By Bond Collective Staff
If you’re ready to move your business into a workspace for rent in New York City, now is the time to make the leap.
Whether you need more space for a larger team, you want to move your business out of your living room, or you’re starting a brand-new business from scratch, the market has never been better.
Still, the question on everyone’s mind is, “How much does workspace for rent cost in NYC?” The answer might surprise you.
In this article, we give you tips for determining how much you can expect to pay for office space in The Big Apple.
The Real Cost Of Workspace For Rent In NYC
The cost of workspace in NYC varies widely depending on a number of factors, including:
Type of office space
These are, by no means, the only variables that affect what you can expect to pay, but they are some of the more influential.
What effect do those variables have on the price of office space? Here’s an example of two traditional offices — the kind you sign a long-term lease for — to help you understand.
Office space one is located in the Plaza District and measures in at 500 square feet. The going rate for an office in the Plaza District is $100 per square foot per year. That means that you’ll pay $50,000 per year for the use of those 500 square feet.
Now consider another option:
Office space two is located in the Water Street neighborhood and also measures in at 500 square feet. The going rate for an office in the Water Street neighborhood is $57 per square foot per year. That means that you’ll pay $28,500 per year for the use of those 500 square feet.
So, you can see that there is a huge difference between workspace for rent in one part of the city versus the same size space in another part of the city (the average hovers right around $77 per square foot per year).
Keep in mind that prices will differ in the real world, but this example gives you a good basis for comparison.
Factor in other variables that affect rental price, and you can see how prices can change quickly even for spaces that are relatively close together.
How To Choose Workspace In NYC
1) Imagine The Perfect Workspace For Rent
Before you start searching out workspace for rent in New York City, take some time to imagine what the ideal environment would be for you and your team.
Is the best office space for your business cubicles and enclosed offices? Or is it an open floor plan with flexible workspace?
Start by brainstorming on your own or with a few other managers. Then, pull your entire team into a meeting — face-to-face or virtual — and give them the opportunity to weigh in on what they think the perfect workspace would be.
You may not be able to satisfy everything your team dreams of having, but, at the very least, you’ll be able to give them what they need to be successful.
Imagining the ideal work environment before you start searching gives you certain criteria that, in the long run, will then help you choose the office that’s right for your business.
2) Pick Your Neighborhood
The cardinal rule in real estate — and workplace for rent — is location, location, location. Where your office is situated plays a major part in the price you’ll pay to work there.
As we learned from the example in the first section, there can be a significant price difference between one area of the city and another area.
That’s why the first “boots-on-the-ground” step in choosing a workspace to rent is picking a neighborhood your business can afford.
Ideal locations include:
Financial District (Broad Street and Broadway)
Good news: Bond Collective offers workspaces in each of these areas.
3) Determine The Type Of Workspace You Need
Workspace comes in all shapes and sizes. In NYC, you can choose from such options as:
Hourly office space
Office sharing (which is different than shared office space)
Traditional office space (i.e., leased)
It all depends on what you need from your workspace.
The top end of the workspace-for-rent spectrum — the traditional, leased office — is, of course, the most expensive option.
But, if you’re willing to be a bit more flexible with your environment, you can find some of the best office arrangements in the city for a fraction of the cost of a standard lease.
4) Prioritize Accessibility
Accessibility — as in how easy it is to get to the office — is another key factor to consider when shopping for workspace to rent.
In some locations, the only way to get to the office is by car. In other locations, your employees may have access to public transportation as well. It all depends on where your office is located and how accessible it is to the people who work there.
And this doesn’t just apply to your team. You also have to consider how easy or difficult it will be for your customers and clients to find and reach your office.
As you consider various locations, identify those with plenty of accessibility options. The rent may go up slightly, but the convenience — both for your team and your customers — is well worth the cost.
5) Choose The Right Image For Your Business
Image — such things as design and decor — may not seem important at first, but it can be just as influential as the decision between cubicles and an open floor plan.
The way your office looks and feels goes a long way toward inspiring your team to give their all. It also plays a role in how your customers and clients perceive your business.
Image takes many forms, but those most applicable to workspace-for-rent environments include such things as:
A variety of seating and standing options
In many cases, those variables will cost more in rent, but they can mean the difference between a productive and an unproductive work environment.
6) Consider Amenities
When it comes to finding the right workspace for rent, your team needs more than just a good location, attractive design, and easy access.
While the right desk and plenty of room to spread out and collaborate are essential for your team’s success, amenities affect their performance as well.
Some rental options only provide one or two amenities, while others go above and beyond the industry standard in order to give your team exactly what it needs to do their best work all the time.
Top-tier setups (like those at Bond Collective) even offer free refreshments to keep your team energized during a hard day’s work.
The Best Workspace For Rent In NYC
The best workspace for rent in NYC is available right now at Bond Collective — no time-consuming search necessary.
With Bond Collective, you can choose from a variety of workspace for rent options, such as:
Open-plan coworking spaces
Conference rooms for 5-20+ guests
And when you partner with Bond Collective, you don’t just get a beautiful space that fits all your needs. Each and every office option also comes with exclusive amenities you can’t find anywhere else.
Whether you rent by the hour, the month, or the year, you’ll get:
Access to small and large conference rooms
Daily on-site cleaning
Rooftop lounge area
Photo and sound studio (at Gowanus, NY location)
Complimentary fresh fruit
Complimentary beer, coffee, and tea
Private meeting and phone booths
Guest reception and greeting
All of that for as little as $10 per day for a coworking arrangement or $13 per day for a dedicated desk (private offices also available).
If you’re looking for a spacious, well-appointed workspace for rent that gives you the professional look you need, take advantage of any one of our many Bond Collective locations in the United States, including California, New York, Pennsylvania, Washington D.C., Illinois, Tennessee, and Texas.
To get started or to learn more about the advantages of coworking spaces for digital nomads, remote workers, and businesses of all types and sizes, visit BondCollective.com today or call to find out more about everything we have to offer.