Benefits of Using Technology in Your Office

Benefits of Using Technology in Your Office

For a real estate business, there are a number of ways that implementing high tech gadgets and the latest and greatest technology in the office, will benefit your overall business productivity. These types of technological upgrades can make employee work life easier, smoother and can increase efficiency. This will in turn improve the quality of work being done and leads to higher chances of success; this equates to more money as well.

How can you use upgraded technology to increase employee efficiency, productivity and overall business success? Continue reading for a number of examples.

Web Presence

Real estate in general can use their own website for so many different reasons; advertising services, showing commercial real estate properties available, contact information for potential clients and more. A good website entices visitors to contact the business for the services that are advertised. It displays professionalism and seeing a good website makes people think your business must be doing well. There is an increased chance that visitors will trust in a company or business with a well-built website, because it also makes people think you have enough resources to spend the money on a well-functioning, high quality website. In addition, a website that encompasses a good user experience lowers the chance of visitors becoming frustrated or not finding what they’re looking for and navigating elsewhere for service. This is important in terms of having a positive online presence. Having a good online presence involves having good technological resources. A business will need to have good web designers involved, which also requires web design programs and software available to employees. This involves good quality computers and space designed for these types of employees.

Also, having resources who specialize in search engine optimization and ensuring the website shows up in Google search results will greatly increase traffic which eventually leads to company success. There is specific educational experience that is involved with employees being successful marketing specialists; this usually involves a number of years of experience and knowledge of marketing tools. The more opportunities the website has to appear across multiple platforms increases online presence.

Marketing and Outreach

If a company has the best in technology, they can increase the performance of both their webpages and the quality of their resources in the office. Something as simple as having the fastest internet connection in the office allows higher productivity, employees can work without setbacks. This is especially important for a company with hundreds of employees and multiple departments.

A benefit of having access to high-end technology is that it can be very apparent through a business’ methods of marketing and engagement. There are usually budgets set for businesses’ marketing tools and resources and you can almost see how large a budget might be by how much you see the company advertised across different platforms, like social media ads or in related online blogs or articles. In addition to social media, the use of email marketing is a very important tool. It’s pertinent to have a list of contacts in real estate, including clients, business  associates, colleagues and other real estate companies. The reason this is important is because another technological advancement that exists in today’s world of marketing and outreach for businesses involves email marketing. Of course, email has been around for quite some time now, but the way it has expanded really benefits businesses. Email marketing has specific online tools available for purchase (where price usually depends on number of contacts), where you can contact entire groups of contacts at once. This is important to keep up regular communications to consumers about advancements, updates and most importantly it’s a great way to advertise new properties available to a large group at once. This increases the potential for engagement and outreach when people are simply browsing the web for unrelated things.

Most of these marketing platforms include a central hub for different marketing tools that your business uses to promote themselves. It acts as the centre of your marketing platforms and as a tool for keeping all your contacts in one place. What’s great about the more advanced marketing platforms is that it also provides the company with reports in regards to engagement across different platforms, in terms of how many clicks and opens your emails have received. This is one of the new marketing tools that greatly benefits the whole company by showing you what your clients respond well to.

Communication with Clients

Through marketing strategies, companies are consistently communicating with potential clientele. There is an aspect of direct communication with people interested in the service. For example, visitors to your website or social media page may send you a direct message or send an email to your support team. It’s good to have an easy, quick and effective means of communication through any and all channels. The easier the user experience, the higher the chance of making connections and building a client base. Again, this will lead to more money and higher chances of success by landing more clients looking for commercial or investment properties. The chances of someone trying to reach out to a company after being unable to contact someone easily, is very low. The advantage of using good quality tools in an office can benefit this aspect of a business greatly.

You want the best kind of communication tools. This can involve a number of different technological advancements like rather than having one main landline, each employee in the office has their own lines. Having individual extensions to reach someone directly can greatly impact the efficiency of contacting the business. Nobody wants to reach a voicemail box that’s full, or listen to an endless list of employee names and their extensions trying to reach a particular agent. It seems like a small thing, but it can really affect the experience someone has trying to make contact. Especially if a potential buyer is serious about a property and is eager to make contact. It can even affect the experience of buying property and make it seem tough and negative overall.

