Contrary to popular belief leasing your office space can be more beneficial than renting or buying a new office space. If you are wondering why/how leasing office space would be more beneficial than owning a property, here are 6 long-term benefits of leasing office space.
Benefits of Leasing Office Space
While renting or buying a property for an office has its own set of benefits, most people often overlook the benefits of leasing office space. But when considering long-term planning, you might need to take a second look at the idea of leasing office space. Here are 6 benefits to help you make a more informed decision.
You Need Less Capital
Buying office space involves a hefty investment, between the down payment, which is no less than 10%, closing costs, insurance, and taxes. However, with leasing, you are putting out far less capital in the long term. You are only paying out the first month’s rent and a security deposit. The maintenance and refurbishing expenses fall on the property manager and/or owner.
You Get Better Location
A business owner would always want a commercial property located in high traffic, with great connectivity and visible area. A big plus with leasing your office space is you get choices in prime locations with all these features. This way you get the best location for your office space to grow your business rapidly.
Flexibility to Change Location
If you realize that your current location does not serve the best interests of your business, you do not have to worry about selling the building and taking a loss. You can negotiate with the owner about the changes you require while paying the same rent that was stipulated on the lease. And, once the lease is up, you can relocate if necessary.
More Time For Real Business
Because you will not have to oversee any remodelling or repairs, you’ll be able to focus on your business more. You will have more time to work on essential business matters, and the property manager bears the maintenance responsibility. This way, you have all your workforce focused on your business goals, not extraneous tasks.
Less Maintenance Costs
You will save thousands by not paying for costly maintenance like updating the HVAC or plumbing system or structural repairs or interior upgrades, like flooring installation, as those are the owner’s responsibility. The owner bears the cost if broken pipes or a faulty electrical system happen due to some catastrophe. You only have to pay the initial leasing cost of the office space.
Leasing an office space provides the flexibility to easily scale up or down, depending on the business’s needs, without having to worry about the costs associated with purchasing or selling real estate. This means that businesses can choose the right size of space for their current needs and adjust it as needed, without having to make a large upfront investment or commit to a long-term lease.
How Allen Mayer Helps in Leasing Office Space?
Toronto is a business hub, and finding a perfect office space in Toronto can be a big challenge. Business owners couldn’t even find some of the best properties as these commercial real estates are often not listed. And if you find a building, it will not be ready for opening day, or a deal wouldn’t cut. Allen Mayer has been assisting clients to find the best commercial properties for lease in Toronto for more than 25 years. By assisting in your search for your perfect office space and representing you in lease negotiations, Allen Mayer will help get your business off the ground. If you have more questions about leasing office space in Toronto, contact Allen today.