Flexible workspaceĪ similar alternative to flexible working is a flexible workspace. Allowing your employees to work from home on certain days of the week can mean you have 50% more workers than desk space, therefore half the square footage you would have needed otherwise. The more employees you cater to, the more you’ll pay, so why not consider flexible working. You might find that the more amenities that surround your office space, the more you will pay in rent, but don’t be discouraged by this, as there’s a balance you will have to strike between cost and area quality – no one wants to visit or work in the middle of nowhere. Additionally, it’s important to ensure there are plenty of local amenities such as cafes and restaurants, as well as public transport to ensure your office is accessible to your employees and clients. Whilst Manhattan will be expensive for you, looking in areas like Staten Island and Brooklyn will reduce your rent considerably. To save money, we advise you to consider your needs – do you need a sparkly new office to present to your clients, or do you just need somewhere to start building your business? LocationĬonsider the class and area that you are looking to rent in. Likely to be a bit outdated in looks and technology, these offices will give you the basics to get started with your first office, with the cost per square foot being most in your price range. These offices are likely to come with plenty of tempting added extras, all of which come at an expensive cost.Ĭlass B offices are slightly less new but are still great looking places to work in, and in a nice area, costing slightly less, you’re getting a good quality office without compromising on too much.Ĭlass C offices are the older and potentially more worn of the three. Class A office spaces refer to the newest, shiniest and most modern of your options in the more upmarket areas. There are three classes of office that you can look for – A, B, and C. RELATED: Complete Guide on How to Rent Office Space Class of office We have briefly mentioned how area and office class can impact the cost of your rent, so let’s dive in deeper and get a better understanding of how to save money when renting offices in New York.

How to find a low-cost office in New York A saving of around $91,860 per year compared to a class A office in Midtown Manhattan. So, by looking at lower-class offices, you could be looking at a much lower rent of $155,820 per year. On the other hand, in 2020, Class B office space recorded an average of $61.66 per square foot, with class C asking for an average of $51.94. With an average density of around 150 square feet needed per employee, a class A office space for 20 employees will easily result in around $247,680 per year. However, looking at submarkets, some areas exceeded this greatly, jumping to $125.34 in Hudson Yards/ Manhattan West. However, this didn’t top Midtown South at $99.22 per square foot, which is home to places such as Time Square, Grand Central Terminal and Madison Square Garden. According to Statista, The average cost of rent for Class A office space in Midtown Manhattan was $82.56 per square foot in 2021, Q2. The majority of reasons for the cost of rent will be down to location. So, let’s put that in perspective and look at how that reflects on office prices in the big apple. It’s no secret that New York is an expensive city to live in, being the 6th most expensive city in the world to purchase office space in 2019. In this article, we will look at average costs around New York and our top tips for getting office space in New York on a budget. However, if you know how to get the most out of your money and shop around, there are ways to keep the costs low.

Buying office space in any city can be daunting, as we all know that this is where business costs can skyrocket.

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