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Aa analysis of trends and current conditions with tools to help you navigate NY's gallery submarkets. This periodic blog will provide an on-going update of market conditions as they relate to art galleries and the art industry.
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Go to Find price per square foot.
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Go to Find required annual revenue.
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February 2011 - What Can You Afford and Where?
As an art dealer, 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.
The Landlord assigns value to his property in terms of dollars per square foot since the size of his building is expressed in gross rentable square footage, taxes are assessed by the sq. ft., and construction costs and operating expenses are determined per sf and so on. It's to your advantage to start thinking in square feet, since the cost of the space you will lease, based upon where it is located, will also be expressed that way.
Use the tool below to find out 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.
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Find price per square foot...
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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.
Landlords have a good idea of what their property is worth. With the help of their Landlord Broker, they know the quantity and quality of pedestrian traffic in the area, the condition of their building, and comparable recent leasing transactions.
Generally speaking, more and higher-quality traffic (art-specific traffic), higher quality space (whether it is built as a gallery already, has a basement or a mezzanine, has good frontage on the street or is near the elevator, has high electrical capacity, ADA-compliant bathrooms, HVAC, etc.) in a better building and neighborhood - yields a higher asking price per square foot.
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| Higher-quality space with better exposure ranges from top to bottom of each column.
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If you find you can afford the space you need in your preferred district, then use GALLERYFINDER or Browse Gallery Districts to find it. If it's available, it will be listed here. Inquire or give us a call and we can start the process of launching your gallery by targeting options.
If you find the location is not where you want to be, try adjusting your monthly rent or the space size to come closer to the asking rents in that district.
Or, better yet, if the space you can afford does not meet your criteria, and the location is wrong, then consider; what revenue would you need to afford what you want?
In 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 revenue allocated to rent, and calculate the revenue you will need to hit your target.
NOTE: For large galleries rent can be between 10-25% of gross revenue, on average. For smaller galleries, this percentage can average as high as 38%.
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Find required annual revenue...
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