Should You Lease or Buy Your Next Office Space?
September 13, 18
If you are a business owner, you have probably already weighed the pros and cons of purchasing or leasing an office space. As your business grows, you will need to have the room to expand, so as a business owner, you will really need to take the needs of the business into consideration; this includes both long-term and short-term.
The Pros of Buying an Office Space
When you buy your office space, you may find the advantage of fixed costs and having a locked in commercial mortgage rate. You may also find tax deductions from mortgage interest and property taxes to be quite alluring as well.
The Cons of Buying an Office Space
However, when you purchase the space, you may find that you lack the flexibility you need as a growing company to expand in the future and there are far more costs that need to be paid upfront when purchasing the property.
The Pros of Leasing Office Space
When you lease the office space, you will have the advantage of finding a great location and a great space that is also affordable. You can also free up some working capital because your funds will not be completely tied up in commercial real estate.
The Cons of Leasing Office Space
However, when you choose to lease your office space, you may find many variable costs exist, and you will not have access to any equity.
Benefits of a Leasing and Management Company
If you are still on the fence about what to do, then seeking the help of an experienced and knowledgeable leasing and management company will be in your best interests. They can offer keen market insight and can point you in the direction of some great properties for sale or lease, so you can begin to unlock your investment and business potential.
They can also offer a competitive advantage due to their local market expertise. They will also be able to help you determine the value between leasing the space and purchasing it. Contact us today to see what we can do for you and your business!