Are you currently scouring the market for office space in NYC for your business? If so, you already know that this marks a major milestone in your tenure as a business owner. You also know that items such as location, lease terms, space and a slew of other amenities have all instantly jumped to the forefront as major priorities and the endless list of options for office space in NYC can quickly feel daunting.
It's no secret that making the foray into commercial office space in NYC is a big next step. However, savvy entrepreneurs are proving that this big business move can be decidedly more manageable. How, you ask? By leasing shared office space in NYC.
Many Types of Shared Environments
There are currently many types of shared environments to choose from, but most fall into four (4) categories: shared space for sublease, executive suite centers, incubators and coworking spaces. The distinctions between the four are as follows:
These environments are subleases from an existing tenant with excess space capacity. The space is an undemised portion of the tenant’s space with shared use of various amenities such as reception, pantry, conference rooms and restrooms. Lease terms are flexible and depend on the sublandlord’s future needs for the space. Depending on the sublandlord, there may or may not be business synergies inherent in sharing space together.
Executive Suite Centers
Most tenants know of these spaces by the popular brands Regus or HQ, however, there are multiple service providers and over 80+ centers within Manhattan. They are operated very much like tenant hotels with many of the services charged a la carte, such as phones, IT, fax, copies, printing, etc. Because of the profitable nature of this business model, many landlords have started their own brands, such as PowerSPACE (Vornado Realty Trust) and eMerge (S.L. Green Realty Corporation).
Incubators are more common in the new media and technology worlds, where investors have created a shared environment for portfolio companies to interact and benefit from mutual experiences. Most incubators are by application only. Many incubators also open their facilities to the community for after hours events and presentations. Some good examples of incubators are operated by General Assembly, DogPatch Labs, Entrepreneurs Roundtable, Hatchery500, NYU/Poly and DreamIt Ventures.
Coworking spaces have become prevalent in Manhattan in the last few years and have raised tenant awareness to the opportunities and benefits of sharing office space. Coworking spaces are typically operated on a first-come, first-serve basis and are available by the hour, day, week or month. Without the advent of some pioneering coworking spaces, tenants might still remain queasy about the prospects of sharing offices with strangers. Some good examples of coworking facilities are Grind, WeWork and New Work City.
Shared Office Space In NYC: Forget What You Think You Know
Does the phrase "shared office space" immediately conjure up images of cramped professionals stuffed into bite-sized cubicles, all hopelessly vying for common area dominance? You're not alone. However, today's shared office space in NYC, and the many benefits that this type of corporate community delivers, is forever changing this antiquated perception. Not sure if coworking space makes sense for your growing organization? Read on to see the list of benefits you may be missing out on before you make up your mind.
Benefits That Shared Office Space Can Provide Your Business
Executives who sign on for shared office space in NYC instantly enjoy:
Shared expenses: Splitting bills in a coworking environment is a MAJOR bonus for businesses looking to spread their corporate wings in a larger home base. Not only will you keep more of the bottom line dollars you work so hard to earn, but you'll also enjoy an easier transition into finding out if you actually can afford the bigger digs.
Change of scenery: Coworking space affords entrepreneurs what may be an otherwise unattainable opportunity to get out of the home office (aka spare bedroom) and actually conduct their operations in a professional environment.
Instant networking opportunities: Every business has their own personal connections of contacts, clients, etc. that they bring with them to their new office environments. Shared office space creates numberous prospects for networking, all based solely on your local proximity.
Bigger, more professional client meeting space: Chances are your selected shared office space in NYC will instantly deliver more operational square footage than what you're currently accustomed to. Plus, many coworking offices include impressive common meeting spaces for clients. You'll never have to scramble to find a spot to host a last minute potential client again.
Convene a meeting of the minds: Many small business owners often wish that they had fast access to an objective perspective on various operational issues that may arise throughout the business day. With shared office space, you have plenty of opportunities to collaborate directly with the people around you.
Face to face engagement: Running a business from home often means endless days of hanging out with, well, no one. While social opportunities alone certainly don't justify renting commercial office space in NYC, interpersonal connection is a happy byproduct of this particular corporate existence. No more running out to the local coffee shop just to say you spoke with another human being - merely meandering into the common kitchen area can deliver all the "water cooler conversation" you'll need!
Ready to find out if shared office space in NYC is right for you? Contact Office Lease Center today to learn about our selection of office space options!