Setting up your new office can’t start without the essential thing – a proper office space. New York City offers many different options, so it’s sometimes hard to choose the right one. However, your office will define your business in a way, so you need to consider all the necessary factors before selecting a new business address. The new office space needs to fulfill your business needs, be comfortable for the employees, and be easily accessible to clients, supplies, etc. In this guide, you’ll find out everything to know about renting office space in New York.
Know exactly what you’re looking for
Without an idea and goal, it’s difficult to rent an office in a city like NYC. This is a place with many people, businesses, and concepts, so you need to know exactly what’s your role in it. Make sure you define the type of business you’re running – this will give you further insight into what kind of office space you need. Defining your business needs will also help you decide on the location, size, and other characteristics, narrowing down your search a lot. This will save you a lot of time, as looking at vacant office spaces without a previous plan and goal can be time-consuming and often unsuccessful in a place like New York.
Define your budget
There’s no way around it – renting office space in New York is expensive. NYC is actually among the top three most expensive cities in the country. Office rent will be a considerable part of your monthly expenses, so you need to know how much you can afford. The average rent in NYC is about $85 per square foot. Naturally, the prices vary depending on the location, asset class, size, and more factors. That’s why you need to be sure about how much space you need, so you don’t waste money on a place that’s too big.
Additionally, you can go for a more affordable option – shared office space. These have recently become quite popular in NYC as they represent a very comfortable alternative to ordinary office space rentals. Co-working gives you the opportunity to pay less but also share furniture, utilities, and services with other great businesses. Finally, shared office spaces can be an excellent opportunity to meet new clients and partners. This is especially beneficial if you’re moving your business from far away, like from Hong Kong to NYC.
Probably one of the most critical factors that determine the success of your business relocation is the location. When choosing the best location, you need to consider the overall vibe of the desired neighborhood. NYC is a big city with many different things to offer, so it’s best to find a place where your business can fit in. Some neighborhoods are associated with tech, real estate, and finance – choose the one where your business can grow and where you can find customers and clients. Also, there are some other factors to consider when choosing your office location:
- Cost – prices vary across boroughs, with Manhattan typically being the most expensive;
- Commute time – this is an essential factor for you and your employees. Consider your home address and see if the commute will take away a lot of time for you and your team;
- Public transport – check if the office space you like has easy access to different public transportation options. This will be beneficial for everyone in your team, but also clients and partners;
- Local amenities – your employees need a great place to have lunch, go to the gym, visit the bank or post office. Check if the location of your new office includes some of those amenities.
The lease of NYC rentals
In general, leases in NYC last about three years. However, many properties offer much shorter leases (12 months). Be sure to get a lease that’s in accordance with your plans and abilities to avoid potential problems in the future. When planning a move, make sure to count this into your budget. You can check out online moving quotes beforehand so you know what you can afford.
Also, you should know that office leases are negotiable – you can make an offer on a space you like and wait for an answer. However, you should know that this process takes time, so make sure you are flexible with your move-in date.
The move-in process can be easy
After finding the perfect office space, it’s time to organize the moving process. It’s true that professionals can make the process easier – just be sure to choose the right commercial moving team. As you will be trusting them with your office inventory, your team needs to be experienced and reliable. Take your time researching trustworthy local companies so that you can choose the right one.
Pack items safely
If your office inventory includes many documents and electronics, pay special attention to your packing techniques. Also, if you’re moving on short notice, don’t cut back on good packing supplies. Electronics are particularly sensitive to temperature changes, so it’s essential to protect them well during transport. Also, in case your office includes some pictures or delicate furniture, be sure to give those special care when packing.
Get a storage unit
If your new office isn’t move-in ready yet, find a practical way to store your items until the time comes to move them to the office. You can try renting a storage unit that’s close to your new office space, so you can use it even after you move in. The additional space can be used for unused electronics and furniture, seasonal items, or pieces you don’t need as often.
Renting office space in New York is a process, but all the effort is worth it. Once you find a perfect place to start your business, you can expect it to grow. When the office space is comfortable and convenient, the team will be more productive and successful.