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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
4 New York Office Space Rental Tips For Your New HQ
Let’s be honest, renting anything in New York can be challenging. From apartments to offices, it can be hard to find the perfect space at the perfect price. Is New York expensive for renters? Yes. Is it worth it? Absolutely, especially if you want to attract top talent to your business. That’s why taking the time to find the right New York office space rental is important.
Top talent is certainly already in New York. But more and more technology companies and startups are looking to make NYC their new HQ. For example, there are more artificial intelligence tech job postings in New York than there are in San Francisco.
According to Crain’s New York Business article, “Surprisingly, New York and not San Francisco boasts the highest percentage of AI and machine learning positions in a single metro area, with more than 11 percent of national job postings.”
It is pretty clear that New York is still in business for attracting new businesses. Now it’s time for you to get your piece of the action with a new office space. Here are a few tips to help you find the best rental.
1. Don’t Feel Like You Have To Renew Your More Expensive Lease
If you are currently renting office space in New York, it is important to know that you do not have to renew and pay more. In fact, you can pay less with a little due diligence. So many business owners feel that moving is more of a hassle, but this is not the case.
“Your landlord just offered you a renewal lease that doubles the rent for your Manhattan office space,” according to office rental company Metro Manhattan. “So now you’re planning to relocate to a more affordable commercial building. This is a good opportunity to review your real estate objectives in terms of space, budget, growth and location.”
When you get that new lease agreement that is far more expensive, begin doing your research for a new office space. This can have big time long-term financial savings that you can use to grow your business for more profits.
2. Define Your Office Space Time Goals
When looking for the perfect office space in New York for your new HQ, it is important to define your time goals. Time goals are simply the amount of time you want to rent the space for. This could be decided based on a few factors, like business growth projection or location.
For example, if you are growing exponentially and fast, you may want to rent an office space that allows you to scale quickly. This means having more space available for new employees, equipment, servers, and more. If you don’t think about your time goals, you may run out of room fast and need to rent a space that is noncontiguousin order to accommodate new employees. This can cause efficiency issues.
Tenants need to determine desired possession date, which is when need to move in. They should plan to allow enough time to locate a space, negotiate business and lease terms and for the landlord to build out the space. If they do not allow sufficient time, they will not be able to move in when they need the space. The other time goal is lease term. Lease term is the length of the lease in years. In New York City commercial tenants generally require a lease term of three to ten years. Tenants should note that if they outgrow a space before the end of their lease term landlords will often agree to relocate them in larger spaces within their building.
3. Think About What The Perfect Office Space Looks Like
One of the biggest mistakes business owners make when choosing a new office space in New York is not knowing exactly what they want and need. This could cause issues for you and your business the second the lease is signed. A few key office considerations to keep in mind are . . .
- Location and Commute
- Building Neighbors
- Construction (inside and outside of building)
- Power Capabilities
- Internet Providers
- Windows
- Heating and Cooling
- Building Access Hours
- Building Amenities
- Office Design Abilities
There are plenty more considerations but having a clear idea of what you want and need will help you choose the perfect office.
4. Ask Around For Recommendations
This is important, because recommendations go much further than the realtor or brokers word Ask family and friends first, especially if they work around the area of New York you want to have your office located. You can also have your team do a little hunting for you.
Your vendors are also great sources for finding the perfect office space for your new HQ. They most likely travel to a handful of office buildings in a week, so their input could be valuable when it comes time to making appointments to see commercial buildings.
In Conclusion . . .
It may take a bit of online research and legwork to find a great office space for your New York location. But with a bit of know-how and planning, you can easily narrow down your search to the top three building in less than a month. Ask around, think about business growth, and make a list of must-haves. Do you have rental hunting tips? We want to hear from you.
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