Sometimes it Makes Sense to Lease an Office Space Rather than Buy or Build
If you’re aiming to launch a new business or grow an existing commercial operation and need office space, you have multiple options. You can purchase an office building, obtain land and build a new facility, or rent an existing office space. This last option is sometimes advisable if you want to see how well the business is going to do before investing heavily in buying and/or building on a property.
Leasing a new office space has advantages for small businesses, as well as businesses uncertain about entering a new market. Leasing an office suite or building instead of purchasing or constructing include:
- Allows you to kind of “test” out your expansion
- Leaves you with extra capital you wouldn’t have had you put money into outright purchasing land or a facility
- Allows you to occupy the new space much quicker than purchasing – as little as 30-90 days
- Gives fast-growing businesses flexibility: you don’t have to offload the mortgage of the office space when you outgrow it and move into a new one.
Some Things to Consider When Leasing an Office Space
There’s plenty to keep in mind when choosing a rental office property. Location, of course, is always a big factor – you want the site to be easily accessible to everyone, whether it’s employees, maintenance staff, clients, suppliers, etc. Likewise, you’ll probably want to take into account what amenities are available nearby, like restaurants and cafes.
Other good questions to ask include:
- How much square footage do you really need?
- How much more room might you need in the future if the business grows and has to hire more employees?
- Is the interior of the offices laid out in a way that’s adaptable to your space needs? If not, will you be allowed to make structural changes?
- Are there annual rent increases? Can that be negotiated during the leasing process?
- What site management services does the landlord provide for the property?
The terms of your lease, of course, are another important element to pay attention to – not just its length and how much rent you’ll pay, but what provisions it contains for early move-out or subletting, and whether the rental payment includes things like utilities, taxes, insurance and maintenance.
We Can Lease You an Office Space and Provide Site Management down the Road
One of our experienced commercial real estate brokers can work with you to sort through all these issues. Our agents have extensive knowledge of the commercial property market where you’re shopping for offices to rent, including where the prime locations are and what type of facility might be best for your needs. We’re here to help make the sometimes long and drawn-out process of finding the right location as quick and painless as possible.
The Schueler Group’s commercial property brokerage division, Henkle Schueler & Associates, has a strong listing of office spaces for sale and/or lease around the Southwest Ohio/Northern Kentucky region, and we’re deeply familiar with the area, including what services and amenities are located near a given office property. We’ll help you clarify just what you’re looking for in an office facility in terms of cost, space, location and more, and then we’ll work tirelessly to find a property that fits the bill. We can also help with understanding lease terms, and provide tenant/landlord representation.
Renting the right office space doesn’t have to be an ordeal. View our current office space listings and get in touch with one of our commercial real estate agents today.