Businesses spend a collective $325 billion annually on meetings, and each year, more of that money is going toward corporate meeting spaces. Renting out a creative meeting space for offsite meetings is a great way to get employees inspired and help them to generate new and creative ideas. This has turned offsite meeting spaces into the corporate trend of the year, and managers are excited to get in on it and reap the benefits.

There are a number of factors that go into renting corporate event spaces in NYC, and pricing is one of the most important. Money is always on everyone’s mind, and venue prices often make or break a meeting space rental. Whether you’re a seasoned meeting planning professional or not sure where to even start, keep reading to learn some major tips for choosing the right venue and getting the most bang for your buck.

Decide How You Want to Budget

Before you begin looking for a corporate meeting space in NYC, you should first determine how much money can be allocated to the meeting. Consider the number of employees attending, how long the meeting will be, and use a calculator like this one offered by the Harvard Business Review to estimate your meeting cost. This number doesn’t have to be the actual amount you spend, but it will give you a ballpark idea of how to build your budget. Additionally, you should decide what percent of your total budget will be spent on the venue, food, and transportation.

Factor in Amenities

Think about all of the amenities and services you’ll need for your venue rental. Cleaning services, catering needs, and in-house equipment will all increase the cost of your meeting space rental, but be aware of what amenities potential venues lack, as well. If the space is in an undesirable location or isn’t well-designed, you may want to consider more convenient and visually stimulating options. Check venue websites and social media pages to get an idea of what’s included with the space.

Understand Your Pricing Options

There are two major ways that corporate meeting spaces for rent in NYC are priced: hourly and fixed rates. They each have their pros and cons and can work for you, depending on your corporate meeting needs. Hourly rates allow you to choose exactly how long you need the space for, thus giving you more control of your budget. However, spaces may have rental minimums or maximums that don’t work for your event, so inquire about hourly rates early on.

Fixed rates are great because they ensure that you know what you’ll be paying up front, but if you find that your booking takes longer than you expected, you may end up being charged for additional rental hours. Conversely, if your booking is shorter than originally thought, you may not be refunded the money for the unused time.

Want examples of competitively priced corporate meeting spaces for rent in New York? First, check out SoHoSoleil!

Our SoHo-based company offers three beautifully decorated artist’s lofts, CornerLight, SereneSite, and MeetingSite, for rent for corporate meetings, events, and shoot. In addition to stunning views of the surrounding neighborhood and historic architecture, our spaces include a number of amenities like WiFi, a projector, and easels for office work.

To learn more about our corporate meeting space in NYC, take a look at our website!

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