To elaborate further on the additional ways you can increase ease of communication using high-end office technology, would be by increasing the available means of communication. When a business has a “dead” social media page, or a very low amount of traffic or engagement, it deters people from using them as a point of contact for purchases. People don’t generally trust a page where their last post was a couple years ago, or if someone tries to contact the business through the page and they don’t get a response. It’s important to keep redirected contact information on all pages, even if it’s been shut down. Think about an Instagram page that’s obviously been inactivated and they don’t include any redirections to their website or contact information, people will look elsewhere.

Virtual Tours

A good technological component of real estate web pages and online presence that puts a business ahead of its competitors, is incorporating the option to browse properties easily and quickly on the website itself. An example of this would be adding the option to tour commercial properties virtually. This provides a great user experience where potential clients can browse available properties and all associated property information even before having to contact an agent, or leaving their homes. Making virtual tours available online is largely dependent on having staff who can integrate this tool into a website, in addition to ensuring it works correctly without lagging or other technical complications. It is also a great addition to marketing notices, campaigns and ads to integrate video components.

It would also be an added benefit to think of adding buttons to directly link to the company’s website, or even better, a link to the property itself. You can include contact information for the agent representing the property and list some important and prominent information about the property. It’s important to include multiple methods of contact for both the agency representative and the company; like phone, email and chat (if available).

Throughout this article, there have been many benefits to using the better, high quality technical tools outlined. When you are in the office, you need a fast and easy means of communication with clients and coworkers. You need high-speed internet to allow for an efficient work environment, even in a large office. Other resources are required to assist with your website, online/email communications and using new marketing tools. Whether it’s by hiring staff who specialize in an area of tech-related software, or ensuring computer equipment is up-to-date, there are a number of  ways to utilize new technology to increase business productivity. When employees have access to the latest technology, they end up working more efficiently and using their time to increase overall success of the business. It can be firmly said that having an office space with better technology not only makes the employee’s experience better, but also increases the quality of the clients.

Exterior Renovations for a Retail Space to Boost Foot Traffic

Exterior Renovations for a Retail Space to Boost Foot Traffic

One of the great challenges for commercial retail spaces in 2021 is finding ways to get customers in the door. Whether restricted by social distancing mandates or simply stymied by an online ordering culture, brick-and-mortar businesses are facing challenges in attracting customers like never before. To continue to thrive, retail spaces must find ways to add value to the consumer experience above and beyond the products and services they house.

Fortunately, there are a number of trendy exterior renovation projects that can boost foot traffic in a retail space, creating the competitive advantage for which SVN has been known since 1987.

1. Simplify the Signage    

Stanley Building

Customers in 2021 have notoriously fickle attention spans. They do not want to spend time looking, reading, and thinking before making a decision. They want to see it, make their decision, and go on with their lives.

If a store features hard-to-read fonts and text-intensive messages as part of its permanent signage, consider simplifying this to something more digestible for a crowd that is likely to offer a cursory glance, at best.

Spend time developing a simple logo and brand and incorporate this as the focal point of the signage. When thinking about logos, ask the question: Would this make a good app icon? Subway and Best Western are two major retail chains that have recently modified their logos to be more app-friendly, with signage at physical locations being updated to match this change.

2. Add Some Architectural Decor

Awesome Architectural Door

Although customers like the consistency of a simple, recognizable brand, there is something to be said about using individual creativity to catch the attention of passersby. The country is in a bit of a DIY renaissance, with custom craftwork and artisanship in high demand, so features that can make a business stand out in the midst of a cookie-cutter crowd can be beneficial. 

Some creative decor ideas that can spruce up a retail space’s exterior include architectural grilles, ornate columns, and/or artwork made of recycled metals or other sustainable materials. 

3. Improve the Parking Lot

Commercial Parking Lot

A parking lot that feels unsafe, illogical, or is in a state of disrepair will be a major deterrent to foot traffic. Freshly landscaped islands, filled potholes, angled spaces, and re-painted space lines are all great ways to make a parking lot more inviting, an important first step in getting customers in the door.

4. Give Customers a Look Inside

Commercial Window

Using a large display window or wall not only allows customers to see product offerings, but it can be influential in creating an open and inviting atmosphere that appeals to passersby. As contemporary retail shopping needs to be more of an experience than a buy-and-sell transaction to appeal to modern customers, giving customers the ability to look inside and see what value a business can add to their lives should be a primary consideration.

5. Make Accessibility a Priority

ADA Compliant Parking Lot

An important aspect of increasing foot traffic is making sure that a business can accommodate all potential customers. Without ramps, handrails, and benches to assist disabled clients, a business is immediately eliminated from consideration by this demographic.

