Office Buildings For Rent
Growing businesses often need to relocate in order to bring on new staff. Before selecting a new commercial facility, it is important to understand various aspects of the commitment and minimize the risks.
The upfront cost of renting office space is one or two months' rent deposit, moving fees, and probably a couple pizzas to share with the people who help you move your stuff.
Buying an office building comes with enormous upfront cost. For a $500,000 dollar building you could be looking at around $150,000, plus fees, taxes, loan studies, etc.
Minding your business
Real estate is a business, so are you in the real estate business? If you are not, consider office buildings for rent instead of trying to buy. Just forget about taxes, loans, real estate brokers, broker's fees, repairs, etc. Focus on what you do best and let the specialists do their thing.
Renting an office building will allow you more flexibility than buying. For example, you can outgrow your space without the hassle of buying and selling. Downsizing would also be so much easier. If things are getting rough you don't want to spend days with lawyers and mortgage agents trying to figure out a way not to lose your investment. Instead just rewrite the lease agreement, move to a smaller space and give your company a hand when it most needs it.
Time is money, so moving into a leased or owned space will come at a price. Your operations may suffer for some time while you relocate. Create a moving plan that allows employees to continue working as long as possible and minimizes down days, or move in phases.
Renting an office building is a preferred option for most growing companies because the new space comes with less immediate costs and more flexibility than buying a building. However, buying an office is usually the choice for large companies making an educated decision about a long-term investment.
Alternatives for Small Business
Many small businesses think they need a small office building, because they are only familiar with the traditional model for office buildings for rent. Considering the costs and setup, these business owners are pleased to learn that many office buildings have alternative rental options available.
Serviced office facilities allow you to move in and everything is set up for you, so the down time is virtually none. If leasing consider this option which will allow you to take advantage of flexibility and managed office space in a top location.
Business centers throughout North America are renting executive suites and you can browse the possibilities with OfficeList. From Miami to Vancouver and everywhere in between, we can assist you with locating the best serviced facility and our help is free!
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