As an entrepreneur and small business owner, you have a lot of important decisions to make regarding the growth and future of your business. From collecting sufficient growth capital to hiring new talent to choosing the ideal location from which to run your business, the endless responsibilities can be overwhelming and sometimes time-consuming. One of the main things you have to worry about is whether it’s in the best interest of your business to lease vs. buy commercial real estate. Obviously, this mostly depends on the type of business you own and the nature of your operations. With that said, there are some general factors that are relevant to a broader professional spectrum that you can apply to your decision-making process. For your consideration, we’ve compiled a pros and cons list for buying vs. leasing commercial office space.

iStock.com/monkeybusinessimages
iStock.com/monkeybusinessimages

Pros and Cons of Buying Office Space

Advantages of Purchasing Office Space

Disadvantages of Purchasing Office Space

Business Who Can Benefit from Buying Office Space

Pros and Cons of Leasing Office Space

Advantages of Leasing Office Space

Disadvantages of Leasing Office Space

Business Who Can Benefit from Leasing Office Space

There are just a few of the considerations you’ll need to make note of when it comes to deciding whether renting or purchasing an office space is the right decision for your business. At the end of the day, no one knows your business better than you and your employees.

Why Leasing Is Better Than Buying for Small Businesses

In business, size matters. That’s why you need to take the size of your business into account when making this pivotal decision. Leasing an office space is an excellent solution for small- or medium-sized businesses because it gives you the flexibility to curate the future of your company and its overall operations. The best part is that you don’t necessarily have to commit to one location. Entering into a short-term lease agreement means that you can take certain locations for a test drive to see how well they gel with the nuances of your business.

If certain locations make more sense for your business, then you have the flexibility to relocate to those areas as long as it’ll help your company expand and get its footing. Before you can make that decision, though, you need to have a set business plan and goal in mind and then decide on a location that’ll ultimately help you get there.

Innovative Professional Offices is one of Canada’s most renowned office space rental companies. With locations in Mississauga and Ottawa, we offer a wide range of office space rental options including 24-hour access to our fully furnished suites, boardrooms, and meeting rooms. We also provide full-service IT support, a reliable receptionist and administrative staff, a fully stocked break room, and mailbox receiving, sending, and forwarding services. To learn more about our office space rental packages or book a tour of one of our many fine locations, please contact us today!