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Rent And Gross Margins



Q1 2013 - What Can You Afford and Where?

You know what you can afford in monthly rent, you have a good idea of the optimal size of your gallery, and where you want to be located.

Use the tool below to find what your gallery will cost per square foot. You can then find out where you can afford to be located and the kind of space to expect.


Find price per square foot

Enter your budgeted monthly rent: $ per month.

Enter your ideal gallery size:

   sq ft.

  

The result is:

If your budgeted Monthly Rent is $0 p.m.

and your ideal Space Size is 0 square feet,

then your gallery will cost $ per square foot.



Once you have the price per sq ft, take a look at the chart below and find out where you can afford to be in New York and whether your gallery will be on an upper floor or in ground floor space.

Generally speaking, higher quality space (heavy traffic area, in a good building, built as a gallery already, has a legal or storage basement or a mezzanine, has good frontage on the street or is near the elevator, has high electrical capacity, ADA-compliant bathrooms, HVAC, etc.) yields a higher asking price per square foot.


submarket prices
Average Price/SF Per District Q1 2013.


If the space you can afford does not meet your criteria, and the location is wrong, then consider what increase in Gross Sales Revenue would be required to afford the space you want?

Using the tool below, enter the price/sq ft that will put you where you want to be, together with your ideal gallery size. Select the percentage of your Gross Margin (annual Gross Sales Revenue minus Cost-Of-Goods) that you allocate to rent, and calculate the Gross Margin you will need to hit your target.


Find required annual Gross Margin (annual sales revenue minus cost-of-goods)

Enter your ideal gallery size:    square feet.

Enter the above price per sf:

$ per sq ft.

Rent is what percentage of annual income?
10%
15%
20%
25%
30%
35%
40%



The result is:

If your ideal space size is 0 square feet,

and the price/sf is $0.00 per square foot,

and your rent is % of your annual revenue,

Then your annual Gross Margin should be $ per year.

You can extrapolate the annual Gross Sales Revenue by multiplying Gross Margin above, times the percentage your Cost-of-Goods is of total Gross Sales, which with most galleries is between 30% and 50%. This is what you would need to take in to afford the kind of space you want, where you want it.



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