Iconic New York City is a global power city, home to the headquarters of the United Nations, and a world leader in technology, finance, entertainment and fashion. It's one of the three global command centers for the world economy, along with London and Tokyo. The economy is dominated by a number of sectors: banking and finance, media and advertising, technology, tourism, real estate, law, accountancy and retail. New York is home to 45 Fortune 500 companies, as well as a huge number of foreign firms. New York is one of the most densely populated cities in the US, and contains two of the world’s stock markets, along with a huge number of tertiary institutions.

The location

New York City is situated at the mouth of the Hudson River on the East Coast of the United States. It's divided into five boroughs: Brooklyn, Queens, Manhattan, the Bronx, and Staten Island. The city is served by an extensive network of buses, trains, subways, ferries and taxis, as over half of its population commutes to work by public transport. There are also three international airports, making New York one of the world's busiest air transportation corridors.

Neighbouring areas - price comparisons, per person per month

The prices given below are the minimum to maximum average cost for executive suites, per person per month, derived from our Sales Team's knowledge.
Area Indicative price range
New York $900 – 5000
Queens $600 – 5000
Brooklyn $500 – 2000
Lower Manhattan $600 – 5000
Midtown South $1000 – 5000
Midtown $1200 – 5000
Upper Manhattan $1300 – 7000


Central Park, New York

Looking for an office in New York

A New York office is ideal for businesses wanting to showcase the fact that they have a presence in such an important global financial hub. Some postcodes are more prestigious than others, however. The most sought-after business addresses include Broadway, Madison Avenue, Park Avenue, Wall Street and Avenue of the Americas.

Executive suites (known as executive offices in the US) are ideal as they are a cost-effective option that makes it possible for businesses to rent space in the city that might not otherwise be able to afford it – price per square foot is significant. The market is constantly growing due to increased demand.

According to Instant’s specialist local consultant, Monica Williams, there are many different area options for companies looking to move into New York, depending on the nature of the business. Midtown South is ideal for technology and advertising firms, while Lower Manhattan is a good option for finance or law firms.

Regardless of the area, all are in prime position for the subway system which is the main means of transportation in the city, including Penn, Times Square, Wall Street and Grand Central Stations.

Costs

The price of an executive suite can vary wildly and range from anything from $900 – 10,000 per month, according to location and requirements. Co-working spaces are priced at around $250 – 500 per person per month. However, these costs are inclusive of amenities, which can cover Internet, meeting rooms, IT and administrative support, lounges and kitchens, car parking, videoconferencing and AV equipment, among others.

Office sizes

While executive suites are a popular option, co-working is spreading in the city and many executive suite providers are opening second locations that are fully co-working, thus keeping the executive suites separate from their co-working spaces.

Instant offer a great variety of flexible office solutions across a range of sizes, and are able to accommodate most enquiries, from one person through to 100 or more, depending on the specifics. Executive suite providers can be flexible with the layout of the workspace, and are happy to discuss partitioning to fit a particular requirement.

Why choose New York?

The benefits of establishing a business in New York are numerous — access to a booming market, the prestige of operating in one of the world’s leading cities, a thriving community, extensive public transport, a diverse business sector, and top-rated lifestyle amenities and attractions. As one of the world’s leading financial centers, businesses are exposed to a huge network of potential clients, partners and leading multinationals. And, with economic specializations in industries ranging from advertising to accountancy, companies from all sectors are suited to New York. A global hub, residents and employees are centered in one of the most exciting cities in the world.

Five things you probably didn’t know about New York: 

  • The daytime population of Manhattan increases to 3.94 million, with commuters adding a net 1.34 million people
  • The average commute time in New York is around 40 minutes; 15 minutes longer than the national average
  • The Jewish population in New York City is the largest outside of Israel while Chinatown is the largest Chinese enclave in the Western Hemisphere
  • There is a birth in New York City every 4.4 minutes
  • Commercial delivery companies including UPS, FedEx, receive up to 7,000 parking tickets per day, contributing up to $120 million in revenue for the city

Madison Avenue, New York

A closer look at New York

These are the most popular areas in which to rent office space:

Lower Manhattan

Lower Manhattan is one of the largest business districts in the country, home to the New York Stock Exchange and Wall Street. As a result, there are a number of financial and recruiting firms in the area, including Goldman Sachs, AOL, Verizon Communications, and Nielsen. The new One World Trade Center can also be found in Lower Manhattan. The area is well served by public transport, offers a very prestigious postcode, and is surrounded by great restaurants, shops, cultural attractions and landmarks.

Midtown South

Midtown South, also known as Silicon Alley, covers the districts of Flatiron, Chelsea, SOHO, Tribeca, Gramercy and Union Square. It's populated by tech companies, social media companies and digital marketing firms. Twitter, Foursquare, Apple, Google and Yelp all have their New York offices in the area. The green spaces of Union Square and Madison Park are easily accessible, and there are numerous public transport links, hotels, restaurants, boutiques and attractions in Midtown South. Other industries represented in the area include banking, education, publishing and communications.

Midtown

The large Midtown region is the biggest central business district in the US, and is a growing financial center, second only to Lower Manhattan. It is also a hub for commerce, entertainment and media. Iconic landmarks include the Empire State Building, UN headquarters, Times Square and the Chrysler Building. Big name tenants in the area include JP Morgan Chase, Morgan Stanley, Bloomberg, Deloitte, DC Comics, NBC Universal, Pfizer, Time Warner and CBS Corporation. Midtown is generally defined as the area between 34th and 59th Street, and contains the majority of the city’s skyscrapers.

*Last updated on 1 June 2015

Want to find out more?

If you’re looking to move into the area, or simply require more information, contact Instant Offices’ specialist local consultants.

Email our team or call us and we'll be delighted to help you.

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