Why So Many Businesses Are Steering Away From Buying Commercial Property
More often than not, when choosing an office space for your business, one of the first big decisions you will need to make is whether you’re going to buy or rent the space. Whilst traditionally, almost all businesses would own a commercial property that their employees would work from, this is no longer the case and an increasing number of businesses are exploring the many different options available to them for renting an office space instead.
As you may expect, there are pros and cons to both buying and renting a workspace, yet for the vast majority of businesses, renting a flexible office space is much more advantageous. Without hesitation, a huge percentage of businesses will choose to rent a private office space rather than buy a commercial property these days and below we have explored some of the main reasons why this is the case.
A lot of money will be tied up in your workspace
It goes without saying really that when you choose to purchase a commercial property, a large portion of your business’ money will be tied up in this property. You don’t have the freedom to use this money in other ways like you do when you rent an office space and you will potentially miss out on opportunities due to your money being equity in a property rather than it being easily accessible. When renting, you can ensure you’re using your money in the best way.
Buying in desirable locations is too expensive
Being well-situated is incredibly important when you own a business and unfortunately, for many, it is simply too expensive to buy a commercial property in a big town or city. Businesses have to compromise when buying instead of renting as they’re unable to move into the location they’d like, which can be detrimental to their success in the long run. By choosing to rent an office, businesses will be able to ensure their corporate address is exactly what they wanted.
There is no flexibility when you own a commercial property
When you own a commercial property, selling and moving elsewhere can be a really lengthy process and one that costs a lot of money too. The significantly reduced flexibility is very off-putting for businesses and buying a workspace rather than renting has the potential to limit their growth and prevent them from being able to expand as and when they need to. Choosing to rent an office provides businesses with much more freedom, which can be underestimated.
Buying comes with a number of additional responsibilities
For many businesses, owning a commercial property is much more stressful than simply renting an office space, especially if the office being rented is a serviced office. As the owner of a property, a business is responsible for all required maintenance work and they will have to keep the workspace in good condition. The additional pressure of this responsibility is something that many are keen to avoid which makes renting an office seem like a much more appealing option.
There are unpredictable costs when you own a commercial property
Not only is maintaining a commercial property a lot of responsibility, but it can also be very costly too and businesses can spend a lot of money on a property that could be better used elsewhere. It can also be difficult to predict when additional costs may arise and just how much different repair works are going to set you back. More often than not, rented office spaces have set all-inclusive monthly costs that prevent any worry or concern in this regard.
Finding a luxury office to rent in London
Ultimately, there really is no denying that there are so many benefits to renting an office space and it is easy to see why so many businesses are steering away from buying a commercial property. Whether you own a long-standing business or a start-up business, it is undeniably worthwhile looking for office spaces to rent and you can guarantee that you will thank yourself for opting for this flexible solution rather than investing in a commercial property.
When searching for luxury offices to rent in London, be sure to visit the One Avenue website. We have a brilliant range of serviced offices in desirable locations throughout the capital and whether you’re looking for a short term or long term rent, it is highly likely that we will have the perfect solution to your needs. Get in touch with our team today and we will get to know your business before advising you on the best possible office solution with us. We look forward to providing you with a luxury office to rent in London.