According to the 2013 statistics, there is an increase of 2.1% in the price of office space per square foot in the US. It is mainly because of the recession that hit the country a few years ago. For usual office spaces that have an average of 1,500 square foot, the said increase would mean $60-$80 more for monthly rental. Therefore, if you are planning to get an office space to rent, is it really worth the cost? Is it the best time to rent an office space?
If you want to avoid spending much for office space rental, location is the key. You need to make sure that you find a place that has a perfect location. Don’t look for an office space in the metro as it could be beyond what you can afford. You should also avoid some cities that have drastic increase in the average office space monthly rental.
Another way to reduce your expenses is to know exactly the size of the office space. Don’t go for a place that is too big when there are only a few employees working. You should also include the equipment and guest reception area in calculating for the office space that you need. By determining this ahead of time, it will be a lot easier for you to trim down the options.
Finding a Place in New York
Based on a study conducted in 2013, New York is one of the worst places to get an office space. The price of office space rental has drastically increased. For instance, New York, New York has increased at an average of 4.4% placing the average price at almost $50 per square foot. This is way higher than many other cities in the country.
However, if you wish to find the best commercial real estate in NYC, go here and find the best options. Just because New York office space rental has increased, it does not mean you should rule out getting an office space there. If the returns are a lot higher, then it is worth the cost after all.