Buy or Lease Office Space?
The decision to buy or lease the space in which to run your business is not one to be taken lightly. As a business owner, you will need to take many factors into consideration to help determine which is the best move for you.
Consider the following:
What level of control do you ultimately seek to have over your space?
Do you intend to do any type of major modification within the space to acclimate it to your business's needs? If so, perhaps owning is a more attractive option, as you will have more free reign to modify to fit your needs. Additionally, any improvements you invest in the property should serve to benefit you at the property's eventual sale.
What are your business's current means and long-term goals?
What, if any type of mark do you wish to leave upon the city with your business? Do you want its location to become synonymous with your brand? At this very moment, is it a worthwhile expenditure for your business to invest in property?
Ultimately, such investment offers long-term rewards, so it would be beneficial for you to strongly analyze your current position and weigh your options.
What do you expect to achieve, financially, within (and with) this commercial space?
Are you an established firm seeking to sit on an investment while you continue on the path, or are you perhaps an up-and-comer who is rapidly gaining momentum, and you need to expand your workspace quickly to handle volume? Perhaps all is on a steady, even keel and you are standing somewhere in-between, weighing your options.