Should You Buy or Rent Office Space in Portland?
Welcome to Portland – the city of many opportunities for you and your business. It doesn’t matter whether you plan on starting your business here or relocating your one; Portland has you covered. The economy here is strong; the city offers many incentives for business owners, many office spaces and storage available, and the prices are still not that high (compared to other cities and states). But, you already know all of this – that is why you plan on running your business in Portland. You do not know whether you should buy or rent office space in Portland, right? Right!
Answering this question is not going to be easy. However, we will try to help you make your decision by providing you with the pros and cons of renting and buying an office space in Portland. Thus, if you are interested in this, just keep on reading.
Pros of Renting an Office Space
Before you make a final decision, that is, before you decide whether to buy or rent office space in Portland, take a look at all the facts. And, one of the most important facts to consider is that there are many pros of renting an office space.
For instance, as an office space renter, you will have more flexibility. If your company starts growing, you can easily pack up and move to someplace bigger. And vice versa – if the company starts slowing down, you can pack up and move to a smaller and cheaper place. And, if you choose a good commercial real estate agent, you can do both of these things overnight.
Moreover, renting is also better if you don’t like maintenance. The owner is the one responsible for maintaining the office space. So, if something comes up (problem with plumbing, electricity, walls, floors, etc.), the owner is the one responsible for everything.
Cons of Renting an Office Space
If you agree with all the things mentioned above, you are probably looking for an office space to rent. And, you are probably looking for movers to help you move all your business ‘stuff’ in. Experts from Royal Moving Company advise hiring a trustworthy company to help you with the latter. But don’t rush with the former just yet. Why? Because everything that has pros must have cons as well.
Namely, renting an office space can be quite tricky. Sometimes, it will take you ages to find the right office space. And, when you do, the chances are that you will not be able to make any changes to it since you are not the owner. And, speaking of owners, you may rent from one that is unreliable or difficult to work with. Moreover, your rent may start to increase over time, too, again, depending on the owner and the lease you signed.
Pros of Buying an Office Space
Have you made your decision on whether to buy or rent office space in Portland? If you haven’t, great! You still have to hear about the pros and cons of buying it! Namely, buying office space can also be a great solution if you are an investor who wants to build equity.
But, even if you are not an investor, there are other benefits to buying an office space. For instance, as an owner, you will be able to do whatever you want with the office space – you can upgrade, remodel, or decorate the entire area however you want.
And, if one day you decide to end your business, you will still have an office space to rent out. This will bring you money until you get back on your feet. Commercial real estate is a good investment as there will always be businesses that need office space to start and expand.
Cons of Buying an Office Space
And finally, let us talk about some of the cons that come with buying an office space. The biggest con is probably all the money you will have to spend on that office. First, buying an office space is not cheap. Secondly, maintaining it will require a substantial amount of money each month. And thirdly, as an owner, you are obliged to pay taxes on the property. Moreover, if your business needs a change of location, you can’t just pack up and go. Well, you can – you can let the team of experts to handle it and be out of that office space in no time. Yes, hiring commercial movers can fix the problem of moving, but that is not what we are talking about. Since you are the owner, you have to sell (or rent out) the office space you own before you move your business elsewhere. You are the one responsible for it!
Final Thoughts
We hope we have helped you decide whether to buy or rent an office space in Portland. If you are still not sure, don’t rush the decision-making process. Instead, find help. Talk to other business owners and hear their stories. Talk to financial advisors and let them tell you how financially ready you are for both buying and renting an office space in Portland. And most importantly, find a real estate agent – only a professional of this kind can help you find the best solution for your company.
So, should you buy or rent office space in Portland? Read everything we wrote once again, and take your time to decide. You are the one who knows what is best for you and your company.