6. Install an Automatic Door at the Entrance

Automatic Door

Automatic doors make customers feel like they are getting the red carpet treatment. In addition, the accumulation of germs on door handles has gotten a lot of attention during the COVID-19 pandemic, so this small renovation can help make customers feel safe by ensuring a contactless entrance. 

Conclusion

Getting customers in the building will be a riddle that contemporary retail spaces must continue to solve to remain relevant in 2021 and beyond. By using the six exterior renovation ideas listed in this article, businesses can increase foot traffic at their physical locations to secure the competitive advantage for which SVN is known.

Matt Lee is the owner of the Innovative Building Materials blog and a content writer for the building materials industry. He is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that save money, improve energy efficiency, and increase property value.

2021 Commercial Real Estate Predictions and Insights: Part 2

2021 Commercial Real Estate Predictions and Insights: Part 2

This is the second half of a two part series on 2021 Commercial Real Estate Predictions and Insights. You can find the first half of this series here: 2021 Commercial Real Estate Predictions and Insights

Insight 4: An Industrial Real Estate Explosion

Whether it’s a retail conversion or new construction, there’s going to be a massive need for industrial real estate. With e-commerce being the top choice for shopping, we expect to see at least 250 million commercial square feet dedicated to industrial space in the coming years. According to CBRE, $1 billion in e-commerce revenue necessitates a need for 1.25 million square feet of warehouse space. So, all major cities will need expansive warehouses for packaging, storing and shipping consumable goods.

Prediction 4: Industrial Real Estate 

Spacious, gateway areas close to ports and bustling cities (particularly in the southwest and southeast) are expected to see a surge in commercial industrial conversions and population growth. Population growth will likely boom with the onset of industrial expansion and greater job availability. But, it should be noted physical labor alone cannot accommodate the anticipated burgeoning growth. To maintain efficacy, streamline productions and reduce operational costs, industrial real estate lessees will depend on autonomous robots, software scheduling and updating and virtual security.

Insight 5: Socially Distanced Multifamily Living2021 CRE for sale

In 2021, affordable housing is at the forefront of everyone’s mind. However, this won’t halt the demand for multifamily living. This year we anticipate multifamily investments to increase by 33% with over $148 billion in revenue. Shelter-in-place mandates made urban cities unappealing for many. Urban areas have turned into undesirable locations that suffer from high rent, high-cost public transportation, and other costly downsides. Additionally, dense populations often have inadequate indoor and outdoor space to social distance. When it comes to amenities, there are many unavailable or unusable entertainment “amenities” like restaurants, theatres, venues, etc.

After feeling the pent-up effects of the lockdown, many city dwellers (who likely work remotely now) have packed up and moved to less dense, suburban areas where they can stretch, relax in ample space. This is mostly to enjoy the natural amenities for the time being. Seeing many cities are not completely abandoned, multifamily investors working to retain tenants need to prioritize community engagement after the pandemic is over. Hopefully, this will make up for emotional connectivity and urban romanticism lost from in-person interactions.

Prediction 5: The Modern Multifamily Experience is Virtual

Multifamily investments in suburban and rural areas will likely grow as remote employees no longer need to live close to their work headquarters. For example with Salt Lake City, areas like Layton and Bountiful will likely be desirable locations. This is because they’ll offer affordable housing solutions that also await industrial prospects like warehouses and distribution centers.

While social distancing remains in effect, virtual engagement in the form of mobile apps will be a must for urban and non-urban multifamily complexes. App initiatives like polls, rewards programs and virtual meetups instill a sense of connectivity.

According to Deloitte, companies can continue to improve the value and connectivity of their assets. This can be done by “deploying smart building design and maintenance capabilities and offering more relevant services to tenants and end-users”. Such services include:

  • Tenant-predictive analytics
  • Smart-building technologies
  • 3D property visualizations
  • Facility and maintenance monitoring systems

Commercial real estate broker

Insight 6: Socially Distanced Vacations

While the demand for hotel and vacation space is steadily increasing, it’s going to take a while for hotel investments to return to pre-pandemic volume. The public is anxious to relax somewhere that’s not their home. But, they are also hesitant to vacation in once-popular, high-traffic areas. The rate of recovery for hotel occupancy is closely tied to the distribution of the COVID-19 vaccine. 

For now, drive-to destinations like campgrounds, parks and natural attractions are popular alternatives to hotel stays. Interestingly enough, rural and interstate hotels do not have any issues with vacancies, compared to their urban counterparts.


