New York is currently the most populous city in the country with eight million people trying to carve their space and take a bite of The Big Apple.
According to the Office of New York State Comptroller, the city has more than 550 million square ft. of office space as of 2016. The office spaces are spread across the three major business districts such as Downtown Manhattan, Midtown South, and Midtown.
Of the total commercial space for rent in NYC, the three business districts boast of 450 million square feet of office space.
So you see, renting an office space NYC is not going to be easy without help.
Tips To Renting an Office Space in New York
Here are some questions you can ask before finally deciding 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 even if they had to go home late when they clock in overtime?
- How will the parking arrangement work? Although this is 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?
By the end of 2018, the average rental space in NYC, regardless of whether the building is a Class A, Class B or Class C, was around $62 per square foot. The number 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 a 1,000-square foot of space, you are looking at $59,000 in monthly rent. In Midtown and Midtown South, the price is even higher as the average rental cost is around $64.
Uptown offers relatively cheaper rent at around $53 per square meter.
Don’t let the price discourage you. However, these prices represent the average rental cost for a commercial space in New York.
If you are not a native New Yorker, the next obvious step is to find a real estate agent that can find you an office space that fits your requirements on budget, proximity to amenities and public transport, and the like.
Instead of combing through the list of potential real estate agents, let them come to you. Office Finder will help match you with the perfect realtor who can find your next office in New York.