For most growing companies, an office search happens every few years and involves one of the largest commitments on the balance sheet. The broker you hire will shape which spaces you see, how the options are compared and how the deal is negotiated. It is worth choosing carefully.
This guide is about what to evaluate. It applies whoever you hire. For how Nomad runs a search, see how we work.
What a tenant broker should do
A tenant broker represents the company looking for space, not the building. In practice that means turning your requirements into a search, showing you the options that fit, listed and not, organizing tours, requesting and comparing proposals, negotiating the business terms, working with your attorney through the lease and often staying involved through build-out and move-in. For the case for having one at all, see why you want a broker on your side of the table.
What to evaluate
| What to look for | Why it matters |
|---|---|
| Tenant representation experience | Representing tenants is a different job from leasing a building. Ask for recent tenant-side work at your size, like the stories we publish. |
| Neighborhood knowledge | Knowing buildings, owners and floors in your target areas saves weeks of touring. |
| Current market access | What is available now, including space not yet on the market and sublease space. |
| Ability to organize the search | Can they turn dozens of options into a clear comparison your leadership can decide from? |
| Responsiveness | Speed matters when good built space has more than one interested tenant. |
| Economics and negotiation | Can they model effective rent and total occupancy cost, and explain the trade-offs? |
| Relationships with ownership | Knowing how an owner makes decisions helps a negotiation, as long as the broker is clearly working for you. |
| Construction knowledge | An understanding of what a build-out costs and how long it takes changes which deals look attractive. |
| Post-lease support | Help with build-out, move-in, and renewal planning years later. |
| Conflicts of interest | Whether the firm also represents landlords, and how it handles buildings it represents. |
| Team seniority | Who will actually run your search day to day. |
| Technology and reporting | How you will see the market, tour notes and deal comparisons, and whether your team can use them. |
Firm size vs. the team
A large firm can bring research depth and reach. A smaller firm can bring senior attention. Neither guarantees better market access: brokers at firms of every size see the same listed inventory, and access to unlisted space depends mostly on relationships and activity in the neighborhoods you care about. The better question is who will run your search, how much of their time you will get, and what they have done recently for companies like yours.
Conflicts of interest
Many brokerage firms, Nomad included, represent landlords as well as tenants. That is not a problem in itself, but it should be disclosed and handled openly. Ask whether the firm represents any buildings that could be in your search, how it would tell you, and whether the same person would be representing both sides. You should always see the rest of the market alongside any space the firm represents.
How tenant brokers are paid
In many New York office leases, the tenant’s broker is paid a commission by the landlord, under arrangements between the landlord and the brokers involved. That is why many tenants pay no fee directly on a typical new lease.
It is not universal. Subleases, renewals, some landlords, and deals structured in unusual ways can work differently, and a tenant representation agreement may say what happens if the landlord does not pay. Read the compensation section of any agreement before you sign it, and ask the broker to walk you through the scenarios. See what you’re signing when you hire a tenant broker.
Should you interview more than one?
Usually, yes, if you have the time. Two or three conversations will show you how different brokers read your requirement, what they think the market looks like and how they would run the search. Give each the same brief. Pay attention to the questions they ask you; a broker who asks good questions about your plans is likely to find better options.
Questions to ask a prospective broker
- Who will run our search day to day, and who else will be involved?
- What have you done recently for companies of our size, in the neighborhoods we are considering?
- How will you show us the market, and how will we compare options?
- What do you think our requirement will cost, and what would change that?
- Do you or your firm represent any landlords in buildings we might consider? How would you handle that?
- How are you paid on a typical deal, and when could our company owe a fee?
- What does your representation agreement say about term, exclusivity and termination?
- What do you do after the lease is signed?
- Is everyone working on our search licensed in New York?
If you already found a space online
A broker can still help. A listing tells you the asking rent; it doesn’t tell you what similar tenants signed, how long the space has been available or what the landlord might give. It also doesn’t show you the alternatives that would make your negotiation stronger. If you have already contacted a landlord or its agent, tell any broker you interview, because it can affect how the deal and the fee are handled.