A commercial space is not only the location of your business but also the image of the services you offer. Thus, your business location needs to be carefully chosen so that it remains positive in the minds of customers and potential customers. That’s why the process of selecting a commercial space is a long-lasting process and is a process where you have to get involved with care.
There are two options available: buying a space or renting. You can choose anything from office spaces to rent or steel buildings for sale, there are many possibilities at your disposal – it all depends on the type of business you’re running and the available funds. You can choose form a large variety of commercial real estate, such as: office (class A, B or C, central business district, or suburban office buildings), industrial (heavy manufacturing, light assembly, flex warehouse, bulk warehouse), retail (strip center, community retail center, power center, regional mall, out parcel), multifamily (garden apartments, midrise apartments, highrise apartments), hotels (full service hotels, limited service hotels, extended stay hotels), land (greenfield land, infill land, brownfield land). If you need more information about each category please click here.
Both buying a space or renting it can have their own positive points, so a careful consideration is needed before making a final decision. Let’s see some of the main elements that should be taken into consideration in your analysis.
Advantages of buying a commercial space
When you buy a commercial space, it can also be a long-term investment. Over time, the property can become more and more valuable, and in the case of a possible sale, it could bring a considerable profit, in addition to the benefits of using one’s own space.
You will have control over the space, so you can arrange it and optimize it according to your needs. In addition, there is no fear that at some point the owner might come and may ask for cancellation of the rent contract just because he found a tenant willing to pay more.
You will eliminate a few substantial monthly costs. Rent is an important monthly cost for a business, and removing it from the monthly spend list leads to an important economy, saving resources that can afterward be directed to other departments.
Advantages of renting a commercial space
One of the main advantages if you choose to rent a commercial space is flexibility. You will be able to adapt your space as needed at any time. If there is a need for a reduction in activity, a smaller space is available at any time, and in the case of an extension, a more generous space can be rented at any time. Practically, you can adapt more easily to a change that would also affect housing or location needs.
You can also react more quickly when new opportunities arise because you will not have a considerable amount of money blocked in a real estate. The availability of financial resources can make the difference when a major opportunity for expanding your business appears.
Both variants can prove to be reliable. However, depending on the type of company and business you have, the current potential and other internal and external factors, one can be more appropriate than the other. With a little bit of care, however, everyone should be able to find the right commercial space. Hopefully, you will too, and your business will blossom!