As one of the world’s most creative and innovative cities, New York is certainly not alien to the concept of collaborative and shared working spaces. According to a recent real estate survey, Manhattan alone is home to more than 5 million square feet of shared office space, and the figures are also high (and continue to increase) in boroughs like Brooklyn, which has approximately 1 million square feet of such space.
Over the past five years, New York City has witnessed the significant growth of co-working spaces that cater to very specific niches, from female-only spaces to those exclusively created to attract graphic designers or writers. New spaces are constantly appearing across the city, offering a range of fabulous benefits in an effort to target specific niche communities and to bring real value and opportunities for growth to the professionals using these spaces.
In this article we take a look at some of the most interesting, cool, and quirky perks offered by some of the top co-working spaces in New York.
Spacious defines itself as a co-working-hospitality hybrid model that provides workspaces in select New York restaurants when they are closed to diners. Perks include high-speed WiFi, private dining rooms used to conduct private calls or meetings complimentary tea and coffee, and food and drink discounts at each restaurant.
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As one of the main gateway markets in the USA, the New York office market is closely connected to the performance of the US economy. During 2016, private sector job creation levels and stable employment growth underpinned the strong demand for office space, along with increased consumer confidence and a growing GDP.
Overall, the New York office market delivered a solid performance in 2016, with some indicators not only showing improvement over 2015, but also over the city’s 8-year average. This was especially true of leasing activity levels, net absorption rates, and average asking rates, according to statistics from CBRE.
New York City Office Market by Area
The Manhattan market showed notable levels of leasing activity, and more than 33 million square feet of office space were transacted in the borough during 2016. Availability rates across the borough were also up and currently stand at 10.3 per cent. Average asking rents experienced a 2.4 per cent year-on-year increase and currently average $73.24 / sq ft / year.
Rental values are clearly on their path to recovery and only a few cents below peak pre-recession levels. Rental price increases are evident for all office property types, but particularly for Class C offices, which are now priced at a record average of $57.33 / sq ft. Key occupiers include firms involved in finance, insurance, and real estate, which account for 31 per cent of all office leases in Manhattan, followed by the TAMI sector and to a lesser extent by professional services, the public sector, and consumer goods.
– In downtown Manhattan, overall asking rents currently average $59.01 and $60.25 for Class A offices. The World Trade Center has the highest rental values ($65.39), whereas the lowest are in City Hall (under $50)
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Office accommodation is one of the biggest expenses an expanding company has to consider. Every cent counts and negotiating the best deal possible can save your business enough to launch a marketing campaign or perhaps hire extra staff.
Here are a few useful tips that should enable you to get more for less:
Tip 1: Evaluate the permitted uses of the leased space. Are you planning to expand in a few years time? Do you intend on subleasing any of the space to a third party? It’s advisable to ask for an option to be able to sublet the premises in case you have to downsize or move part of your team to another office.
Tip 2: How long is the lease for? It’s generally easier to get discounts and concessions if you plan on signing a long-term contract. However, in the current economic climate you may be able to successfully negotiate a short-term deal with bonuses that would normally only be available to long-term tenants. Always investigate lease renewal terms and conditions, especially if leasing short-term.
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Staten Island, although the smallest borough of New York City with a population of less than 500,000 people, has shown many positive signs of growth in recent times.
Major Economic Drivers For Staten Island
The slower acclimation of technology start-ups into the Staten Island community in comparison to the other four New York boroughs means that the area predominantly relies on other economic drivers to grow and sustain its economy, although this is starting to change.
One of the faster growing economic drivers for Staten Island is tourism. The VisitStatenIsland.com website was started in 2009 to help drive more tourism revenue to the area and the initial results indicate that visitors are responding.
The main economic driver for Staten Island remains its healthcare system. One of the more unique aspects of Staten Island is that it runs its own hospitals and is completely independent of the New York City government. Health research and healthcare remain a prime economic factor for Staten Island residents.
Primary Industries And Employers For Staten Island
The most prominent industry on Staten Island is healthcare. Richmond University Medical Center and Staten Island University Hospital are two of the larger employers on the island for a variety of trades and professions.
Running a close second as far as dominant industries on Staten Island is the financial sales and insurance industries. There are nearly as many people employed in the financial and insurance industries on Staten Island as there are in healthcare.
Business Funding Opportunities On Staten Island
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After suffering the negative impact of the financial recession, the city of New York seems to be back on track with regards to economic and business growth. In particular, the borough of Manhattan is considered the economic engine of this US city. For decades, Manhattan has enjoyed a reputation for being one of the world’s top business locations thanks to positive factors like the relatively low cost of doing business and a highly skilled and educated workforce. All these factors impact the commercial real estate market. To learn more, read through our overview of the local commercial property market and through our insights into the office sub-sector.
An overview of the Manhattan commercial property market
Even during the worst of the recession, the real estate market in Manhattan experienced below-average decline rates. Low unemployment rates have helped keep the local commercial property market healthy, and in fact, 2014 was consider a banner year for the real estate market in Manhattan. A New York Times article affirmed that the recent market rebound has brought transaction levels very close to pre-2008 rates, mainly thanks to the strong performance of the retail and office sub-sectors.
Since 2012, nearly 60,000 new jobs have been created in and around Manhattan, with the vast majority of them being office based. This fact has been consistently boosting demand for suitable office space, generating opportunities for increased activity levels and for the creation of new office developments. In addition, in July 2014 real estate analysts predicted that within the following two years, more than 1.55 million square feet of brand new retail space would be delivered within the boundaries of Manhattan, mainly around Fulton Street and South Street Seaport.
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Thinking of relocating your business to new premises? Here’s a list of NY Offices tips designed to help you with your business move.
When choosing new location for your office, consider access to local airports, sea port, public transport, mass transit, railway stations, etc.
Plan your move plenty of time in advance, especially since the move involves relocating employees, files, and office equipment. On average, if the office space area that you are planning to occupy exceeds 50,000 sq ft, it might take up to one year to plan and arrange the move.
When prioritizing the location criteria focus on two major factors. Is the new location in the area of possible tornadoes, tsunamis, floods, mudslides and other nature disasters? What are the crime levels in the area and is it going to be a secure location?
When setting the date for the big move, take into consideration the dates of large community events, such as festivals, parades, carnivals, sporting events. Just like massive road construction works, those can interfere badly with your moving plans.
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Companies looking to relocate to Lower Manhattan are entitled to various tax savings and incentives programs. These incentives include Sales Tax Savings, Commercial Rent Tax Savings, Special WTC Rent Reductions and the Lower Manhattan Relocation Employment Assistance Program.
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