If you’ve been on the hunt for New York City office space, you may think a good space is hard to find. Well, it depends on what you’re looking for and how you’re going about your search. There is no doubt that high rents associated with traditional commercial leases can easily squeeze you out of the market – limiting your options, impacting your cash flow and relegating you to undesirable locations. We might agree if we didn’t have a better, faster solution.
Flexible office sharing in New York City via PivotDesk has increased by 71% in the past year, demonstrating that traditional routes are not the only way to secure professional space in prime locations of the city. It’s time to debunk some of these old myths and think outside the box when looking for NYC office space. *cue sigh of relief* finding your new office is easier than you think.
Myth #1: Small businesses need to settle for coworking.
Coworking is a great option for small businesses, freelancers and entrepreneurs up to a point. If your business is growing and no longer needs the collaborative network that drives coworking locations, it may be time for your own space. Office sharing with PivotDesk is the natural next step up for companies who need to focus on their business, build their own culture and establish an individual location for their brand.
Myth #2: You need a broker to find office space.
You’ll need a broker if you plan to enter into a long-term lease or sublease for commercial office space. We highly recommend tech-driven brokerage firm, TheSquareFoot. To protect your interests, you’ll also need a lawyer. If you’re considering shared office space, all you need is internet access and a reputable provider that specializes in the office sharing marketplace. With PivotDesk, you can search inventory, find a match and book shared space online.
Myth #3: Good inventory is hard to find in top neighborhoods.
Not the case. When larger businesses enter into long term leases, they almost always have excess space. This unused space costs them money. PivotDesk allows these companies to share space with other companies on a month-to-month basis. By sharing their offices with companies like yours, they can offset these costs. These businesses make money on their unused space, while you get professional office space with a premium New York City address at a fraction of the cost. We believe the term for this is “win-win.”
Myth #4: You need a ton of money to put down up front.
Commercial leases require you to provide a security deposit in the amount of four to six months of the rent, sometimes more. In lieu of cash, you can give the landlord a letter of credit from your bank provided you pay the bank an annual fee of 1-3%. Shared office space makes renting in New York City less burdensome and much more affordable. These month-to-month agreements require no credit checks or exorbitant security deposits (PivotDesk charges a deposit of one month’s license fee) so you can keep your capital in the bank and direct those funds into growing your business.
Myth #5: It takes 3-9 months to find office space.
If you’ve opted for a commercial lease or sublease, finding rental space can take a while. But when using the shared office model, you can find your new office in a matter of days…or hours. In fact, our client, Iris.tv, found their new office space in less than 24 hours. After moving from one coworking location to another, then trying out a broker that yielded frustrating results, their COO, Richie Hayden, found PivotDesk. All it took was a quick search of our inventory, a 15 minute visit to the location, and easy online booking to secure the space. They moved in two weeks later.
Commercial leasing is grounded in age-old rules and old-world thinking. Office sharing is flexible, scalable and far more affordable for today’s businesses. You won’t have to sacrifice time or location and can eliminate a ton of overhead that comes with leasing. And when you’re ready to invest in a multi-year lease, you now have a tool at your disposable to offset your costs.
The modern workplace is changing fast...
Are you keeping up?