The Benefits of Leasing Office Space Rather Than Buying It
If you are a new business owner, or if you are looking for a new place to move your business, it can be hard to know whether you should purchase office space or rent it. This question can be quite a head-scratcher, because the economy ebbs and flows, much like a tide, and you can never tell if it’s buyer’s market or a renter’s market. When it comes to leasing or buying office space, both have their unique advantages and disadvantages. However, in today’s market, leasing might just be the best option – for both new and established businesses. Here are some of the benefits of leasing office space rather than buying it.
First, leasing office space allows a business to move into a prime location without having to pay those exorbitant costs that come with purchasing property in a prime location. Moreover, you don’t have to deal with ongoing costs of renting in these locations, like high property taxes and insurance. If your business wants to be centrally located – some place where commuters can easily get to by car, bike, bus or other forms of public transportation – leasing in your best option.
Moreover, with all that money that your business saves with not being tied to a specific piece of real estate, there is generally more cash flow – cash flow that can allow your business to capitalize on more opportunities. No matter if you are a new business, or an old business, maximizing your cash flow is crucial, because with more money in the coffers, your business will have a huge competitive leg up. Not only that, but if you run into any financial pitfalls, you will have the capital to bridge the gaps.
Also, whether you are looking for conference room rental in New York or a large industrial space in Detroit, renting office space allows for a lot of versatility. When it comes to leasing space, you can usually find whatever your business needs, and more, in a number of different capacities. If you own your office space, it is much harder and more expensive to move, expand or adapt to your business’ needs. By renting, if you need larger space, all you have to do is move – you don’t need to worry about putting your property on the market. In most cases you need to give your property manager a notice, but that is about it.
Lastly, you don’t need to worry about all the hassles of owning property. When you lease a space you can focus on running the business and not running your real estate. For instance, if there is a major leak or if your office space needs a renovation, you can usually tell your property managers and they will schedule maintenance or construction as needed. Most people argue that owning your own space is much more feasible and cost beneficial, but when it comes down to it, leasing a space is actually much more effective. With your monthly rental payments, you aren’t just getting office space, but also the freedom to adapt whenever your business needs to adapt.