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New York City Commercial Real Estate Explained

DLS explains the economics, documents, and decisions that shape a New York office lease. Written from the tenant’s side of the table.

Published studies

Six studies

The Flatiron Building with the Fifth Avenue Building street clockNo.01June 2026Tax EscalationsWhich tax increases can be passed through, from what base, and at whose share?The Washington Square Arch, carved stone with the eagleNo.02July 2026Operating Expense EscalationsWhich building costs can enter the pool, and which should never reach the tenant?An ornate Beaux-Arts facade, window bays in a dense gridNo.03June 2026The Loss FactorHow much of the rentable number can the company actually occupy?The Statue of Liberty seen from behind on its pedestal, torch raised, with the Empire State Building and the Midtown skyline under storm clouds.No.06October 2026Security DepositsHow large a deposit is reasonable, in what form, and what sets the number?Looking up at 270 Park Avenue from the street, the tower’s steel X-bracing rising between Park Avenue towers.No.07October 2026Good-Guy GuaranteesWhat does a good guy guarantee actually make the principal personally liable for?Iron lanterns along the rusticated stone wall of the Federal Reserve Bank of New York on Liberty Street.No.22October 2026Letters of Credit

The next questions

Seventeen to come

Lease mechanics10 studies

Operating costs3 studies

Build-out2 studies

Lease documents2 studies

Each begins with a recurring tenant question and becomes a published paper when the analysis is ready.

If you are relocating in the next eighteen months, start with Discovery.

Discovery
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