An owner with vacant office space can list it with any number of brokers. An exclusive leasing agent is different: one firm is appointed to run the leasing of a building, a portfolio or a defined set of spaces, and is accountable for the result.
The difference that matters is between putting a listing online and actively running a leasing strategy. This guide describes what the second one involves.
Positioning
Every space competes with others. Positioning decides which tenants the space is for and why they should choose it over the alternatives: the size range, the condition, the neighborhood story, the building’s strengths and how the floors can be divided or combined. It is the basis for pricing, marketing and which brokers to call.
Pricing
An asking rent is set from what comparable spaces have leased for, what competing buildings are asking and offering, the space’s condition, floor and views, and the owner’s goals. It is always set alongside a concession strategy: free rent, landlord work and term.
Owners weigh these differently. Some prefer to hold asking rent and be flexible on concessions; others prioritize speed. A good agent explains the trade-offs with data and adjusts as the market responds.
Marketing
Professional photography, accurate floorplans and clear descriptions are the minimum. Depending on the space, marketing can also include test fits showing how a floor works for a specific type of tenant, prebuilt or spec suites, broker events, email campaigns to the brokerage community and listings on the platforms brokers and tenants use.
The aim is that any broker who might have a tenant for the space knows about it, understands it and can show it well, and that the space is presented properly on the owner’s and agent’s own sites, as on our Properties page.
Broker outreach and tenant targeting
Most tenants for New York office space are represented by their own broker. That makes the tenant brokerage community the agent’s most important audience. Outreach means knowing which brokers have active requirements that fit, calling them directly and following up. (For the tenant’s side of that relationship, see why you want a broker on your side of the table.)
Direct targeting adds to that: identifying companies likely to need space of this size and type, such as those growing, leaving coworking or approaching lease expiration nearby, and reaching them or their advisors.
Tours and feedback
The agent runs tours, knows the space and building well enough to answer questions on the spot, and follows up with every touring broker for feedback. Feedback is the most useful information a leasing campaign produces: why a tenant passed, what they chose instead and at what price.
Competitive-set intelligence
A good agent tracks the competitive set continuously: which comparable spaces have leased, at what terms, what new space is coming to market and what competing owners are offering. That is how pricing and positioning stay current.
Proposals, negotiation and deal coordination
When a tenant is interested, the agent prepares proposals within the owner’s parameters, advises on the tenant’s credit and requirements, negotiates the business terms and coordinates the letter of intent. Through the lease, the agent works with the owner’s attorney, the tenant’s broker and, where there is work, the construction team, keeping the deal moving to signature and delivery.
Pipeline reporting and ongoing strategy
An owner should receive regular reporting on activity: inquiries, tours, feedback, proposals outstanding and the status of each deal, with a view on what should change. The frequency depends on the assignment, but reporting should be specific enough to act on. A leasing campaign that isn’t producing tours or proposals is telling the owner something about price, condition or positioning.
| Putting a listing online | Running a leasing strategy | |
|---|---|---|
| Positioning | A description | A defined target tenant and competitive case |
| Pricing | An asking rent | Asking rent and concessions set from comps, reviewed as the market responds |
| Marketing | Photos and a listing | Photography, floorplans, test fits and broker campaigns |
| Outreach | Waiting for inquiries | Calling brokers with active requirements and targeting likely tenants |
| Tours | Showing the space | Showing it, following up and collecting feedback |
| Reporting | Occasional | Regular, specific and tied to recommendations |
Why give one brokerage an exclusive?
An exclusive gives one firm the responsibility and the incentive to invest in the campaign: marketing, outreach, reporting and negotiation. It gives the market a single point of contact, with consistent information and pricing. And it lets the owner hold one team accountable for results. Exclusive agreements typically set out the term, the scope, how the agent cooperates with outside brokers and how commissions work.
When another broker brings the tenant
That is the normal case, and an exclusive agent should welcome it. The agent cooperates with the tenant’s broker, provides information and tours, and negotiates the deal on the owner’s behalf. How both brokers are paid is set out in the owner’s agreement with its exclusive agent and the commission arrangements for the deal. Owners should read those terms so they understand the cost of a deal whoever brings the tenant.
Nomad represents owners across Manhattan as exclusive leasing agent. See For Owners and Agency Leasing.