If you are a business owner, in need of an office, your options are either an office for rent or a purchase of commercial property. We are going to look at each of these options and give you our opinion on the matter. We are the Fort Worth Design District, a funky enclave of commercial and industrial space for lease in the Alliance Area of North Fort Worth. Call us at 817-439-3224 for more information.
Now, though, let’s talk about that office you need.
Looking at an office for rent.
Of the two options we are discussing, office space for rent is the preferrable option if money is an issue. Depending upon the size of office, and the location of the office, you can rent an office for between $2000-$5000 per month in most cities. Add to that cost the cost of signage, the cost of insurance, the cost of furnishings and utilities, and you will be looking at an additional $5000-$10,000 to move in and open for business.
Please note that these are very rough estimates. There is no way to know what the costs will be in Kansas City as opposed to Los Angeles, or Bangor, Maine as opposed to Juneau, Alaska.
The rental agreement will be for a year, at which time you can renegotiate a new rental contract or pack up and find a new office to rent.
Rather than an office for rent, how about purchasing an office?
$100,000? $500,000? $1,000,000? What will a commercial building cost in your city? And once that initial outlay of cash has occurred, you are still facing the same secondary expenses mentioned earlier in this article.
The advantage to this option is obviously in the tax deductions inherent in purchasing business property, and also the appreciation in value when the market is strong.
Which is better?
We simply cannot answer this question. We can tell you that most small-to-medium sized businesses will opt for renting office space over purchasing it, simply because their budgets are too small to take on a major expense like a property purchase. If you are going to purchase commercial property, you better have a very healthy business with a strong outlook for the future.
If you are a small business owner looking for our professional advice, we would advise on renting over purchasing. The risk is lower, the initial costs are lower, and the commitment is less, and those points are all important for a small business trying to claw out a toehold in the business community.
A final word about Fort Worth Design District.
The Fort Worth Design District is actually three distinct business parks. We are Box Office Warehouse Suites, Paddock Place Office Suites, and the Golden Triangle Business Park. We are also a dog park, electric car charging stations, and the largest collection of graffiti art in the state, and we are a community of positive, energetic vibes.
We are locally owned and operated, and we have what you need i.e. warehouse for rent, shop for rent, office warehouse for rent, or retail space for lease. Call us and arrange for a tour of The District.