If you’re in the market for commercial office space, you likely have a variety of options in the Greenville and Spartanburg areas. One of the most important choices when looking for office space is whether to purchase or lease. This decision should not be taken lightly and can have major implications on the overall viability of your entire business. In this blog we’ll outline the benefits and disadvantages of leasing as well as purchasing office space for your company.
What to Consider When Choosing to Lease or Purchase Office Space
The following factors may push you to decide to purchase as opposed to lease office space for your company.
- You want full control over the property – Are you interested in major renovations to the property? If so, purchasing a commercial space as opposed to leasing may be the better option for you. If you choose to lease, you’ll have to get permission from your landlord for any major structural changes.
- Location – For many businesses, location is key. If you find a property that is in the perfect locaiton, but is only available for sale, it may be better for you to find a way to purchase the property.
- Tax benefits – If you purchase a commercial property you likely will be able to receive a number of tax benefits such as interest deductions as well as depreciation.
The following factors may make leasing a better option when looking for a commercial property.
- Cash flow issues – If you’re a relatively new company lacking cash flow, leasing office space may be a better option for you. Leasing office space often requires less upfront capital compared to purchasing office space.
- Relocation options – If you’re not sure about the location of your business, leasing for a short time can be more beneficial than purchasing property.
- You don’t want to deal with maintenance issues – Depending on the type of commercial lease that you sign with a landlord, many maintenance issues could be the responsibility of your landlord. This can help you avoid large maintenance expenses, which can really cut into your company’s profits.
Contact Spencer Hines to Handle All Your Commercial Real Estate Needs
If you still are unsure about whether it makes more sense to lease or purchase office space, the real estate professionals at Spencer Hines can help. We have been serving the Greenville and Spartanburg markets for decades and would be happy to setup a consultation to discuss your commercial office space needs. Give our team a call today at 864-583-1001.