May 23, 2016
New York City–America’s biggest metropolis, most iconic skyline, and home to the most powerful business leaders in virtually every industry. Why wouldn’t an overseas-based company seek to tap into one of the most influential networks in the corporate world?
It’s not that easy, though. NYC commercial rents have been skyrocketing for years. The Small Business Congress estimates that over the last two decades, at least 240,000 businesses in the city have closed, and between 2.5 and 2.8 million jobs were lost. While high rent is a sign of rising property values, it’s simply not viable for most foreign businesses to launch into New York unless they are highly financed and rapidly expanding.
Many overseas companies seeking a New York presence end up exploring an office space in New Jersey, where the rent is significantly cheaper and the business taxes are more manageable.
Jersey City, with its booming downtown and proximity to Manhattan, is a top pick. Minutes from Midtown and Downtown Manhattan, Jersey City offers all of the benefits of New York City–from a hip farm-to-table restaurant scene and a growing hub of international business headquarters to qualification for NYC’s minority- and women-owned benefits–minus the price tag. The town has become such an immediate extension of New York that some people even refer to it as the Big Apple’s “sixth borough.”
Rather than dumping cash into pricey broker’s fees and inflated rent, corporations can leverage all of the benefits of opening their headquarters in New Jersey’s second-largest city by investing in shared office spaces like WorkSocial.
With private executive suites, a coworking space, access to a network of NYC-connected professionals, and tons of transit options into Manhattan, there is no better place to enter the U.S. market. Contact us today to learn more!