Where in the US Can I Rent the Cheapest Office Space?
Published December 12, 2022
Any team can work independently of each other. However, in many cases, collaboration is necessary, and an office space plays a vital role in this regard as it creates an environment where they can share ideas.
Unfortunately, that’s a luxury many teams cannot afford.
That’s precisely why office space leasing was a godsend to these teams. It is much cheaper than buying and setting up a permanent office space, and an office space lease is also temporary.
As such, it’s perfect for projects that don’t necessarily require months or even years to finish.
Then again, if you’re managing a team where office space isn’t a must-have but rather just a ‘nice thing to have,’ the cost of office leases can still be too high. In that case, it makes sense to wonder where you can rent the cheapest office space in the US. But there are several answers to that question.
For one, it depends on the city. So in that regard, let’s first look at the cities with the cheapest office space.
8 Cities With the Cheapest Office Space
This section will enumerate the cities with the most affordable office spaces. But before that, it’s important to understand that there are two types of office spaces: (1) metropolitan and (2) industrial.
A metropolitan office space is basically an office located in or near the town center, a.k.a. the metropolitan area, hence the name. Meanwhile, industrial office space is located in a building that was once used to produce and manufacture products. These buildings typically have an office area.
Metropolitan office spaces benefit from being close to many points of interest. Therefore, they’re much more expensive. So, without further ado, let’s look at the cities with the cheapest office space:
- Dallas: Metropolitan Office Spaces — $27.50 per square foot per year; Industrial Office Spaces — $5 per square foot per year
- Chicago: Metropolitan Office Spaces — $33 per square foot per year; Industrial Office Spaces — $6 per square foot per year
- Atlanta: Metropolitan Office Spaces — $32.50 per square foot per year; Industrial Office Spaces — $5 per square foot per year
- Philadelphia: Metropolitan Office Spaces — $36 per square foot per year; Industrial Office Spaces — $6 per square foot per year
- Boston: Metropolitan Office Spaces — $39 per square foot per year; Industrial Office Spaces — $10 per square foot per year
- Miami: Metropolitan Office Spaces — $44 per square foot per year; Industrial Office Spaces — $8 per square foot per year
- Los Angeles: Metropolitan Office Spaces — $44 per square foot per year; Industrial Office Spaces — $11 per square foot per year
- New York: Metropolitan Office Spaces — $81 per square foot per year; Industrial Office Spaces — $19 per square foot per year
While the city is indeed quite relevant to an office space’s lease price, there are times when it can be irrelevant. For example, you may find an office space in Boca Raton that’s currently being leased for $15 per square foot per year, even though the average cost of office spaces in that region is $32.94.
Nevertheless, this list of cities with the cheapest office space should still be somewhat helpful.
This data is based on a survey conducted in the second quarter of 2020. Unfortunately, there has yet to be another survey providing similar data. Nevertheless, the prices seem to still be rather accurate.
Admittedly, if you know about office building classes, you may not even need this kind of data.
3 Different Office Building Classes
One way to find the cheapest office space in the US is to look for a specific class of office building.
If you aren’t aware, there are three office buildings classifications: A, B, and C, with A being the most expensive and C having the lowest price. So, naturally, you’d want to look for Class C office spaces.
Here’s a look at what each of the classifications entails, starting with Class C office spaces:
Class C Office Spaces
The lowest classification of office spaces or office buildings is Class C.
This classification is reserved for buildings over, or at least close to, the age of 30 years. They’re also typically in a less desirable area, and the building usually needs an extensive renovation.
Basically, the only thing going for Class C office spaces is the price.
Class B Office Spaces
Class B office spaces have been built much more recently than Class C buildings. The management is also likely much more favorable. These office spaces don’t necessarily have to be in a good location.
The existence of amenities, tenants, and quality management is often enough.
Class B office spaces have a reasonable price and are often the most commonly sought-after classification of office spaces by teams. That’s particularly true for teams that are only in it for the ease of collaboration.
Class A Office Spaces
Class A is the high classification of office spaces.
Though it’s the most expensive of the three classifications, a Class A office space would often be in the best-looking buildings with great infrastructure and the highest quality management and tenants.
In addition, a Class A office space will also most likely be in a location with easy access to points of interest like stores. There are not many teams that look for Class A office spaces specifically. Instead, retail agencies are the frequent renters of these since the building’s location is incredibly beneficial.
Keep in mind, though, that an office space’s classification can sometimes be irrelevant to the price.
For example, a Class C office space can be as expensive as Class A office space. Similarly, a Class A office space can be as cheap as a Class C office space. Naturally, you’d want to look for the latter.
3 Opportunities To Rent the Cheapest Office Space
Apart from looking for a specific class of office space in a specific city, there are also opportunities you can take to get the best deal on an office space lease. Below are some examples of such opportunities:
1. Coworking Spaces
When you think of office space, you’d assume it’s a space you can rent solely for your team. But there are certain buildings that allow you and another team or business to rent the office space together. By doing so, you can share the price and effectively reduce the price. These are called coworking spaces.
The best part about coworking spaces is its affordability isn’t the only benefit it can bring. It’s also a way to make connections with other teams or agencies in your industry that may come in handy in the future.
If you’re a software developer team, for example, you might end up in a coworking space with a business that wants its own system. In this case, you can use this opportunity to advertise your team’s services.
2. Chamber of Commerce
The Chamber of Commerce is a group of businesses that work together to support the interests of each of its members. They help each member in a variety of things. As it happens, the Chamber of Commerce is often willing to help small businesses and teams to get their own office spaces in the local area.
Put simply, if you can partner with your local Chamber of Commerce, you should be able to find affordable office space more easily. However, unlike coworking spaces, there’s no guarantee this can help.
Accelerators are similar to the Chamber of Commerce, except it’s not an organization but a program.
A business accelerator aims to support the early stages of businesses. Like the Chamber of Commerce, they can help in various ways, including making sure you get the best deal on office space.
Summing It Up
Looking specifically for the cheapest office space can sometimes be tricky. A lot of agencies and teams tend to keep it low-key and don’t put much effort into it for fear of looking too cheap or frugal. However, every penny saved in a startup or a project can go a long way in ensuring its success in the future.
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About The Author
Lenard Arceo is an experienced writer who enjoys learning to coding as a hobby. He has spent many years blogging about a vast array of topics and has helped many reputable websites grow their audience over the years.