Offices and Coworking in New York
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Working in New York City
New York City, located in the state of New York, is the most populous, and also one of the oldest cities in the United States. Settled in 1624, New York City has been famous in the United State’s culture as it served as the entry point for the incoming U.S for immigrants throughout history. Today, New York City is one of the premier locations for business, with incredible living standards.
New York City is incredibly interesting with regards to its regions and city divisions. The Big Apple is divided into 5 Boroughs, each offering a unique culture and history that defines them.
The Boroughs of NYC
New York City is divided into 5 boroughs: Manhattan, Brooklyn, Staten Island, The Bronx, and Queens. Each district has a different culture, history, and population; but they all come together to make the city as unique as it is today.
Several of the Boroughs are over 300 years old. Each are home to numerous sports teams, cultural houses, and business goliaths. While they all share a number of features, no two are the same.
Manhattan is the most densely populated section of NYC. The borough is currently over 300 years old, and was the original county of the state of New York.
Not only is it the most densely populated, but it is also the metropolitan center of the city, with the highest average property values. Potentially the most important aspect of Manhattan, is the fact that is the home to Wall Street, the United State’s financial hub.
Whereas Manhattan is the most dense area of NYC, Brooklyn is the most populated one. Sitting at a little over 2 million people, Brooklyn is famous for an artistic culture that is considered unique to the region.
Whereas Manhattan is largely a location where people work, Brooklyn serves as the primary residential area for individuals operating out of Manhattan. In fact, nearly 60% of Brooklyn’s inhabitants work outside of the borough in which they live.
COWORKING IN NEW YORK CITY
New York City is one of the most vibrant and growing coworking regions in the country. With currently over 20 coworking spaces in the central area alone, New York City is the largest coworking city in the nation.
What’s even more interesting, is that on average there are 5-6 new coworking spaces that open annually; with some franchises opening several offices in one year.
As one of the most dense and competitive cities in the United States, it makes sense why coworking is so desired.
One of the many factors that has helped drive the growth of regional coworking spaces is the price of property in the area. The Average price of real estate in the region is roughly $7.5 per square foot - the highest in the nation. There are regions in Manhattan where prices are over 10x this.
As a result individuals and small startups needed a way to share costs and subsidize the burden that is the price of work space. Coworking emerged as a natural solution where individuals can pay $500 a month for a massive space vs $1500 for a tiny 100ft office.
Business in New York City
It should come as no surprise to anyone that New York City is one of the most competitive cities in the United States for growing businesses. Currently home to hundreds of major corporations’ headquarters; individuals and groups are constantly looking to get a piece of the action that is business in NYC.
Combine this with the fact that Wall Street is in New York City, it is understandable why New York City is as much of a powerhouse as it is. Annually, hundreds of businesses open their doors in the city with the aim of striking it big. Hundreds of billions of dollars make their way through Manhattan each year, helping to empower much of the world’s economy
Apart from big businesses and banking, New York City generates a large amount of jobs and revenue through its cultural sites and public attractions. Home of the biggest theatre hub in the United States, New York City attracts millions of tourists every year. Couple this with over 5 local sports teams in this relatively small area, businesses are constantly drawn to the region.
When you couple a strong business history with one of the most robust trade ports in the United States, it is no surprise that New York City stands tall as a leader in the business world.