New York: The directors' guide to finding office space in 2019
Finding Office Space in New York
Finding the right office space for your business can take a while, with so much to consider it can be hard to know where, when and how to start the search. Luckily, with 25 years in the industry, we can help you through your options and focus on what really matters. Read our guide to finding your new co-working space in 2019.
Co-working and flexible office space operators continue to dominate the New York office leasing market. Last month, 32% of all new agreements linked were for those types of companies, with eight agreements taking up 660k SF, according to a report from CBRE. In fact co-working giants, WeWork, are now the biggest office tenant in the New York. While you search for a new office you need to consider flexible office space options, we've gone through what's available below.
Before starting your search make sure you’re aware of your companies essential needs. It’s important that you get this right, because break out spaces and bike racks won’t matter if you don’t have enough space or time to move.
What are you looking for?
With an increase in demand for office flexibility, the options available for businesses are growing every week. While this allows you to find exactly what you’re looking for, it can be a pain trying to understand what option you really need. Read on and we’ll go through the types of office space available and which companies benefit most from them.
When do you want to move?
By understanding your timeline, finding appropriate workspaces becomes much easier. If you’re looking at construction sites but want to move in next week, you’ll be in for a shock. Make sure your moving dates are realistic, and give yourself time to find the right property. If you’re working to short deadlines, a great benefit of coworking spaces is immediate occupation. Indeed, with fully furnished offices available all over the globe, you’ll be able to set yourself up in no time.
How long do you want the space for?
One of the great benefits of flexible workspace is the ability to control the terms of your occupation. If you’re looking for a space while working on a project, or you’re a freelancer looking for something short term, you’ll be able to pick an office for a few days, weeks or months at a time. Big companies tend to prefer longer term contracts, opting for spaces they can modify with their branding and specific requirements.
How many people are you looking for?
Depending on your headcount, you’ll need to consider different workspace options. Knowing your numbers, will let you take your next steps in calculating your sq ft requirements. However, at this point it is crucial you consider any future developments, are you likely to grow while in the space? Coworking allows you to pay for what you use, so make sure you’re tailoring the move to your business requirements. We’ll look into this more later.
What are the different types of office space?
As we mentioned before there’s a lot on offer. Does your business need a fully serviced and furnished office space, or are you looking for meeting rooms, a place to meet or a registered address.
Popular options include co-working space, serviced offices and managed workspaces. Within these flexible workspaces you can choose whether you want privacy or a shared work space to encourage collaboration. Below we’ve gone into more detail about the differences between office space:
Length of term – an hour, a week – whenever you need
Flexibility – Come and go as you please
Occupation – Plug in and go at a moments notice
Branding – No branding allowed, as it’s a collaborative and unbranded space
Fit-out – Fully fitted, shared and collaborative environments
Furniture – Everything is provided
IT – Pay as you go
Resources – Minimal staff required
Budget – Cost effective for individuals in the short term
Length of term – a month onward
Flexibility – flexible with an easy exit
Occupation – Set up in a few days
Branding – Branding can be negotiated, though normally limited
Fit-out – Already fitted, but modifications are normally available
Furniture – Everything’s provided
IT – Pay as you go
Resources – All managed by a single supplier
Budget – Cost effective for a fluctuating head count in the short term
Length of term – 18+ months
Flexibility – Flexible terms and breaks in contract can be negotiated
Occupation – Ready to go in a month
Branding – Full alignment to your branding
Fit-out – Completely bespoke to your needs
Furniture – Either bring your own or it can be provided
IT – Install based on your companies requirements
Resources – Minimal staff required
Budget – Cost effective for larger teams in the longer term
Location is key when looking for a new office space. It’s important to consider available transport links, who your neighbours will be, how it affects your image and reputation, if you’re near options for lunch and coffee, and how easy it is to find your office. Essentially, it’s important to cater to your staff, consider these questions before you start your search. If you want to gather this information quickly, try creating a simple survey for your staff. If your staff are worried about a big move offer useful apps to answer questions about the new morning commute or where they can go for lunch! Once you’re clear on where you want to be you can start your search for office space availability in your area.
There are a few essential things to consider when viewing a property, your staff might want access to parking, but they'll need meeting rooms, effective WiFi, printers, phones and computers, to name just a few. Serviced offices will source most of these as part of your lease, but you’ll need to ask. Another bonus of co-working offices are all the added extras increasingly found in these properties, whether it’s showers, creative breakout areas, fully equipped kitchens or even communal gardens for staff well-being. Get the most out of your staff by getting more from your office space.
Think about the type of office space available to you, many consider serviced offices to be the best option for their business but there are other options available, from managed offices, hot desks, meeting rooms and virtual offices, do your research.
Your office should let in the light, have open spaces, and attract talent to your business. It’s important to consider your industry when looking at office space. If you’re a creative agency you’re looking for breakout spaces and collaborative opportunities but if you’re a legal firm, you’ll need privacy, with call booths and closed meeting rooms. Consider your industry and how your staff operate to narrow the search for office space.
Staff well-being and mental health is a hot topic for employees today, and you'll find office spaces are going to accommodate those needs. Having a workspace with your employees health in mind will allow you to improve productivity, encourage growth in your team and push your ahead of your competitors. Invest in a space that offers more than a desk and chairs.
While it’s important that your office looks and feels the way you want it to, fundamentally it should be the right size and enable you to scale up or down based on your companies requirements. To make this easier for you here is a calculator to help you determine the best sq ft for your business.
Finding like-minded tenants is key to an effective work environment. You want motivated, creative individuals who can help you develop your ideas and team. So if you are a media company, you’ll thrive in a creative hub rather than a legal focused space and vice versa. The benefits of collaboration are helping big businesses as well as startups looking to grow, Google have even opened their own collaborative campus. If community isn’t something you’ve considered, you should think about it now!
Before committing to anything, make sure you’re aware of your budget and how much room you have to negotiate on price. Serviced offices include a number of benefits, so when making an offer for the space make sure you’re getting all the benefits and extras included in your new contract. Another of the benefits of flexible workspace is that you have the ability to scale up or down on demand, only paying for the space you need. Refer to the type of offices you’re looking for, to understand the cost effective option for your business.
It’s important to find an office that suits your specific needs, independent searches will provide you with so many options you may be tempted to settle. Luckily, our experienced consultants will take the hassle out of your search, finding you a new space so you don’t have to.
We’ve gone through a number of important points in this guide, hopefully you’ve got a better understanding of what your business needs are and where you should start your search. The extent of things to consider and the options available has seen an increase in companies who will find the space for you. This is where Office Freedom comes in, our free and impartial service can have you in your new office space within the week. Check out some of our listings or get in touch for more information.