Since I specialize in NYC office space, exclusively in Manhattan, I do a lot of research.
I visit available office space every day, so I know the inventory. I read all the news to see how demand is changing in different parts of town and why. I walk the city streets, so I’m familiar with the vibe of hot spots, current events and what’s appealing to people who will choose a certain neighborhood as their new “home away from home.”
There are so many options for office space, that if it’s a full time job for me to stay current, I know that business people, busy working, are unaware of all that’s available.
So I created an overview that breaks down the different types of NYC office space into ten levels, click HERE to view.
Starting with “working from home” as the first level, too many businesses are forcing themselves into exile, unaware that there are low-cost options to help their business thrive and reduce their stress.
Those “at home” businesses usually utilize level two “working from a coffee shop or hotel lobby” – thinking they’ve outsmarted the system by operating on a shoestring budget. This does them more harm than good.
Level three, the “free co-sharing” space is a viable option on a short-term basis. You get what you pay for.
For many small businesses and startups, level four “membership co-sharing space” is all they’ll need for the foreseeable future. This is a terrific, non-budget buster with lots of choices available in Manhattan. Click HERE to read my detailed blog on some of the more popular locations.
Level five is a virtual office and this offers so many benefits for someone with just an occasional need for an office or conference room. There’s a plan for every budget, too.
A “open-air” desk in a bullpen or with some partitions falls into level six, a “dedicated desk in a shared office.” This allows for collaboration, plus a place to have all your stuff in a more permanent-type location.
Level seven is, in my opinion, the solution for most businesses. With the recession still visible in our rear-view mirror, there’s still a lot of caution about taking on too much overhead on a long-term basis. The options available for your own private office, with all the amenities you need bundled into one price, are almost endless. The key is knowing exactly what you need and where to get it. (HINT: That’s what we do best.)
Sub-leasing office space – level eight – is very popular and “seems” to have no downside. Beware, there’s a lot involved in sub-leasing a space. Do not consider a sub-lease without having a real estate attorney review your lease terms before you commit to the space and tenant representation (a broker like us) to get the answers to the important questions before you go too far. The landlord must approve the lease as well, and you must get a copy of the master lease to review, too.
Level nine – prebuilt space – is a lesser-known option that holds a lot of appeal for businesses that need a more customized office layout and look, but don’t want to commit the financial resources to a custom space. Prebuilt office options are available throughout the city in many prestigious buildings.
And finally, custom office space – the holy grail for businesses. This is usually the choice for corporate headquarters of a Fortune 500 company, but many startups that are flush with funding capital choose this as well. There are many unknowns that will cost you now or later, so this option requires a lot of support – including a real estate attorney, architect and engineer at the very minimum.
No matter what level your business is at, there’s a solution for you. The key is knowing your options so you can make an informed decision.
Did this bring up more questions than answers? I’m just an email or phone call away, don’t hesitate to ask.