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Hey everyone this is Christopher OkadaOkada and company and today IN#39’m going to be showing you guys how to rent office space in New York so the first thing that you have to know is your budget and the budget is in New York is calculated don a per square foot basis that is not done on a monthly rent now this is for office space or retail space if you rental apartment it's done $3,000 a month four thousand dollars a month for an office space it's calculated on dollars per foot or for retail it#39’s dollars per foot, so that's the main difference, so you have to know what your dollar per square foot basis is now what this dollar per square foot basis can do ISAF you do have in a monthly budget then you can multiply that by 12 over the square footage and this is the annual rent, so everything is annual rent in New York City so the thing that you have to be very clear about is the annual rent not the monthly rent the annual rent, and you have to know what that is on a per square foot basis so for example if you have an annual if you have a monthly budget of $10,000 and that#39’s annually you have $120,000 rental budget and that means for a 2,000 square foot space your budget is $60 per foot so 2,000 square feet squared of feet that is the square footage that you require, and you have budget of $10,000 a month that means that you have a budget of $$6060 per square foot that's the first thing you guys have to know is that everything is done with the dollars per square foot, and you want to know you want to get comfortable with this because you want to talk in thelandlord'’s language, so it's very difficult and the reason why we have it this way is because of something elsecalledLoss Factor now over here, so you guy shave this concept on the dollars per square foot and it#39’s very important adheres why because different types of buildings different types of building shave different lost factors so this2,000 square feet if you had three different buildings with 2,000 square feet, and you took a measuring tape, and you actually measured the actual physical space you will get different actual measurements for 2,000 square feet and that really belongs with helots Factor that#39’s what's called loss factor, so every building in Manhattan has a little different loss factor for example if you are on Rockefeller Center and you have an in glass tower and you#39’re in a Class Office building the loss factor is much greater because it takes into account a massive Lobby a lot of tenants spaces a lot of there may be a plaza there may be retail space for the whole community so the that all the squarefootages of the building are accounted and the loss factor is different in every single building so the way to uniform the way to create a uniform sort of budget and a uniform dollar per square foot for the entire New York City area for all the landlords is done again on the dollars former#39’re foot, so that's the first thing the second thing you guys have to know...
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