Prediction 6: Hotels Will Have to Wait

While all varieties of hotels have experienced some form of loss from 2020 vacancies and closures, economy vacation real estate experienced the least amount of disturbance. We expect economic vacation investments to continue to face the least revenue, unfortunately. Additionally, we expect vacancy and recovery hurdles when compared to their upper-scale and luxury counterparts.

Hotels in urban areas that rely on business travel are expected to recover the slowest. Fortunately for urban, upper-scale and luxury hoteliers, business recovery is predicted to experience the sharpest incline of revenue per available room. However, this is once vaccinations are widely available. In the meantime, hotels can work on boosting their competitive edge by investing in the future of hotel vacationing with technology. Some desirable technological integrations are mobile apps and virtual on-demand entertainment.

Insight 7: The Reign of Colocation Centers

If you’re looking for a long-term, dependable commercial investment, consider colocation. E-commerce, cloud servicing and online content consumption are crucial to our workplaces, shopping experiences, living arrangements and vacation plans. Commercial real estate has a definite need for server and hardware storage to host all these vital services. So, it’s no wonder data center REITs are becoming a popular commodity within the commercial real estate market.

If you’re looking to sharpen your competitive edge, you should know enterprise companies want to maximize power and efficiency by looking for data centers with “clean energy” initiatives. Providing secure, stable, clean and environmentally-conscious data storage environments may be more than a marketable feature. Furthermore, it may also be tax-advantageous.CRE blueprint

Prediction 7: Data Centers Aren’t Going Anywhere

We anticipate colocation tenants to look for flexible short-term leases in the foreseeable future. However, with online and cloud technologies driving innovation, commerce and networking, we assume they will eventually buckle down into long-term leases. These will likely be in affordable, budding, rural cities.

Our 2021 Commercial Real Estate Predictions

There’s a lot of promise for 2021 commercial real estate predictions. So, whether you’re looking to buy your first commercial real estate, improve your existing real estate assets, there’s sure to be an opportunity in the coming year. If you have any other questions, please feel free to contact our team. The SVN Alta team is here to help you so you can make a smart investment or have a great sale.

What Does the Future Look Like for Office Space?

What Does the Future Look Like for Office Space?

Before COVID-19, offices and shared coworking space were doing very well across most markets. However, with the movement to stay at home, many offices were empty by the middle of 2020. And, many office space are still on the market after many months. But, does this mean it’s the end of office space forever? Thankfully, according to some studies, it’s not. So, in this blog post, we discuss the possibilities for office space in the future.

The Future of Office Space

Many people are concerned about the future of office space. This is for a great reason considering vacancies continue to rise each quarter since COVID-19 came to the US. However, just like with most commercial real estate properties, investors can see success with their space. It may take some strategy and creativity, but it can certainly be done.

Shared office spaceWhich Industries Will Always Need Office?

According to the Department of Labor Statistics, there are many industries that report not being able to work from home. Not to mention, for the industries that can work from home, a portion of the employees still report to the DLS that they cannot. So, even during and after the pandemic, many employees will need to come into the office to work. Below, you will find the primary industries that report they must go into the office to fulfill their job role. This information can help you choose which city to invest in, depending on if these industries are prevalent there.

Construction and Architecture

As you know, construction must be done in person. However, construction workers rarely come into the office to do their job duties since they must be on the worksite. This is why many investors brush off the idea of buying office space in an area near construction companies. But, construction managers do need an office to do their work.

For the most part, the managers and executives of a construction company need offices to do their jobs. In the same vein, those in the architecture field need offices as well. This is due to the software and technology they need to do their jobs. For this industry, upper-level employees need special equipment and tools to come up with blueprints. They also need meeting rooms to collaborate and plan their team’s work. By being remote, many mistakes can be made in the planning process, so it’s vital these meetings happen in person. Any mistake can cost the construction company thousands of dollars. So, this means this industry typically requires office space.

Engineering

Engineering is another industry that requires its employees to work in the office. Just like construction and architecture, engineers require specialized equipment and software at their desks. There are many different subindustries for engineering, and many require engineers to sit at their desks planning, designing and strategizing. The software and tools needed for many engineers to do their jobs often cannot be brought home, which makes it impossible for them to work from home. So, for areas with many engineering firms, it’s a great idea to invest in an office space.

