Why You Should Choose New York as a Location for Your Next Office
A global hub for media, finance, culture, advertising, tech, international diplomacy, art, fashion, and transport, New York is replete with opportunities. The most populous city in the U.S., the Big Apple is home to some of the fastest-growing companies and startups.
New York has everything you can dream of in an office space. Whether you’re looking for a coworking space, private office space or office sublease to rent, you’ll find it here. And with over a whopping 500 million sq.ft of commercial office space spread across the five boroughs, there’s something for every budget and business size.
Each office building in New York has something unique to offer and a different vibe. Even better, the average rent for an office space is fairly affordable.
If you’re looking to rent in a Class A building, you can expect to pay an average of $84 for every square foot. There’s also an abundance of Class B office spaces available to rent for an average of $60 per sq.ft.
Those looking for added flexibility and budget-friendly pricing, the asking average rent for subleases or coworking space is slightly more than $40 per sq.ft.
Ultimately, New York’s business allure lies behind its commercially diverse boroughs, with Manhattan at its core as well as Brooklyn, Staten Island, Queens, and the Bronx.
Manhattan, in all its glory and skyscrapers, is the undisputed superstar of international and local business. It’s home to over 450 million sq.ft of office space, with an additional 20 million sq.ft under different stages of construction.
At the southern edge of the borough is Lower Manhattan, centred around Financial District (or Wall Street, to be precise). Not surprisingly, it’s the economic powerhouse of New York City, featuring big names like Federal Reserve, NYSE, NASDAQ, hedge funds, top-tier banks, and fintechs. Even still, this region of Manhattan has fantastic locations that are surprisingly affordable. Other great neighborhoods in Manhattan include Flatiron, Midtown, Chelsea, and SoHo, just to name a few.
Historically a residential borough, Brooklyn is known for its gritty-turned-glitzy commercial office space buildings, mostly repurposed warehouses and industrial complexes. It’s the best location if you want an easy commute in NYC.
Executive suites and coworking spaces at their best.
Forget about the skyscraper jungle of Manhattan or brick murals of Brooklyn – Staten Island is a world apart. Sparingly populated, it features a variety of open office spaces, laid-back charm, and a bespoke transport network.
Home to Long Island City, Queens is the largest and the most ethnically diverse borough of NYC. It offers a wide range of office space options with an average asking rent of $41 per sq.ft. The densely populated Long Island City is a hub for Class A office buildings, so you might want to look elsewhere in the borough for affordable options. Good thing, there is plenty of diverse office space in other neighborhoods like Sunnyside, Flushing, Bellaire, and Astoria.
If you’re looking for a unique office experience, Bronx is your best shot. New York’s northernmost borough, the Bronx has some of the affordable office spaces, with rates ranging from $10 to $40 per sq.ft.