When Should I Consider an Office Sublet in NYC?
Office subletting allows you to find an appropriate working space while keeping the costs of doing business in NYC relatively low. Many owners decide to share because it reduces overhead costs for everyone, making it easier to be competitive as a startup, small company, or freelancer.
Before signing an agreement, it is essential to remember that the rights you receive with an office sublet are derivative of the lease. You only get to enjoy the rights and privileges the original signee receives. If you try to negotiate for something better, you’ll have to contact the landlord or property manager to discuss your needs.
Reading the original lease is crucial when considering an office sublet.
What Are the Benefits of Office Subletting in NYC?
Although subletting isn’t the right choice for every business or freelancer, this arrangement does offer some unique advantages for those who can benefit from this structure.
1. More Availability
Office spaces can be at a premium in NYC. When you’re the prime tenant, the monthly cost can be equal to (or more) than what you pay monthly for your home. So if you’re a small business owner, do you have enough income to pay $8,000 per month or more to live and work in the city?
When you find an office sublet, you can get the space you need while paying a fraction of the cost. Of course, the prices vary based on space and equipment requirements but sharing almost always lowers this expense while improving availability.
2. Ready to Use
The office spaces in NYC aren’t always ready for use. It would be best if you built them out to meet your needs, which creates added time and cost issues to consider. When you can find a sublet in the city, the area is already prepped for productivity, which means your primary worry is getting everything into that space so you can get to work.
If the sublet isn’t ready for your needs, you’d be responsible for making the necessary changes. You can avoid this expense by shopping around for a prime location.
3. Access to Amenities
The common areas in an office sublet are typically free to use. That means you might have access to a conference room, waiting area, or bathroom with your rental costs. The amount you pay for these spaces is typically negotiable, but some are often offered for free.
If you need internet access or security, you might be asked to chip in a percentage based on the number of tenants in that office. It’ll still be less than if you paid for everything yourself.
4. First Priority
When you sublet, you receive the first option to take over as the prime tenant when the entire space becomes available. If your business is in a growth pattern, try using this option to keep your initial costs low. Then, once you’re ready to expand, you can take over the entire office at a price you can still afford while staying in the exact location.
Even if you’re not ready for that entire building or space, you can sublet other areas to lower your overhead until you are prepared for that option.
5. Collaboration Options
Even though different businesses occupy the same space with a sublet, that doesn’t mean zero interaction between them happens. You’ll have opportunities to socialize and collaborate when you work with others. That gives you more options to pursue ideas and seek innovation than if you worked from home or had an office all to yourself.
If you’re interested in an office sublet in NYC, you’ll want to consider your timing. The documentation process for this opportunity takes time to complete because it requires the landlord’s consent. Most agreements allow for a 30-day review before providing a decision, and some people don’t act as quickly as others.
You might be in a position where your ample office space is no longer needed because sales are slumping or you’ve streamlined operations. Instead of paying for stuff you don’t use, a sublet allows recovery of some of your initial expenses. You aren’t stuck in an agreement that could put you into bankruptcy. These agreements create address stability because the monthly lease becomes budget-friendly for everyone involved.
When you’ve been approved for a sublet, Expo Movers can help you move everything into your new location! Whether you’ve got 500 square feet to use or 5,000, we’ll help you design a space that allows everyone to be productive.