Larry Feldman: One of the big differences is the length of the lease term. The average lease term for an office tenant is about seven years; whereas the typical apartment tenant is one year.
The sophistication of the user tends to be higher. Things that we have to do in providing a first-class service is more of a concierge service than it would be in an apartment building, where really there’s not a lot done for the apartment-dweller. We do a lot more services.
We have a 24/7 concierge in the lobby; that’s manned security. We clean the space every night. We come in with a cleaning crew, and empty your garbage, and we mop the floors, and we dust your desk. That’s not something you’ll see in an apartment project.
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