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Some Florida businesses find buying office space is better option

For many Orlando business owners, the decision to seek commercial real estate can have long-lasting effects on a business. One of the most crucial decisions is one of the first that has to be made: rent, or buy?

In some places in Florida, the answer has been "buy." While renting commercial real estate might seem like a more flexible option, in many cases, renting and buying cost basically the same every month. Of course, by purchasing rather than renting, businesses have the added benefit of building equity.

There are other advantages, too. A firm that buys space rather than leases it doesn't have to worry about what to do when the lease expires. Some business owners have reported that finding comparable lease terms at the conclusion of their previous leases was difficult, if not impossible.

Another benefit is not having a landlord. While many commercial property owners that rent space are honorable and straightforward, some might be less than ideal to have to work with. Purchasing space instead of renting it eliminates these possibilities.

This might also be a good time to consider buying due to favorable interest rates and tax benefits. Additionally, depending on the business, the Small Business Administration might offer loans with terms that are practically too good to pass up.

Of course, buying isn't for everyone. Businesses uncertain about how big they might grow in the future might not want to lock in to a particular space. For them, renting might be a better option. In any case, an experienced commercial real estate attorney in Florida can assist businesses that are looking to find a new location.

Source: Sun Sentinel, "Small firms discover buying beats renting," Paul Owers, Oct 15, 2013

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