Finding office space in NYC can be a long and daunting process and is always a big decision. Depending on the stage of your company, this is a place you might be spending a majority of your time at for the next few years. There are many variables that are crucial that you get right so that your office space helps with the process of building your company instead of becoming a hindrance.
At Spaces, we spend our days researching and finding the best possible real estate office space in the neighborhoods of SoHo, Flatiron, Union Square, and Nomad as well as the rest of Manhattan. One of the first things you want to do when looking for office space is to decide on which neighborhood you want to be in. Here are a few things to consider for each neighborhood.
Where To Begin Your Office Space For Rent Search
Named after the Flatiron building on 23rd street, Flatiron is the birthplace of Silicon Alley. Silicon Alley has evolved into the center for New York City’s high-tech industries. New York City’s tech ecosystem has led to more startup funding requests than any other region in the country, including California’s long-reigning Silicon Valley. NYC is a global powerhouse in literally every sector from food to fashion.
Whether you’re selling clothes, crafts, computers or disrupting an age-old business model, and whether being in NYC puts you in the middle of your field or just surrounds you with the world’s best of essential business practices like advertising and marketing, this offers immeasurable advantages.
Flatiron is a fantastic neighborhood because it has a laid back attitude in a fast paced New York City environment. A bustling center for business during the day Flatiron begins to quiet down in the evening. Perfect for businesses that want a lively neighborhood during business hours but not 24/7.
For companies that host and meet with clients at their office space being in the center of Manhattan comes with distinct advantages. Nomad has always been one of the top destinations in New York for the best hotels and restaurants.
Being centrally located makes it easy for clients to come to your office no matter where they’re coming from. Being surrounded by some of the best restaurants anywhere gives you countless options to show your appreciation and buy them a world class lunch. Also, if you have clients that come from out of town they can stay in one of the premier hotels that are within a quick walk to your office.
A neighborhood that celebrates New York’s diversity Union Square was created in 1811 when city planners decided that because Broadway angled away from the Bowery at such a harsh angle that it didn’t make sense to keep the city grid on the same path at this intersection.
They decided to form a square, “here was the union of the two principal thoroughfares of the island”. Now filled with farmers markets, street performers, chess players and George Washington overlooking it all Union Square represents a microcosm of different cultures in the US and NYC.
Union Square is becoming the most popular neighborhood in New York for startups that want to be in the best location possible. Union Square is currently going through a decrease in rates. The median rate has recently decreased $12 per sq ft per year- a 14% decrease in rent. This is a market correction on rents that were too high compared to the rest of the New York City. Now that rents are where they should be Union Square office space is going fast and is a hot market. You’ll need to make an outstanding offer to get the NYC office space you want.
SoHo is in the center of it all in the heart of Manhattan and filled with businesses, especially retail. The energy in SoHo is fast paced day and night. If you want a place that quiets down after business hours this might not be the best location. But if you want the quintessential neighborhood that is hip and trendy with a pace and energy that never slows down this is the best neighborhood to be in.
A neighborhood that will attract young talent, an often overlooked part of searching for office space that an early stage, but savvy business can take advantage of. Employees early in their careers that are exceptional can become a huge boost to your office. Once the founding team has a plan in place that starts to gain traction the difference between taking your company to the next level or leveling off is usually a result of who you hire. The exuberant attitudes of a staff that believe in your business and makes it their own creates an atmosphere that can give you a slight edge over your competition. Creating a New York City office space that attracts young talent can give you a distinct advantage.
Spaces Commercial Real Estate helps businesses in NYC find and secure great space. Whether you’re one person running the show or have a cast of characters to do your bidding we’ll help you find the right space and at the right price! Click below for more information.
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