Sales Offices

Many sales offices are open for their employees. These businesses are usually niche-specific such as electronics, paper products and even furniture. No matter what they sell, some employees have noticed how difficult it is to sell products to people over the phone or Zoom. At the end of the day, it’s very difficult to sell a product when someone can’t see it or feel it for themselves. Despite the boom in online shopping, there are many things people prefer to purchase in person. So, sales offices often need to meet in person.

Working from homeWhat About the Success of Remote Work?

As you have likely heard, remote work is going very well for many businesses. According to one study, multiple industries are far more productive when they work from home. However, some companies will let their employees come back to the office environment once the pandemic is over. In fact, multiple large companies will let their employees choose whether or not they would like to be remote. For example, companies like Twitter, Airbnb and Qualtrics are all giving their employees options to work from the office once they can open their offices again. About 40% of employees report they are willing to come to the office a few days per week in the future. So, office space will still be in demand, even if remote working is instituted.

Get Around the Remote Working Boom: Purchase a Business Park

An option for investors is to purchase a larger business park, and lease out the space to multiple companies. Many organizations will likely want to downsize their office space as employees choose to work remotely a portion of the workweek. Because business parks are designed to house multiple businesses, it is much less expensive to lease them. So, there is a high chance businesses will move to business parks to save money, a crucial effort in today’s economy.

However, do keep in mind that business parks are not authorized to reopen in many states (as of November 2020). So, this may affect the rate in which businesses lease out your business park. But, once your state has approved people to work at their offices, it is a good time to invest in a business park. Utah is one of the states that is allowing people to occupy office space, as long as they follow safety procedures. Our commercial real estate brokerage helps investors in the Salt Lake City, Utah area, and we can help you find a great office space to invest in. Contact us today to get started!

When is Time to Purchase a New Office Space?

When is Time to Purchase a New Office Space?

Having a designated space where you and your employees can perform your daily tasks is important. When you don’t have an organized space to perform your daily duties, productivity can lower. So, purchasing a new office space can be a great business decision. In this blog post, we are going to cover why and when to purchase a new office space.

Why to Buy New Office Space

An office can be defined as a building or a section of a building where a company performs its day to day operations. The office can either be big or small depending on the business. It is a place where employees of a company can come together to conduct meetings and work together. A company can have one main office and also, that same company can have other branch offices that are located in other places.

There are several benefits of having your own office space:

Customer Perception

How you present your company says a lot to customers. In particular, it can impact the individuals’ perception with respect to the professionalism of your business. This standard can likewise be applied to when potential customers come into the office for gatherings. Without a physical office space, most customer interactions would be email or phone calls. Whereas with your own business office space, you have a spot that you can feel confident welcoming customers to. This can be important to big customers as well as to make more sales for you.

Training of Employees

Training employees can be done in different ways. Offices give employees an open setting to gain new skills, build themselves and represent the company. It also gives open access to help from team members and superiors. Training virtually is possible, but it can take much longer than it would in an office setting.Purchase new office space

The Best Time to Purchase a New Office Space

Now that you know the benefits of purchasing an office space, let’s discuss the best time to purchase one. The first few months after launching your business are stressful. At the start, getting an office may not be a priority because your major focus will be securing your first clients for your business. Hopefully, you will move quickly for a few months, and while it’s stressful and tiring, it’s also beneficial for profits. You can work out of a coffee shop or even at home because your only focus would be on how to make your business grow.

With time, things start changing and your business starts to grow. You are going to find you require a new office space eventually. When you start hiring new employees and have no space to meet with them, there is certainly going to be a need to expand. Below are the following ways to know you are ready to purchase a new office space.

During a Dip in the Commercial Market

Typically, most new business owners are worried about finances when it comes to buying an office space. They need a less expensive space that will meet their needs. This is why a dip in the commercial market is a great time to purchase an office. When there is a dip in the market, an office space will be far less expensive to buy. So, you can get a large, big office for your team at a lower cost. When you hear there is a dip in the commercial real estate market, consider seeking out an office space to save money.

purchase a new office spaceWhen You Have a Downpayment Ready

You should only consider buying an office when you can afford it. With that being said, it’s best to have a downpayment ready for an office space. Business can sometimes be unpredictable, so you need to make sure you can afford the space, even during slow months. This is why it is often the best choice to put down a large downpayment, so your monthly mortgage is lower. Having a smaller downpayment can lead to larger monthly expenses, which is usually undesirable.

