Forget your typical commercial space. Moving your business into a condo is a rising trend.
The latest fashion in the real estate market is buying or renting an office condo. Condo office space is available in plenty, and the trend is becoming very popular. Like everything else in business, there are advantages and disadvantages of moving your business into a condo. For some, the record tells that it has proven success to many, and for others, traditional commercial real estate has always brought profits. Office condo businesses are rapidly growing across the country; however, they are still not in fashion in the major metropolitan areas.
Advantages of Office Condos
Buying or leasing an office condo gives freshness to the workplace with plenty of residential changes located in the suburban parts of town. The atmosphere is peaceful and often located in prime suburban neighborhoods with plenty of amenities in the surrounding area. If you are fond of the rush city life can bring, then a condo may be the right choice for you.
Although not every project is suited for condo businesses, they may serve as a good location for dentists, lawyers and chiropractors.
Ownership of the office property is a good investment and has shown good progress over time over purchasing a piece of commercial real estate. In addition to that, office condo owners have the advantage of IRS code 179 according to which $100k is deducted in cases of progressive depreciation through the first seven year period.
Disadvantages of Office Condos
The office condo environment may not suit businesses that are uncertain of the space they require. Although many of the office condo units are very spacious, they do not go well with businesses that require space for heavy equipment. A firm that does not have a clear idea of their needs should avoid a condo purchase or long-term lease.
Businesses that depend on clients coming and going may face hassles due to lack of parking space. Office condo parking is limited. However, consider condo establishments in an area where clients can easily access additional parking options.
As with any real estate deal, it’s good to know everything before signing on the dotted line.
Be careful about the area when you are doing an investment
For example, commercial real estate for sale in Texas is an intelligent investment. It grows significantly every year, so the resale is a brilliant idea. If you have decided not to sell, you can lease it and get residual income. Either way, the key to finding the perfect commercial real estate investment is research.
Eldridge Pointe provides office condos and Sugarland commercial real estate for sale. Visit www.eldridgepointeofficecondos.com.