If you are an entrepreneur, choosing the kind of office building that you will use can be difficult and confusing. Is it better to look for office space for rent or to buy the property instead? You need to carefully weigh the advantages and disadvantages of each option to find out if it suits your needs.
Depending on your situation, buying office space might not be a good idea. For owners of small businesses, renting your office space may be the best choice. To make your decision easier, we’ve listed the benefits of renting that make it ideal for new and growing businesses. View tips for renting office space here.
Benefits of Leasing
A Lease Allows for Greater Flexibility
If you own a startup or a small business, you might think that buying a modest office space at a lower price is a great deal. At first glance, it seems great because you have enough space available for your employees and equipment.
However, a startup or a small business can experience rapid growth within a few years. If you buy an office space, you run the risk outgrowing the property before you truly get your money’s worth. It may become inadequate for your flourishing business, and you might be forced to sell the property so you can relocate to a bigger office space that suits your needs.
Business owners who choose to rent their offices do not have to worry about this problem. When your lease is up, you can easily move to a bigger office that suits the needs your expanding business. You don’t have to stress about selling the property and finding interested buyers.
Requires Less Upfront Costs
Buying office space costs much more upfront. You have to spend money on a large down payment, property improvement costs, maintenance costs, and more. If you are the owner of a new or small business, buying a commercial property may simply be too expensive for your current financial situation.
On the other hand, office space for rent requires only 1 or 2 months of the lease value before you can move in. It is much more affordable. This is great for small businesses that don’t have enough funds to pay for all the upfront costs of buying office space.
What’s more, you can use the money that would have gone to purchasing an office building for other business needs. You can free up working capital, so you can take advantage of opportunities in the market and respond to changes.
Lets You Focus On Running Your Business
When you own an office space, you are responsible for the maintenance of that property. If there are major issues with plumbing and electricity, you’ll have to take time out of your busy schedule to make sure it’s fixed.
For business owners who rent their office space, this is not a problem. The property manager or the landlord is the one who is responsible for maintenance, remodeling, security, and other management issues. You can entrust the property upkeep to them, so you can focus your attention on the day-to-day operations of your business.
Another benefit to having the landlord take care of repairs is that you save a significant amount of money. You don’t have to pay for major plumbing or electrical repairs.
Find the Perfect Space for Your Business
If you are looking for office space for lease, turn to Richard Properties. We offer a wide range of commercial properties for rent. To learn more about the latest updates and pricing, please contact us. We’d be happy to answer your questions. Click here to contact us.