Leasing office space is one of the most effective ways to kick off your new company. While we understand that many business owners would love to purchase their own real estate, there are several financial and professional benefits to leasing professional office space while your business grows.
Aside from avoiding the stress of real estate investment, here are some of the biggest reasons why we believe leasing office space for a business is a better choice than buying an office.
No Expensive Down Payment
Much like buying a home, buying commercial space comes with a hefty down payment that can financially set back a new business. The average down payment for commercial property is around 30 percent of the real estate’s value.
Leasing an office space still requires you to put money down, but it’s usually going to be in an affordable range. Tenants can expect to pay a one-time broker fee, security deposit, or a set amount of month’s worth of rent.
Leasing can Guarantee Prime Office Space
Prime office space in a city like Dallas can be very expensive to purchase, and in the end, the time you spent searching for real estate is time wasted. Save some time and money through leasing office space.
Renting an office allows you the opportunity to have access to office space in community hot-spots that would be out of reach if you were buying property. Prime office space is beneficial to your brand’s image. Renting saves money while giving you an advantage over competitors without a coveted address attached to their name.
Leasing Saves on Maintenance and Repairs
When you own a piece of property, if something goes wrong, you are the person who has to deal with it. Maintenance and repairs can be unexpected and expensive. So, generally, when buying property, you want to ensure that you’re in the financial position to handle any surprises.
In a lease, maintenance and repairs are typically issues that are covered by your property management.
Yes, you are responsible for keeping the property generally clean and in the physical condition it came in. However, should the heater become faulty or the plumbing begins to leak, the resolution is as simple as reaching out to your property manager for help. Unless your actions are the cause of the issue, you can expect that the repairs won’t be billed to your account.
Your Business is Free to Grow
When you purchase office space, that’s it. You’ve made a financial commitment that officially pigeonholes your brand into the property you’ve bought. It can be difficult to grow your business in this situation.
However, when you lease, you aren’t tied down to one office. Leasing is especially a great option if you know that your business is going to grow within the next few years and you’ll need a larger more flexible workspace.
Instead of having to sell off real estate and buy a new property, you can simply end the lease you currently have and move onto a new space when you’re ready to.
You Have More Working Capital to Go Around
Leasing office space allows you to grow your business in a beautiful location while saving money. If you own a small business and rent office space, imagine how you can improve your business with the excess working capital renting frees up.
When your funds aren’t tied to real estate and commercial property taxes, your goals of growth quickly become more attainable.
Lease an Office Space that Meets Your Goals at St. Paul Place
St. Paul Place is an office building that rests in the heart of the Dallas arts district. We are proud to offer units that can meet any business’ needs. With office amenities that can’t be beaten to a sense of community that encourages professional relationships.
Our offices are the best leasing opportunity an owner could ask for. We’re ready to show you the unit you deserve! Contact us today to schedule a tour of St. Paul Place with one of our leasing agents.