Office spaces in NYC come at a premium, and sometimes the cost is too high for small businesses. However, as the country's finance capital, it makes sense why many small business owners would want to set up shop in NYC and rub shoulders with industry and market leaders. So, how much can you expect to pay for office space in NYC? And are there cheaper alternatives? We have the answers below. Read on.
The Cost of Premium Office Space in New York
The cost of office space depends on the office class you are looking for and the location.
Class A office spaces in New York cost:
- Midtown - $99 per square foot
- Midtown South - $83 per square foot
- Downtown - $60 per square foot
- Manhattan - $79 per square foot
Generally, the average rent for premium office space in New York is $85/sq. Class A office space rent stands at $95/sq. Ft., while the average for class B office space is $67/sq. Ft.
To understand how much rent you'll be paying per month:
Monthly rent = (Cost//sq. ft. * Total amount of space you need)/12
Let's assume you have 10 coworkers requiring an average of 1600 square feet of space in Manhattan.
So, ($79 * 1600)12, you get $10,533. You can agree on the lease period with the property owner.
This rent doesn't include amenities and other vital facilities—even more reason for you to consider other options, especially co-working.
Let's now look at some cheaper alternatives ideal for your small business.
4 Alternatives to Full-Time Office Space
Whether you're a startup trying to make a big impression or an established business looking to stay ahead of the game, shelling out a ton of cash on a monthly lease can leave you feeling pretty stressed
Fortunately, there are other ways to get office space in New York without breaking the bank.
Co-Working/Shared Spaces
Flexible pricing is an excellent option if you aren't sure how much space you'll need. Instead of paying a monthly fee for an office, you can pay for the space you use. If you only need a desk now and then, this could be as little as $10 per day or $50 per month. Better still, at Quest Workspaces we have flexibly priced spaces tailored to meet your business's office needs.
Virtual Offices
With a virtual office, you enjoy all the benefits of a standard office without incurring overhead costs of being in one location and amenities such as lease and insurance. However, you can access a physical mailing address, telephone answering, meeting rooms, and videoconferencing. Furthermore, as technology improves and becomes more available, more than 50% of staff choose to work from home or have a hybrid work environment, especially amidst a global pandemic.
Meeting Rooms
A meeting room is where small groups with similar collaborating or brainstorming mindsets can meet. In most cases, meeting rooms have limited technology and amenities, such as a whiteboard, a few laptops, a projector, and a few chairs. These spaces are great at boosting interpersonal work.
Renting Office Space by the Hour
Hourly office rentals provide many of the same benefits as long-term leases but without the upfront costs and commitments. It gives you flexibility as you can rent for as much or as little time as you need and change locations depending on your needs!
Finding a Friendly Workspace in NYC Doesn't Always Have to Be Expensive
Finding a friendly office space on-demand in NYC doesn't always have to be expensive. In fact, it doesn't have to break the bank at all! You just have to find a different approach.
- Is a full-time office necessary? If you don't need one, then look into renting an office by the day or hour. Those options will allow you more flexibility and control over your budget and schedule.
- What's essential for your business? Consider if having access to facilities like printers and Wi-Fi would make your work easier. Also, will access to meeting rooms help close deals more effectively?
If the answer to the above is affirmative, it's time to consider co-working spaces.
Quest Workspaces Offers Affordable Co-Working Office Spaces in New York
To grow your business in NYC, you need a working space where you can achieve your potential without overheads costing you an arm and a leg. At Quest Workspaces, our hospitality-driven co-working spaces have state-of-the-art facilities, award-winning support staff, and a range of flexible office and virtual services packages tailored to your needs. Contact us today for more information about our co-working spaces in New York.
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