Conventional office space

Conventional office space is usually chosen by well-established companies, as the unknown costs and time constraints are too great for most startup firms.  When conventional office space won’t work, shared office space is the likely alternative.

Pros:
Priced from $30 to $100/square foot for base rent
Locations throughout Manhattan
Potential for high visibility
Can be designed to your exact specifications
Customization will add $25/sf to $65/sf based on design requirements
May be eligible for city and state grants to offset costs

Cons:
Requires proof of financial strength – letter of credit and personal guarantee
Can take 3 to 4 months for lease negotiations
Real estate attorney required to review lease terms
Architect needed to design layout and configure space
Can take an additional 3 to 4 months to customize work space
Long-term leases, usually 5-10 years
You provide receptionist (salary plus benefits), furniture, phones, office equipment, kitchen amenities, cleaning services, utilities