Planning and taking early action are crucial to finding the right office space for your business in an expensive, complex market like New York City.
Before beginning your search, carefully consider several factors to ensure you find a workspace that meets your needs. By evaluating these considerations, you can make an informed decision that satisfies your employees and clients while providing a long-term commercial real estate solution for your business.
We put together the following seven tips to help in your search for office space.
1. Assess Your Business Requirements
Choosing the right location and type of workspace for your business depends heavily on your industry.
Conversely, if you run a tech startup or small creative agency, open floor plans that encourage collaboration would be a better fit. Additionally, design or architecture businesses benefit from a naturally-lit loft-style workspace that inspire creativity.
Ultimately, understanding your industry’s and your team’s unique requirements will help you make informed decisions when selecting a workspace that aligns with your business goals and objectives.
2. Find a Neighborhood That Fits Your Culture
Selecting the right office layout is crucial for meeting your business needs. However, it’s equally important to carefully consider the location. Each neighborhood in New York City has a unique culture and business niche.
For example, the Plaza District is synonymous with prestige and corporate success. At the same time, areas like Chelsea and Flatiron are nicknamed “Silicon Alley” because of their tech startup ecosystem.
The neighborhood you select can convey a particular vibe that reflects your business’s values and aspirations. Therefore, it’s essential to consider how your target audience will perceive your location choice and how it aligns with your overall brand image.
3. Determine Your Office Space Budget
In addition to the neighborhood, it is important to consider the required amenities and how this will affect the square foot rent and the total monthly cost of leasing an office.
For instance, in New York City, Midtown is the most expensive submarket, driven by pricey, prestigious business districts like the Plaza District and modern trophy Class A properties like Hudson Yards.
But on the other hand, the Downtown submarket has significantly lower rents, as do other up-and-coming neighborhoods with easy access to cultural destinations, dining, shopping, and entertainment.
4. Consider Accessibility and Commute Times
Another critical factor to consider in your search for office space is its accessibility for both clients and employees. After all, commute times in New York City can be incredibly long, and traffic is always an obstacle.
Ideally, look for a transit-oriented location or neighborhood readily accessible by train, subway, bus, bike, or foot. Additionally, choosing an office space with nearby hotel options for clients is a plus.
If you are looking for new office space and planning on relocating, factoring in commute time is crucial. Consider using our commute calculator tool to calculate your commute time by plugging in your work and home address.
5. Look at Building Features and Amenities
An office space’s amenities can significantly impact employee attraction and retention, and appeal to clients.
First, consider the building’s features. Modern Class A office buildings boast the latest current technology and sustainability standards. They feature fast WiFi, security features, energy-saving measures, and state-of-the-art equipment. In addition, older buildings, such as the limestone towers in the Financial District, are often retrofitted or renovated to meet these new standards.
Additionally, if it’s in your budget, consider buildings with amenities like
- 24/7 security.
- On-site property management.
- Gorgeous glitzy lobbies.
- State-of-the-art mechanical systems and infrastructure.
- Quality maintenance.
- Location near major transportation hubs.
6. Figure Out Your Long-Term Business Plans
Start your search with a comprehensive plan to ensure that your office space can accommodate your business long-term. Begin by determining your current headcount and projecting short-term and long-term growth.
Initially, you must consider the amount of space required to accommodate your current business plans and any potential expansions.
Consider using this office space calculator to determine the square footage that your company requires to accommodate your desired layout.
You could also consider short-term options, like coworking or flex spaces. These spaces allow you to avoid committing to a long-term lease until you better understand your business’s trajectory and your employee needs.
7. Work With a Tenant Broker
When searching for office space in New York City, there are many factors to consider to find the best option for you and your employees. To ensure a successful search, working with a tenant broker who can guide you through the entire process is essential.
Tenant brokers are real estate market experts who can offer valuable insight and advice to help you find an office that meets your needs and budget. They can also assist in negotiating with landlords to ensure you get the best possible lease terms, saving you time and reducing the stress of the search. With their guidance, you can feel confident in making an informed decision and securing your business’s best possible office space.
The Key Takeaway on Finding Office Space
Careful planning and early action are key to finding the ideal office space in complex markets like New York City. Before beginning your search, consider critical factors such as business and cultural fit, rental costs, accessibility and commute times, and building amenities. Addressing these factors early on provides ample time to explore options and make an informed decision, setting your business up for success.
Metro Manhattan Office Space has helped hundreds of businesses answer these questions and find office space in New York City.
To learn about available office space, call Metro Manhattan Office Space at (212) 444-2241 or email us at [email protected].