Challenges of Finding the Best Office Space in NYC
Finding The Best NYC Office Space
New York City is the most iconic city in the world. As the saying goes, “if you can make it here, you can make it anywhere.” One intimidating aspect of trying to get your business started in NYC is navigating the commercial real estate landscape. Let’s look at some of the issues that small business owners can run into when trying to find NYC office space.
NYC Office Space Requires Commitment
Traditional office space NYC generally come with terms of at least 5 years. It is not uncommon for longer commitments, sometimes exceeding 10 years. Such commitments can be hard for businesses who are planning to grow. Not to mention the uncertainty about their business’s needs in the coming few years.
NYC Office Space Requires Financial Strength
Proof of financial stability is a large part of the qualification process once you’ve found a space that meets your needs. Landlords want to be certain that you plan on staying in the space for the duration of the term. They also want to make sure that you will be able to pay throughout the term. They need to minimize their risk of renting to clients who will not be financially viable down the road. Demonstrating the level of financial strength necessary to acquire a commercial space in NYC is not possible for many small businesses.
NYC Office Space Comes with Hidden Costs
One of the biggest hurdles to finding the right NYC office space is the additional costs beyond the already high cost per square foot. There are additional fees beyond the rent that must be factored in when calculating the cost of a commercial space. Also, remember to consider the costs of furnishing, operating, and maintaining the space when calculating your budget.
These are just a few of the issues that people run into when trying to find NYC office space. Many of these problems can be avoided with a non-traditional office space, such as a shared office environment. These settings are perfect for professionals business owners who need their own space, with flexible terms.