What is the Best NYC Coworking Option for You in 2019?
Why Choose Coworking Over a Traditional Lease?
With the recent buzz over “coworking”, many businesses, large and small, have expressed substantial interest in the growing trend. Coworking, traditionally defined, is when a business pays for a shared space on a monthly basis. This shared space ranges from private offices, to open spaces where businesses work outside the privacy of a private office. The nature of the shared space is dependent on the coworking provider, many of whom have their own distinctive style and ambiance. Some offer affordable office space, whilst others target the premium market. The benefits of NYC coworking includes the increased social mobility of an otherwise bland work environment. Even if a business chooses a private office, the shared amenities and shared spaces provide opportunities for workers from different businesses to cross pollinate, and have a conversation. This is the social benefit of coworking. The financial benefit of coworking is that the tenant, the business entity paying for the space, has more financial flexibility. If one’s business expands rapidly, then the business is stuck paying for inadequate office space according to the traditional lease terms. Coworking’s month to month lease structure allows businesses to scale on a month to month basis, as opposed to traditional leases which typically range from two to five years.
Are Coworking Spaces More Affordable Than Traditional Leases?
Now that we have established what coworking is, the question becomes, are coworking spaces more affordable than traditional leases? To answer this question we must understand the coworking business model. Coworking companies will sign a long term lease on an office space from a landlord. The coworking company will then take this leased space, and then lease it to businesses on a month to month basis. Coworking companies profit from the difference in what they charge business to rent their shared space month to month, from the expense of signing the long term lease. With such a simple business model, it is unsurprising that new NYC coworking companies have been emerging every month. In addition, landlords have caught on, with many of the largest landlords in New York City providing their own NYC coworking solutions. The premium charged for the month to month lease structure must be compared to the benefits, which include social mobility and financial flexibility. In most cases there are so many coworking NYC options provided that businesses become overwhelmed with the sheer amount of choice, and end up missing out on their best office space, settling for lesser space.
What is the Best Coworking Option for You?
New York City contains hundreds of coworking spaces from an equal amount of coworking companies. Each coworking company targets their own market, some providing ultra high end space, whilst others provide affordable office space. The sea of options is vast with each coworking company, and most recently landlords, providing their own shared spaces at different price points. The ensuing chaos that arises from searching for the ideal NYC coworking space is where tenant brokers from Optimal Spaces bring order, finding our clients the NYC coworking spaces that suit their requirements.