New York City Coworking Guide

Are you a small business owner looking for an inspiring office space to help your business grow? Or maybe you have an established business that wants to reduce its office footprint and long-term lease liability. Coworking is a good solution. Whether you’re looking for private offices, a team room, or open workspace- there’s a location to fit every size and budget.  In this blog post we’ll cover coworking basics and provide free links to NY operators.

Contact Cogent Realty: (212) 509-4049

 

Coworking Basics

Typically, coworking facilities (aka Executive Office or Shared Workspace) offer the following amenities for one “all included” monthly fee:

• Fully furnished office, team room or desk that is ready for immediate occupancy.
• Internet connection (hardwire and/or Wifi) that is ready for a VOIP phone.
• Access to a cafe, lounge, meeting and conference room.
• Full time services of a receptionist that will greet your visitors and receive mail.
• Legal mailing address.
• Nightly cleaning.

Insights:

1. Pricing in this real estate sector is highly competitive and dynamic.
2. Although some providers accept month-to-month Tenants, most ask for a term of 6 months to one- year.
3. Leases of one- year’s duration or longer may be rewarded with a period of free rent.
4. A Security Deposits of 2 months is usually required.
5. Most coworking operations will charge a negotiable “set up” fee for new accounts.
6. One of the key benefits of coworking is its “scalability”: as you operation grows/contracts, the quantity of space that you rent can grow/contract.

New  York City Coworking Company and Free Links

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finding the Perfect Office Space is a Big Decision

Cogent Realty Advisors is an independent, licensed New York State commercial realtor founded in 2002.

•As a tenant-representation company, Cogent Realty is focused solely on representing the interests of  business Tenants that rent office space.

•Tenants pay no fee for using our service.

•Cogent provides objective expertise in finding office space and negotiating lease agreements. Our experience and knowledge in the New York market means that we can secure the best office space for you with favorable terms and pricing.

For help with your office real estate, contact Mitchell Waldman: (212) 509-4049.

#coworking

 

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Sublease for Hedge Funds, Private Equity & Investment Banking

Photo by Zoe Holling

Sublease for Hedge Funds, Private Equity & Investment Banking

Hedge Funds, Private Equity & Investment Banking demand elite office spaces to:

• Showcase their company’s success
• Impress existing and prospective clients
• Solidify their company brand
• Attract and retain top talent

Due to the rapidly changing cultural and business environment, optimizing your office is more important than ever. For many financial firms an Office Sublease is the ideal solution:

1. Rent is Dshorter than that which would be offered by the building owner on a direct lease basis.

3. Office space is usually delivered pre-built and finished. This eliminates the necessity of large capital outlays to renovate the space.

4. Inclusion of furniture, phones, network cabling, etc. This yields substantial savings.

5. Turn-key, move-in condition saves time.

Call Cogent Realty Advisors, licensed no fee Tenant Representative . (212) 509-4049. 

 

Curated List of Sublease Offices for Elite Financial Companies

As of April 2023 there was 24.1M square feet of sublease offices for rent in Manhattan. The sublease inventory is projected to increase. Contact Cogent Realty with your specific requirement: (212) 509-4049.

 

Photo courtesy Costar

712 Fifth Avenue: 2,778 RSF. Furnished and wired. Term thru March 2024. Asking $18,520 per month.

Remarks: A Plaza District classic. Impressive selection of nearby restaurants.

 

 

 

 

 

 

 

 

 

 

 

540 Madison Avenue: 2,723 RSF. Furnished and wired. Term thru August 2025. Asking $22,010 per month.

Remarks: Trophy building with distinguished Tenant list. Short walk to new Madison Grand Central.

 

 

 

 

 

 

 

 

Penn 1: 2,984 RSF. Furnished and wired. Term thru July 2025. Asking $14,920 per month.

Remarks: New 160,000 SF Tenant Amenity Center includes restaurants, lounges, conference rooms, fitness center

 

 

 

 

 

 

 

 

 

 

 

 

Photo by Brendon Spring

One World Trade Center: 2,747 RSF. Furnished and wired. Term thru February 2025. Asking $18,542 per month.

Remarks: Spectacular views. Link to our informative Rental Guide.

 

 

 

 

 

 

 

 

 

 

Finding the Perfect Office Space is a Big Decision

Cogent Realty Advisors is an independent, licensed New York State commercial realtor founded in 2002.

•As a tenant-representation company, Cogent Realty is focused solely on representing the interests of  business Tenants that rent office space.

•Tenants pay no fee for using our service.

•Cogent provides objective expertise in finding office space and negotiating lease agreements. Our experience and knowledge in the New York market means that we can secure the best office space for you with favorable terms and pricing.

For help with your office real estate, contact Mitchell Waldman: (212) 509-4049.

#SubleasesFinancialCompany

The post Sublease for Hedge Funds, Private Equity & Investment Banking appeared first on Rent NY Office.

New York Office Market Report & Trends, Q1 2023

New York Office Market Report & Trends, Q1 2023

Are you looking to rent a New York office?

