Finding an affordable workspace is often one of the first challenges that small business owners face. If the workspace must also double as a storefront or meeting space, it can be particularly difficult to find a suitable property in an acceptable price range. Although buying office space can be prohibitively expensive—particularly in the competitive real estate landscape of Kent, Ohio—leasing can allow business owners to find a great first office space at a reasonable rate.
Today we’ll look at just a few of the reasons reasons why choosing to lease, rather than buy office space, is a great decision for small businesses.
Your operation might be relatively small today, but that doesn’t mean it will stay that way forever. Leasing can offer business owners greater flexibility when it comes time to grow. You may even be able to even lease a built-to-suit office space that can be tailored to accommodate your specific needs. If, in a few years, you find that your business needs more space, it’s much easier to simply wait for your lease to expire than find a new buyer for a property you own.
Furthermore, you won’t have to risk taking a loss on the property if the market takes an unfavorable turn when you decide to relocate. Unless you plan on staying in the same office space for many years, leasing is an excellent option to consider.
Save on Down Payments and Deductions
Mortgage payments aren’t the only expenses associated with owning a commercial property. Upfront costs like down payments and property improvements can add up fast, and property taxes tend to be higher in desirable locations.
Leasing effectively eliminates these expenses, allowing business owners to free up more working capital for their companies. You can also deduct your lease payments and other rental expenses on your taxes to save even more money each year.
Find Affordable Space in Attractive Locations
Securing office space in a high-profile location is especially important for fledgling businesses that have little or no existing brand recognition. Generally speaking, your businesses’ first home should be as visible and accessible as possible. Leasing can allow you to find affordable office space in up-and-coming areas that might otherwise be too expensive for your budget.
At West River Place, for example, we made a conscious decision to set up shop in the heart of downtown Kent, just a stone’s throw from the riverfront. This way, our commercial tenants can find office space that is not only affordable, but also conveniently located in a great neighborhood.
Avoid Maintenance and Repair Fees
Even after you’ve paid off your mortgage and annual property taxes, the expenses of owning a commercial property don’t end there. Each year, you’ll have to invest in building maintenance and repairs as well. When you choose to lease office space, these expenses become the responsibility of the property owner or management company instead. This way, you won’t have to shell out thousands of dollars if and when your office’s HVAC system fails on the hottest day of summer.
Interested in checking out the office spaces we have for lease at West River Palace? We’d be happy to show you around our newly-renovated historic property in downtown Kent. Give us a call or contact us online today to learn more!