The Buzz Around New York's Hive@55

Back in July, New York City Mayor Bloomberg announced the Hive@55 initiative. Other real estate markets with commercial vacancies should take notice.

Hive@55 is a program which offers affordable, short-term office space for start-up companies and individual freelancers. Members can rent office space by the month, or even day and take advantage of desks, private offices, a kitchen, lounge, a conference room and even a "quiet room" for creative brainstorming. Membership to Hive@55 ranges from $25 a day to $500 per month, a very affordable alternative to market-rate office space.

Turns out this arrangement benefits everyone involved, from the individual day-renter to the city itself.