THE RIGHT OFFICE AT THE RIGHT PRICE!
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Renting a NYC Law Office, Insights and Trends is written for legal services firms that need advice on the local office market. Currently, the overarching consideration for small- and mid- size law firms is the high cost of renting office space. At the end of the first quarter of 2018 the average asking rents were $55.00 per square foot Downtown, $62.97 in Midtown, $64.76 in Midtown South and $44.22 Uptown. For detailed neighborhood rental rates link HERE.
High occupancy costs are having a deleterious effect on law office profitability and the single most effective strategy to address this is by increasing office space efficiency. Space efficiency or “space optimization” can be gained through the following:
(1) Reducing the size of offices: Even the dimensions of a Partner’s office can be reduced and still convey seniority by its location within the work space. Typical Partner office sizes now range from 168 to 225 square feet. Associate offices can be as small as 96 square feet and remain functional.
(2) Alter the construction: The installation of a full or partial glass wall at the front of a windowed office allows light to penetrate to the core of a space where interior offices can be built. For privacy the glass can be frosted.
(3) Modify common areas: Embrace open seating when possible. Collaboration zones with comfortable seating, a work table and screen enhance productivity and appeal to younger staff. Law libraries are relics.
(4) Right-size conference rooms: A conference room with a capacity of between 8 and 12 persons is sufficient for most firms. Larger meetings can be held offsite at a conferencing center.
(5) Better utilize support persons: It used to be that there was a 1:1 or 1:2 ratio of assistants to attorneys. With the efficiency gained through technology, the ratio can be as high as 1:6.
(6) Employ technology for mobility and efficiency: Attorneys need to work from anywhere and be connected at all times. Archive file rooms can be off premises in an economical storage facility or saved as a digital file.
Cogent Realty Advisors maintains a database with every law firm spaces currently for lease in Manhattan. These include pre-built offices ready for immediate move-in, build-to-suit spaces that can be custom designed, and short-term furnished subleases.
Small law firms that want to avoid long term lease obligations may want to consider an office rental at one of NYC’s many executive office providers. There are locations, environments and pricing to match almost any need. For a mature “law firm only” environment contact Stark Office Suites located at One Grand Central Place.
Cogent Realty Advisors is an independent and licensed NO FEE Realtor with over 15 years of experience representing businesses that lease NYC office space. Our goal is to help you find the right office at the right price. For information, phone Mitchell Waldman at (212) 509-4049.
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