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Georgina Cohen
  • 5 Minute Read
  • 11th September 2023

Average Cost of an Office Space in New York in 2023

Office space in New York is a lucrative investment as it situates your business in a bustling epicentre of commerce and creativity.  The metropolis has long been a magnet for companies seeking success in the world’s financial capital, and being amidst towering skyscrapers and iconic landmarks also adds to the dynamic spirit New York offices bestow. However, if you’re looking to see how to get the most out of your money, this blog will dig deeper into the average cost of office space in New York’s most famous and desired areas, so you can find a location that caters to your needs in the city that never sleeps. 

 

What factors influence the cost of office space in New York?

The average cost of an offer space in New York per square foot will vary widely depending on the location, amenities, building class, and market conditions. Our office listings are always up-to-date and reflect the current market trends and demand and we always work with your specific needs in mind to find you an office space that is within budget and aligns with your business requirements. 

 

Location 

Location is a paramount factor in the price of an office space. Manhattan will evidently come with a higher price tag than places in Brooklyn given the high foot traffic, and central location. However, you should consider your unique needs when choosing a location. For example, does your business need convenient transport links? A bustling area to entertain clients? An environment with like-minded individuals? 

Thompson St, 10012 sits in the heart of chic Soho and offers a prime location for those in the creative industries, giving professionals access to networking opportunities and like-minded individuals. Whereas West 34th Street, 10001 sits on the doorstep of Penn Station, making it a commuter's dream and offering clients easy access to your space. 

Understanding the relationship between locations and the prices they fetch will help you make an informed decision when choosing the ideal office space in New York. 

 

Class of the building 

Buildings are separated into 3 different categories. You have Class A, B, and C. Office buildings are assigned a class, and depending on which they are will affect the property’s value and therefore rental price. 

Class A buildings such as Madison Avenue, 10017, are considered the most valuable, and then Class B, such as Park Avenue South, 10016, and C, such as E 28th Street, 10016 follow behind. If the office building you’re looking to rent is a Class A property, you can expect to pay more than you would for a Class C property. That’s not to say Class B or C are less adequate for your business, but that they will likely come with less tempting added extras and slightly older facilities and technology. 

 

Type of office space to rent 

As we usher towards an ever-evolving landscape of modern work, the type of offices on offer begins to reflect this. With offices ranging from fully-serviced, flexible, coworking, and corporate, the type of office you rent will significantly impact the price you pay. 

Flexible offices are designed to give businesses an adaptable and customisable space that aligns with their working needs. The cost of these can vary depending on the level of customisation, facilities, and amenities your business requires. 

Coworking spaces are the cool kids of 2023. These office spaces have become a go-to solution for digital nomads, freelancers, startups, and businesses seeking a collaborative, community environment. As such, the prices tend to vary depending on the amenities and facilities on offer in each space. You can read our latest blog post on The Top 10 Best Coworking Offices in New York for more information. 

A corporate office tends to be your classic central hub and the company’s main HQ. This space usually houses your management and leadership teams, plus any other departments that are involved in strategy and overseeing. There are still many style options available with the corporate office, and you can find both traditional and modern office spaces that will vary in price depending on the sort of amenities you require.

 

Amenities 

Amenities may be essential to your work day and business needs. Serviced office spaces offer amenities in abundance and can range between anything from coworking spaces, private meeting suites to breakout spaces and rooftop terraces. 

For example, Carr Workplaces on Fifth Avenue offers members a virtual office service as part of their package, whilst Mindspace in Brooklyn will let you enjoy your lunch break in one of their meditation pods. 

These tempting perks can add cost to your rent, however many businesses will often find they are integral to creating a growth environment and productive workplace. So, just be sure to consider your business needs and what is essential to enhancing your efficiency. 

 

How much does it cost to rent an office space in New York?

As with any major metropolis, the cost of renting office space in New York can be expensive. In 2019, it was reported that New York was the 6th most expensive city in the world to rent office space. However, benign a hub of global commerce and innovation, businesses tend to get out as much as they put in, with New York offering a myriad of opportunities to thrive. 

Creatives will find themselves perfectly places in Soho; famous for its artistic community, creative agencies and art galleries, whereas as the name suggests, financial sectors will thrive in the Financial District admost the New York Stock Exchange and Wall Street. Whatever your sector, there is a place for your business in New York.

The prestigious price tag however, will vary depending on the area of New York you’re renting in, the type of office style, and the building class. Brooklyn office prices begin at around $300 per person, per month, whilst Park Avenue has a starting price of $580 per person, per month. Furthermore, a Class B office space will charge more than a Class C, and if you’re looking for luxurious amenities, you’re rent will reflect that. Therefore, there is no one-size-fits-all answer, but understanding your business needs, budget constraints and goals will help you find a space that aligns with your vision for success. Below is a list of the most famous and sought-after office space locations within New York, and the average price to rent per person, per month:

Find your Office Space to rent in New York

If these offices aren’t exactly to your taste, fret not, we have hundreds more serviced offices in New York in our portfolio for you to choose from. You can also browse our entire selection of rented, coworking, corporate, and flexible office spaces too. 

For the latest pricing, promotions, and availability, contact Office Freedom today and get your office space search underway.