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If you are a business owner and you are thinking about renting a new office, you might be wondering if you should rent an office in a new building or an older building. Here are some of the pros and cons of renting new commercial property. Understanding these issues can help you make a fully informed decision when the time comes to rent office space for your business.
New Buildings Can Be Appealing To Customers
One of the benefits of renting space in a new building is that customers often enjoy going to recently opened places. Newness is appealing. Your business will seem cutting edge if you open up shop in a recently constructed location. If your business is technological in nature, a new building might be a good fit for you.
Build-To-Suit Can Be Beneficial
Some new buildings let future renters customize the building space. You can decide where you want the walls and rooms of your new business. This is not possible with existing office buildings, unless your landlord agrees to let you renovate the property. Even if your landlord allows you to make changes to the building’s structure, these renovations can be extremely costly. If you do want to have a customized office, look for current construction projects that allow future renters to request specific layouts.
Your Property Might Be In An Enterprise Zone
New commercial property is sometimes constructed in an enterprise zone. In order to encourage development in certain areas, local governments occasionally give tax-exempt status to business that buy property within the zone. Leasing companies often pass a portion of their property tax savings onto renters. This tax-exempt status can last several years, which can lead to significant savings. Check with a local real estate agent for more information about enterprise zones in your area.
New Property Is Often On The Outskirts Of Town
One downside to purchasing new property is that it is often located on the outskirts of town. This can reduce the amount of foot traffic that your business receives. Your customers will have to come to your business by car or public transportation. These are all issues you need to consider when picking your next business location.
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