As a global hub of innovation and finance, New York City offers unmatched potential to launch and scale a company. However, realizing your vision hinges on thoughtful facility decisions. The ideal office space empowers teams and drives growth through an environment aligned with your culture, brand, and workflows.
The mandatory five-day-a-week commute and rigid corporate workspace environment have changed slightly in the last few years. Flexible options have opened doors for businesses and employees alike. But before you sign on the dotted line for that shiny office, take a deep breath and do some soul-searching. What does your business truly crave? What kind of space will foster collaboration, innovation, and success? Your answers will guide you to the perfect fit. Consider if a prestigious address and turnkey Class A building convey the stability your investors expect. Or would a dynamic coworking space energize your scrappy startup?
Finding the perfect office space isn’t a one-size-fits-all solution. Before you dive into commercial leases, consider your business needs (not just square footage). Flexible work options change the game, so explore what empowers your team to thrive. Vet location accessibility, tech infrastructure, and amenities to inform which spaces best support employees. Supply ergonomic furnishings and common refreshment areas to keep them energized and engaged.
With the 2024 new year right around the corner, if you are a solopreneur, a small business, or a venture-funded startup looking to set up a unique working environment for your team, follow some of these helpful tips.
How Much Office Space Does Your Company Need
Office space needs differ dramatically between companies. A fledgling startup may flourish in a cozy shared hub with open seating and small meeting rooms. However, an established Fortune 500 firm expects a Class A skyscraper address conveying corporate prestige. What type of business are you? A law firm or hedge fund may have different needs than a therapist or small consulting company.
A company’s office space needs vary drastically depending on headcount. While a 50+ person firm may require an entire building floor, a small business might thrive in a small private office suite with spaces for meetings and collaborative work. When estimating your requirements, consider these key questions:
What roles make up your team, and how much individual space does each position need? Allocate around 175 square feet for general employees or 200-400 for executives seeking privacy. Those in dense open workstation seating can use a tighter 100 square feet each.
Location
When evaluating office spaces, location factors like transportation access and neighborhood amenities remain integral to productivity. Seek areas close to public transit that provide easy in-office gatherings for employees and client meetings. Proximity to restaurants, coffee shops, and after-work haunts fuels culture through informal interactions and social events. The culture of every neighborhood in New York City is unique, so you must carefully select one that fits your business requirements.
Nearby public spaces like parks for breaks allow people to recharge while still accessible to the office. With the rise in hybrid schedules blending remote and on-site work, making commuting and visits appealing through convenience and area attractions helps incentivize office attendance. For instance, our 462 7th Ave, New York, NY location is Just one block from Penn Station in the Garment District—a premier shopping and entertainment destination.
Other factors to consider when choosing an office:
- Employee commute time
- Client and business partner accessibility
- Company image and brand
Your Budget and Cost
When evaluating potential office spaces for rental in New York City, properly budgeting allows you to align facilities costs with financial realities. First, analyze post-tax profit minus essential operating expenses to determine cash flow available for your company’s office space needs. How many days a week is your team needing space? Is it full time or a hybrid schedule? Do you employ remote or distributed teams? Balancing the cost of the rent with the potential profitability and productivity a particular office can bring should be a consideration.
Want to Learn More About Flexible Work?
Look for leases with flexible terms
Reduce real estate costs with flexible term lengths. The traditional 5 year leases are a thing of the past. Look for office space providers who offer monthly & yearly subscriptions.
Types of Offices Spaces
When choosing office space, consider how the environment’s layout and design will empower your teams to shine. Offices can be interior or window facing.
Private office – monthly or annual subscription, 24/7 access to private office, Shared: kitchen, meeting rooms, bathrooms, phone booths
Dedicated Day Office – daily booking, 9am-5pm access, any office that isn’t already booked is open for you. Shared: kitchen, meeting rooms, bathrooms, phone booths,
Enterprise Office – monthly or annual subscription, 24/7 access to private floor & dedicated amenities, Dedicated: kitchen, meeting room, bathrooms, phone booths
What Type of Amenities Does Your Company Want?
What amenities you want and need. Consider building features and amenities. Building amenities can be just as important as the space in which you work. Choosing an office space is like picking the perfect outfit for your business: it needs to be functional, flattering, and maybe even a little fun. But where do you draw the line between absolute necessities, delightful extras, and things you can skip without breaking a sweat? Let’s navigate this wardrobe of possibilities, keeping both your team and your clients in mind.
Must-Haves for Every Business:
- High-Speed Internet: This is the WiFi of dreams, fueling your team’s productivity and keeping communication seamless. Think lightning-fast downloads and lag-free video calls.
- Fully-Furnished Offices: Move right in and get down to business! No more furniture Tetris or awkward hand-me-down chairs. Comfort and functionality are key. 🪑
- Property Management Team: Keeping things running smoothly and letting you know when an important client has arrived. Providing front desk reception, administrative support, and IT infrastructure. Can screen calls and take care of all your office needs.
- Printing, Scanning, and Copying Services: Because paper still exists, and sometimes you just need a hard copy. Reliable printing options are a lifesaver. ️
- Security: Does the building offer a security team or secure entry?
Next-Level Enhancements:
- Private Conference Rooms and Offices: Need to brainstorm in peace or impress a client? These quiet spaces are your secret weapon for focused work and professional meetings.
- Mail Service: Let the pros handle the paper trail. A reliable mail service keeps your inbox organized and ensures important deliveries don’t get lost in the shuffle.
Delightful Touches for Everyone:
- Beverage Bar or Kitchenette: Fueling creativity and fostering casual conversations, a coffee bar or stocked kitchenette is a perk your team will love.
- 24/7 Access: Hustle never sleeps, and neither should your office. 24/7 access lets your team work on their own terms, boosting productivity and morale.
- Dog Friendly: Bring your 4-legged friends to work.
Conclusion
Whether securing your first-ever office, expanding into a new region, or simply scaling up, the ideal workspace should fit a company’s culture and workstyle needs, operating budget.
Here at Coalition Space, we offer secure and private space for individuals and teams, with access to conference rooms, unique amenities and social and community networking perks.
We believe in helping businesses remove the risk of multi-year leases & opening a New York office that meets your needs. Open an office in NYC with flexible lease terms and only pay for the days you need. If you’re one of the many businesses facing the challenge of vacating your WeWork space, or are just searching for new office space, come check out Coalition Space locations in Flatiron or Penn Station.
