Office Space News
Coalition of Office Space Providers Makes Progress with Manhattan Vision
Published July 31st, 2009 by Mike Sullivan
In March, aBetterOffice reported a potentially game-changing development in the serviced office industry: Several of Manhattan’s office space providers formed a coalition – rightly dubbed the Coalition of Office Space Providers or COSP – and joined forces with the New York City’s Economic Development Corporation (NYCEDC). The goal? To help the Big Apple become the friendliest city in the U.S. for start-ups and entrepreneurs.
Of course, such grand visions don’t come about overnight. As it stands, New York City is one of the more expensive places to live and do business in the U.S. How will serviced offices help change that? We thought it was a good time to report on the progress towards this joint NYCEDC-COSP goal so serviced office providers and economic development corporations in other cities can witness the unfolding of the master plan.
Since March, both the government and COSP have been active in putting together the programs necessary to make Manhattan the friendliest city in the U.S. for start-ups. The program is based on three pillars: 1) affordable, flexible office space, 2) a reduced-price business services program (COSP Cutters) and 3) networking and mentorship opportunities.
Affordable New York Office Space
Let’s look at the first pillar. Since March, COSP has added four new serviced office providers. The group covers most of New York City, from Wall Street on up to Midtown and even into Brooklyn. The COSP members now can accommodate well over 1,000 people. Here is the complete list of office space participants:
Workspace Offices
Techspace
green desk
eEmerge
Sunshine Suites
New Work City
NYC Office Suites
Your Wall Street Office
Rockefeller Group Business Centers
Executive Suites at the Hippodrome
There is no stated goal on the number of members the COSP is recruiting. With such a large vision, it seems the mantra is “the more the merrier.” The list above is a strong start, with many reputable serviced office brands committing to the cause.
Business Benefits Program
Let’s look at the second pillar: a reduced price business services program. The COSP Cutters program offers businesses a range of services provided at a reduced cost (bulk-based purchasing). Members can save anywhere from 10 percent to 80 percent on services such as health insurance, office supplies, financial services, gym membership.
Currently, COSP Cutters offers approximately 25 cost reduced services, but the number of providers is expected to number as much as 100 and will include breaks on parking, package delivery, legal services and others soon to be announced.
In order for participants to take advantage of these services, the COSP Cutters Web site will list all the service providers and provide a description and contact information. This will be a key piece to simplify a potentially complicated process.
The COSP Cutters program is especially attractive in a down economy, but will play well in any economy. The groundwork is being laid and it only gets stronger from here.
It’s All About the Network
At the foundation of these programs is mentorship and networking opportunities available to businesses. Reduced price services and office space mean nothing without successful businesses, and the program promises to provide ample opportunities to network.
Boot Up! NYC held its first event on April 22, 2009 and included presentations from the NYCEDC, NYU Polytechnic Institute, the New York Angels (a consortium of individual accredited angel investors) and several high-powered entrepreneurs.
Many more events and opportunities are are expected to be scheduled. You can visit the COSP Web site to find out more.
Driving the Program
The NYCEDC has been instrumental in driving the program on many levels. A couple of key components include hiring of a director to administrate the COSP and its related programs and Fast-Trak, a re-education and mentorship program that is offered to the recently unemployed or anyone who wants to become an entrepreneur. The City expects 900 to 1200 participants.
Current program director, Cheni Yerushalmi, owner and founder of COSP member Sunshine Suites, says that “the director will be critical to the success of this program. Without the director, we run the risk of the programs just being links on a Web site. The director’s role will be to ensure the usage of all programs which ultimately is part of a formula for the success of many new startups.”
With Yerushalmi, the directorship is in good hands. We’re impressed with the progress COSP has made in less than six months. This is a massive undertaking, but the steps toward making the vision a reality are clear. Public-private partnerships like these are what spurs economic growth. aBetterOffice looks forward to seeing how COSP’s agenda develops.
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Melanie Jones July 31st, 2009 at 2:35 pm
It’s good to see COSP is making progress. That’s a huge vision. It’s going to take a lot to make New York City the friendliest place in the U.S. for small businesses. Frankly, I’m not sure this is enough. But it’s a good start. It’s always nice to see competitors in the serviced office space work together for a greater good.
Marcus Hester July 31st, 2009 at 3:00 pm
Looks like they are still laying the foundation. It takes a long time to put all the pieces together to start making real headway. There are lots of cities that try to be the “friendliest” for businesses. Taxes have a lot to do with it. So the serviced office effort should help, but there are other issues the state needs to deal with.
Bill Brookshire July 31st, 2009 at 3:25 pm
I’m impressed by the growing list of serviced office companies that are taking part in this alliance. I am also impressed by the level of cooperation within the local industry in New York. You would think this would be more of a cut-throat environment, and yet here are some strong brands working together for the good of the local economy.
Elizabeth Sanchez July 31st, 2009 at 3:36 pm
I agree that this is still in the infant stages. Things like this do take a while to build. I haven’t heard too much about what New York City actually plans to do as part of this serviced office arrangement. We definitely need more details on this to judge how it might impact the office economy in Manhattan.
Maggie Correta July 31st, 2009 at 4:17 pm
Are they offering discounted serviced office space? I’m not sure I get it? Networking is great and discounts on products are great, but where does the affordable office space come in?