A business requires a space in which it can operate and demonstrate its true potential, just as every individual needs a place to call home if they are to comfortably prosper. While some people choose to obtain ownership over the property where they live, many others prefer to rent. When looking for commercial real estate, there are many benefits to entering the rental market, rather than taking on the burden of owning and maintaining a potentially large office space.
- Renting Means Affordability
As a business owner, you’re used to doing as much as you can within a limited budget and stretching every dollar to the best of your abilities. This is especially true if your company is relatively new; it makes sense to uphold your current bottom line and focus on shorter-term affordability options, even when it comes to office space. Indeed, a lot of capital is required to put a down payment on a place of your own, which is why it might be best to hold off until the moment is right and rent for less in the meantime. When researching properties, you’ll notice that it’s much easier to position your business in a thriving neighborhood by renting. You’ll get the visibility you need without breaking the bank, and you’ll be able to put those extra savings back into the business. For those who want or need help looking for commercial real estate for their small business, the right real estate agent, couple with a reasonable management company, can even do the crux of the work for you, so you don’t have to exhaust your schedule balancing the actual work of your business with finding a space in which to operate.
- Flexibility Can Be Optimized
If your company is growing at an unprecedented rate (and hopefully it is), you need the ability to accommodate new employees, more inventory, and other investments down the road, all of which require more space. Indeed, you’ll also need to be able to host lavish events to celebrate holidays, including, but not limited to, Family Day and Canada Day; it’s necessary to share in the enjoyments of your employees to show authentic appreciation for them, and throwing a party in your large office space is one way of doing this. By looking for commercial real estate options, you’ll be able to move locations easily if you’ve outgrown the space you’re in currently. Don’t get stuck or “boxed in” to a place that is no longer the right place for you to build a brand, compete in your market, and continue to succeed.
- Renters Are Less Distracted
Perhaps the biggest difference between renting and owning your own space is who is responsible for upkeep and repairs. When researching properties, look for a company that can fix problems fast, and offers reliable customer service. Having your landlord and your property management company be the same entity means a number of extraneous, time-consuming problems are removed from your to-do list. If anything on site breaks – or if a break-in occurs – you’ll have the peace of mind knowing that you won’t have to worry about if you’ll be able to afford the necessary repairs (or put in the man hours to complete them). The right property management company will also work with you to save time on the property hunt – with leasing opportunities offered in-house, there’s additional level of convenience in choosing to rent.
Finding the right space for your business is no simple task. But by choosing to rent commercial real estate, you’ll benefit from greater flexibility, lower upfront costs, and the security of knowing your landlord is responsible for unexpected bumps in the road. Take these factors into account before you make your next big move.