Mastering the Art of Negotiating Coworking Space in NYC
SPACES COMMERCIAL REAL ESTATE
Negotiating with coworking providers in NYC can be a complex process, but it doesn’t have to be overwhelming. By visiting multiple providers, leveraging each one to create a bidding war you can secure a great deal that meets your needs and budget.
Here are some tips on how to negotiate effectively:
Establish your space needs: The first step in negotiating with coworking providers is to determine how much space you need, what is the most convenient location for your team, what your budget is, and what amenities you’re looking for.
Research: Once you’ve determined your space needs, begin by researching coworking providers in the area you’re focusing on that meet your preferences and requirements. Make a list of the amenities, locations, and prices that each provider offers.
Schedule tours: Schedule tours of each coworking space and ask detailed questions about their offerings. Take note of the things that you like about each space and the things that you don’t. Let each provider know that you’re considering multiple options and are looking for the best possible deal. Mention that you’re planning to make a decision soon.
Consider hiring a broker: If you’re feeling overwhelmed by the negotiation process, consider hiring a real estate broker who specializes in coworking spaces. A broker can help you navigate the market, negotiate on your behalf, and provide valuable insights into each coworking space (which you should stay away from) that you’re considering. Most brokerages are paid by the coworking providers but make sure that you confirm upfront so that you’re getting all of the service and experience without the cost.
Use the information to negotiate: Use the information you gathered during the tours and your research to negotiate with each coworking provider. Be transparent about what other providers are offering and use this information to your advantage. Let them know what your priorities are and what your budget is.
Encourage a bidding war: Encourage each coworking provider to offer the best possible deal to win your business. This can create a bidding war and help you secure a great deal. Be clear about what you need and what you’re willing to pay. Consider negotiating on factors like the length of the lease, the included amenities, and any additional fees.
Be willing to walk away: Don’t be afraid to walk away if the coworking provider isn’t willing to meet your needs or offer a fair price. There are many other options out there, and you can negotiate a better deal with a different provider or with the help of your broker.
In conclusion, negotiating with coworking providers in NYC doesn’t have to be a daunting task. By researching your options, scheduling tours, considering the help of a real estate broker, using the information to negotiate, encouraging a bidding war, and being willing to walk away, you can find a coworking space that meets your needs and budget.