A. The simple formula will be to take the base rent amount and add 20% to calculate total or “all in” costs.
Here’s why: a typical loft lease in Midtown South will be exclusive of utilities such as electricity ($3.00/sf), water/sprinkler charges ($0.20), operating ($0.85) and real estate tax increases ($0.50) and cleaning ($2.00) and trash removal ($0.30). The average aggregate cost of those items over a three year period is $6.85, or approximately one-fifth of a $35.00/sf rental rate. [Note: Tenant's telephone and internet costs are not considered part of these "all-in" leasing costs.]