When Your Team Outgrows Your Current Space

Many times, teams outgrow their current office space as they add new members. In this case, it’s best to buy a new office space quickly. A lack of space can hinder productivity and can cause frustrations amongst employees. So, when your team outgrows your current space, it’s time to look for a new one. For example, if you have an office that suits one dozen people, but you need a much larger team now, you will need a new space. While this can be a pain for business owners, it’s a sign of a booming and successful business.

Buying a New Office Space

If you would like the benefits of an office space or your situation matches the best times to buy, it’s time to start looking! However, deciding to get an office should not be done in a rush. You will hopefully be in this new space for a long time. So, pay close attention to the properties and diligently look for the perfect choice. We always recommend using a commercial real estate broker for help with your search.

If you are in the Salt Lake City, Utah area, our team can help you! Contact us today so we can find the perfect office for your business.

Buying vs. Leasing a Warehouse: Which is Best?

Buying vs. Leasing a Warehouse: Which is Best?

Many business owners find themselves considering the pros and cons of buying a warehouse. The conversation around buying vs. leasing a warehouse is a common one for business owners because of these pros and cons. Whether or not buying a warehouse is a good idea for a business owner seems to be up in the air. However, we believe it truly depends on your individual situation. In this blog post, we provide insights that will hopefully help you decide whether or not you should buy a warehouse.

Buying vs. Leasing a Warehouse

When you are the owner of a large business that sells products, you likely need a warehouse to operate effectively. Warehouses have the proper equipment and space for you to operate your business and fit your employees. You may need space to store and ship merchandise. Or, you may need a space to actually manufacture products to sell to customers. No matter what it is, selling a large number of goods requires a warehouse to hold them at some point. If you have come to this realization, you may be wondering if the right move is to buy or lease a warehouse. Below, you will find the pros and cons to consider.

Buying a Warehouse

Buying a warehouse is a very big decision for a business owner to make. When you buy a warehouse, it needs to be because you plan on remaining in the space for a long time. Warehouses are a very big investment to make, which means your finances need to be in order before you apply for a loan. However, this doesn’t mean buying a warehouse isn’t a good idea. In fact, it’s a smart investment if you are in the position to make it.

Buying vs. Leasing a Warehouse

Pros:

  • You own the warehouse, which enables you to operate freely.
  • Your property will likely appreciate in value, which earns you money when it’s time to sell.
  • You aren’t paying more than what the property is worth, as the landlord needs to make a profit.
  • When you are ready to move, you can lease out the space if you want an extra stream of income.
  • You don’t have to worry about your landlord increasing the cost of rent before you renew your lease.

Cons:

  • When you own a warehouse, you are responsible for everything, including the roof, utilities, and machinery if anything ever breaks. With renting, these responsibilities are on the landlord.
  • Business success is somewhat unpredictable, so you may grow out of your warehouse, or become too small for it.
  • You will most likely need to take out a loan to pay for the property, so you need to have your credit score and finances in check before applying.

Leasing a Warehouse

Buying a property to operate out of isn’t as common as you may think. Most businesses operate out of a leased warehouse space, in which a landlord owns it as an investment property. In fact, a large majority of the skyscrapers you see in downtown Salt Lake City are owned by landlords and leased out to businesses. For many businesses and their owners, it just makes sense to lease out a space. Many people don’t want the commitment of owning a property, which is completely understandable. After all, when you buy a space, it is likely because you plan on spending several years at the location. This is very forward-thinking for many business owners, as they plan for their businesses to grow quickly.

Pros:

  • You aren’t tied to the property for decades, or have to go through the selling process.
  • You are not necessarily responsible for any issues on the property like air conditioning repairs, pipe repairs, or flooring.
  • If your business is booming, you can decide not to renew your lease so you can move into a larger property.

Cons:

  • You will have to move your entire inventory, employees, and machinery to a new location if you don’t renew your lease.
  • Your landlord can increase the cost of rent before you renew your lease, which is very common.
  • You won’t make a profit on your investment if the property appreciates in value when you occupy it.
  • You are somewhat limited to how you customize the space or operate in it depending on your contract’s terms and landlord’s wishes.

Buying vs. Leasing a Warehouse: Which is Best For You?

We hope this blog post helped you develop an opinion on buying vs. leasing a warehouse for your business. Go over the pros and cons, and consider which is best for your plans and business. If you have any questions about whether you should buy or lease your warehouse, feel free to contact us. We would be more than happy to help answer your questions. Our team helps many business owners with finding the perfect commercial property. From our expertise, we can put you in touch with a property and the ideal contract for your commercial needs.