New York is currently the most populous city in the country with eight million people trying to carve out their careers in the Big Apple. According to the Office of New York State Comptroller, the city will have more than 550 million square feet of office space in 2016. The office space will be spread across three major business districts: downtown Manhattan, Midtown South, and Midtown. Of the total commercial space available for lease in NYC, the three business districts have 450 million square feet of office space.
So you see, renting an office space NYC is not going to be easy without help.
Tips For Renting Office Space in New York
Here are some questions you can ask before you make the final decision to rent an office space in NYC:
- How is the office ambiance? Is the office located in high foot-traffic or vehicle-traffic area?
- What is the crime rate? Is it safe for your employees if they have to go home late after working overtime?
- How will the parking arrangement work? Although this can be too much to ask, considering that NYC is infamous for its lack of parking areas.
- Is there elevator access to your floor? How often is the elevator maintained or repaired?
- What about the flexibility in the layout? Can you make some design improvements to fit your brand?
- Is there enough sunlight? Is the infrastructure ready to accommodate your internet, cable, and other digital needs?
- How near is the office space NYC to public transportation?
- Are the rental rules flexible? What are the other associated costs that will be shouldered by the tenant, and what are the costs assumed by the landlord?
- What are the landlord’s rules on rental increases?
- How much increase in rent can you expect per year?
What’s the Cost of Renting an Office Space in New York?
At the end of 2018, the average rental space in NYC, regardless of whether the building is a Class A, Class B or Class C building, was approximately $62 per square meter. This figure represented a marginal increase of less than 1% over the 2017 averages.
To give you an idea, if you are renting Downtown, you are looking at around $58 per square foot. So, for an area of 1,000 square meters, you have to expect a monthly rent of $59,000. In Midtown and Midtown South, the price is even higher, as the average rental costs are around $64. Uptown offers relatively cheap rent at around $53 per square meter.
Don’t let the price discourage you. However, these prices do represent the average rental cost for business space in New York.
If you are not a native New Yorker, the next obvious step is to find a real estate agent who can find office space for you that meets your needs in terms of budget, proximity to amenities and public transportation, etc.
Instead of combing through the list of potential real estate agents yourself, let them come to you. Office Finder will help you find the perfect real estate agent who can find your next office in New York.