Manhattan’s 2,700 businesses per square mile can drive law office space prices sky high…unless you use a little ingenuity.
Do you want a Manhattan office address for your law firm? If so, you are definitely not alone.
The New York Business Journal reports that Manhattan boasts over 90,000 businesses, all vying for space in the most densely populated business environment in the nation. Perhaps that explains why 2015 statistics released by Jones Lang LaSalle reveal that New York City’s commercial lease space is more expensive than in any other major U.S. city, at a whopping $67 per square foot on average.
Here’s a stark truth. Wanting an office space in Manhattan is not the same as finding one. With less than a 10 percent vacancy rate, Manhattan’s available space is elusive at best. Does this mean you have to sacrifice your vision of the perfect Manhattan space for your firm? Absolutely not – so long as you think a bit outside the proverbial box.
Shared Office Space in Manhattan and New York’s Financial District – A Growing Trend
Even if office space becomes available in a desirable spot like New York’s financial district, for many solo lawyers, signing a long-term lease is not an optimal solution. By the same token, working out of the spare room in your home comes with its own set of problems, such as:
- Where to hold client meetings and depositions
- How to effectively network with colleagues
- How to build referral business
- How to maintain a good life/work balance
What is needed, then, is a space that bridges the gap between a long-term lease arrangement and a home-office setting. Renting shared office space addresses that need in spades.
But is shared space really a good idea? The Colliers article “How Coworking and Flexible Workplaces Are Impacting NYC Office Space” answers:
“With coworking and flexible office space continuing their ascent across the New York City real estate landscape both statistically and anecdotally, it’s clear that these kinds of spaces have become a viable alternative to traditional office settings in the city.”
Reaping the Rewards of Affordable Shared Office Space in New York City
Now you must ask yourself, can a shared office space in New York’s Financial District benefit your solo or small firm?
In addition to avoiding a costly long-term lease, renting shared office space provides a number of other significant benefits to solo and small law firms. When multiple firms share a space, there is abundant opportunity for collaboration. Without the high overhead of a long-term lease, you are able to concentrate on your practice, building referral networks and ensuring future business.
While there are several options for shared office space throughout the city, not every type of shared space is conducive to the practice of law. That is an area where Law Firm Suites excels. Because all our shared spaces are designed by lawyers, for lawyers, and occupied exclusively by law firms, you can be assured that you can practice law within our walls in a confidential, protected environment tailored to the practice of law.