Choosing the Best Location for Your Future
Is your business at a stage where you’re seriously looking at the options between leasing or buying office space? Before you make a final decision, take a few moments to thoughtfully consider these following real estate-related questions.
1. Where do you see your business in five to ten years?
You know your business strategy best. Whether you’re expecting significant growth or potential downsizing, understanding your company’s future needs for office space helps you determine your next step. While investing in real estate does allow you to gain equity, you should be certain that you’re ready to make a financial commitment to a specific location. Honest projections about your firm’s growth over the next few years will help you make the best decision.
2. Is your current location best suited to your company’s future growth potential?
Location plays an important role for many businesses to thrive. Do you need high visibility to attract new customers? Will your business fit better with a trendy part of town? Perhaps you’ve been in your current location for years and rely on a solid client base for steady income. Depending on your company’s existing geographical needs, deciding to continue with your lease or move to another building can significantly impact your business for better or worse.
3. Do you need to move your office soon?
If you do need to move because your lease is up or the new rental rates have risen too high, you’ve probably found yourself facing the leasing or buying question suddenly. At this point, purchasing an office space may seem like the better option. However, making a hasty decision based on a bad rental experience may not be the right answer for your business. It’s smart to weigh your options first, as well as asking someone with a successful business background to share their opinion and experience.
4. What can your business afford?
As a business owner, you understand the value of both time and money. When you have a full-service lease, the property management usually handles all the building’s maintenance and cleaning. If you purchase office space, you’ll need to contract out these services or be prepared to handle these responsibilities on your own. As far as financial commitment, make a careful evaluation where you should put your money. For example, do you have the resources to buy an office building or would you rather invest in your company’s future growth? While you may be able to afford both, many companies prioritize their financial resources and choose one option at a time.
Helpful Tips for Small Business Owners
If you decide to lease office space, there’s plenty of advice to take into consideration while you look for your next location. For more information, and to learn about some of Buffalo’s best commercial real estate options, visit Ellicott Development today.