in a monthly budget thenyou can multiply that by 12 over thesquare footage and this is the annualrent so everything is annual rent in NewYork City so the thing that you have tobe very clear about is the annual rentnot the monthly rent the annual rent andyou have to know what that is on a persquare foot basis so for example if youhave an annual if you have a monthlybudget of $10,000 and that's annuallyyou have $120,000 rental budget and thatmeans for a 2,000 square foot space yourbudget is $60 per foot so 2,000 squarefeet squared of feet that is the squarefootage that you require and you have abudget of $10,000 a monththat means that you have a budget of $60$60 per square foot that's the firstthing you guys have to know is thateverything is done with the dollars persquare foot and you want to know youwant to get comfortable with thisbecause you want to talk in thelandlord's language so it's verydifficult and the reason why we have itthis way is because of something elsecalledLoss Factor now over here so you guyshave this concept on the dollars persquare foot and it's very important andhere's why because different types ofbuildings different types of buildingshave different lost factors so this2,000 square feet if you had threedifferent buildings with 2,000 squarefeet and you took a measuring tape andyou actually measured the actualphysical space you will get differentactual measurements for 2,000 squarefeet and that really belongs with theLoss Factor that's what's called lossfactor loss factor so every building inManhattan has a little bit differentloss factor for example if you are onRockefeller Center and you have a in aglass tower and you're in a Class Aoffice building the loss factor is muchmuch greater because it takes intoaccount a massive Lobby a lot of tenantspaces a lot of there may be a plazathere may be retail space for the wholecommunity so the that all the squarefootages of the building are accountedand the loss factor is different inevery single building so the way touniform the way to create a uniform sortof budget and a uniform dollars persquare foot for the entire New York Cityarea for all the landlords is done againon the dollars forwe're foot so that's the...