With this report your businesses will gain the insights and data needed to make smart decisions when leasing an office. It provides detailed information on rental prices and availability in different parts of the city.

To optimize your budget, reliable market data is key for making the informed decisions needed for finding the perfect office space.

Contact Cogent Realty: (212) 509-4049.

 

 

 

Office Leasing Statistics

CoStar is the world leader in commercial real estate information and has the most comprehensive database of real estate data throughout the US, Canada, UK, France, Germany, and Spain. Costar Group Inc. includes well- known brands like Loopnet, Emporis, Apartments.com, Home.com and BizBuySell.

Key Costar New York Office Building Indicators:

• Asking Rent/SF: $55.84 ↑*  (*Weighted average across Manhattan office buildings.)
• Vacancy Rate:  17.9% ↑
• Inventory SF: 453M ↑
• Existing Buildings: 1,599 ↑

 

Courtesy of Lex Photography

Asking Rents in Popular Neighborhoods*

Grand Central- $57.58.  38th- 47th Street & Fifth- Second Avenue

Plaza- $64.79. 47th- 65th Street & Fifth Avenue- East River

Columbus Circle- $61.04. 50th- 65th Street & Sixth Avenue- Hudson River

Time Square- $48.62. 50th- 42nd Street & Fifth Avenue- East River

Penn Station/Fashion- $45.68. 30th- 42nd Street & Fifth Avenue- Hudson River

Murray Hill- $48.97. 38th- 30th Street & Fifth Avenue- River

U.N. Plaza- $68.76. 48th- 38th Street & Second Avenue- East River

Chelsea- $47.49. 12th- 30th Street & Fifth Avenue- Hudson River

Grammercy Park- $71.03. 12th- 30th Street & Fifth Avenue- East River

Greenwich Village- $57.02. 12th- East Houston Street & Sixth Avenue- River

Soho- $64.65. East Houston- Canal Street & Sixth Avenue- East River

Hudson Square- $46.58. 12th- Canal Street & Sixth Avenue- River

Tribeca- $74.00. Murray- Canal Street & Church Street- Hudson River

City Hall- $49.82. Canal- Vesey Street & Church Street- East River

Financial- $56.15. South Street- Maiden Lane & Broadway- East River

Insurance- $47.64. Brooklyn Bridge- Liberty Street & Broadway- East River

World Trade Center- $51.01 Murray- State Street & Broadway- Hudson River

Upper Eastside- $53.29. 110th- 65th Street & Fifth Avenue- East River

Upper Westside- n/a. Cathedral Parkway- 64th Street & Central Park West- Hudson River

Harlem/North Manhattan- $47.77.  Inwood Park- 110th Street & Harlem- Hudson River

Brooklyn and Queens- $37.23 and $42.62.                                                                                 

*Weighted average across neighborhood office buildings.

 

Cogent Realty’s Perspective on the Local Marketplace

1. Office Tenants continue to have an advantage when negotiating new leases and lease renewals.
2. There is fierce competition among building owners to secure new business and retain existing Tenants.
3. Successful companies are leasing high quality office space in amenity-rich buildings at favorable terms.
4. Class A and “in demand” properties are competing by offering Tenant Incentives including rent concessions (the free rent period) and cash contributions used for the construction of new offices.
5. Lower quality “commodity” properties are offering substantial rent discounts.

 

Workplace Trends

The Partnership for New York City surveyed 160 major Manhattan employers between January 5 and January 28, 2023 to gauge the extent to which employees have returned to the office or are still working remotely.

Key take-aways include:

• As of late January 2023, 52% of Manhattan office workers are currently at their workplace on an average weekday, up from 49% in September 2022.
• 82% of employers indicated a hybrid office schedule will be their predominant policy in 2023. For employers with a hybrid model, the survey reports that 59% of employees are in the office at least three days a week.
• Many employers expanded New York City headcount during the pandemic and remain committed to the city: 40% increased their New York City headcount during the pandemic and 38% maintained headcount levels; only 21% decreased headcount. 
• While 29% of employers have reduced their real estate footprint since February 2020, 17% increased their footprint and 54% had no change.

 

Commercial Real Estate News

REBNY’s new return-to-office gauge paints bright view for ‘trophy’ towers

 

 

 

 

Office Landlords To U.S. Government: Without Help, We’re Heading For A Financial Catastrophe

 

 

Tallest Buildings in New York City

 

 

Finding the Perfect Office Space is a Big Decision

Cogent Realty Advisors is an independent, licensed New York State commercial realtor founded in 2002.

•As a tenant-representation company, Cogent Realty is focused solely on representing the interests of  business Tenants that rent office space.

•Tenants pay no fee for using our service.

•Cogent provides objective, unbiased expertise in finding office space and negotiating lease agreements. Our experience and knowledge in the New York market means that we can secure the best office space for you with favorable terms and pricing.

For help with your office real estate, contact Mitchell Waldman: (212) 509-4049.

#NewYorkOffice

The post New York Office Market Report & Trends, Q1 2023 appeared first on Rent NY Office.