With 3 million small businesses (PDF) employing almost 5 million people, Texas is an entrepreneurial hub. However, that does not mean finding great office space within your budget is always easy. Rather than spend your precious time and dollars purchasing offices, consider these 7 reasons to consider leasing office space for your RGV enterprise.
1. Lower Costs
Buying office space can be expensive. In McAllen, for example, the purchase price of office space ranges anywhere from $500,000 to more than $5,000,000.
In comparison, leasing office space is often much less costly. For example, upfront costs are lower, because you do not need to provide a down payment or closing costs.
Long-term costs are also lower, because you do not need to budget for maintenance or utilities. Even your taxes are lower, thanks to deductible rent payments.
You can even save money by not paying high real estate prices for offices in the most desirable, and professional, areas of town. Leasing may end up costing you less than a mortgage payment for an office. Those lower costs can make obtaining your ideal office space easy and affordable, even on the traditionally tight small-business budget.
2. Improved Cash Flow
Lower costs create another advantage of leasing office space: Improved cash flow. Instead of sinking business capital into real estate, you can keep it on hand to make investments in other business necessities.
For example, as more and more RGV small businesses move toward online sales, you may need cash on hand to make that move for your own business.
Regardless of what you use it for, having more cash on hand can make responding to market changes, hiring needs, and growth opportunities much faster and easier than if you had spent your money on a large down payment or high annual taxes.
3. Growth Opportunity
The goal of every small business is to grow. Purchasing an office space can make it harder to achieve that goal by locking you into a particular space that does not grow with you.
What if your business suffers a setback and you can no longer afford a large office area? What if your business grows rapidly and you find yourself needing more offices in a year or two?
Leasing makes it possible to change as your business changes. No waiting to build equity in your real estate. No struggling to sell your office. Just change your lease when your needs change and keep growing without restrictions.
4. Desirable Location
Your office location is the very first impression customers have of your company. You want to make a good one with a location that is professional, upscale, and convenient.
Unfortunately, offices in these kinds of locations, such as the Arts District in McAllen or the courthouse area of Edinburg, tend to be very expensive. They may not be affordable for small businesses that are just starting out.
Leasing your office space, however, makes it possible to place your business in the best parts of town without exceeding your budget. You can move into that stylish downtown office more quickly and begin impressing customers with a great location on your website and business cards.
5. Office Amenities
Chances are that your business needs more than just office space. You will likely need other amenities to keep your business secure, attractive, and running smoothly.
Many office spaces for rent provide these amenities free of charge. Consider, for example, all of the benefits you receive when you lease space from Via Executive Suites:
- 24/7 security
- Friendly and bilingual office staff
- Ground maintenance
- Conference rooms
- Mediation rooms
- Patio space
- Break rooms
- Complimentary Starbucks coffee
- And more
These amenities not only create a more rewarding work environment. They also save your small business time and money, since you do not have to implement or pay for any of these services as you would have to do if you purchased your office space.
Your business needs are, in some ways, unique. Finding office space that can fit your needs and flex with your business is important if you want to thrive.
Purchasing an office space can limit you in some ways. As mentioned above, you may have difficulty moving to a larger or smaller space when your business changes.
In addition, you may find that purchasing your office space reduces your financial flexibility. With a leased office, you can change your office space when your lease is up, allowing you to pursue less expensive options if your budget requires it, but also putting larger spaces within reach if you desire them.
7. Built-In Maintenance
Office spaces often require significant maintenance in order to keep them looking nice. For example, parking lots must be paved, and potholes filled in. Light bulbs must be changed. Landscaping has to be kept up as the seasons change.
When you lease an office space, your landlord handles the maintenance of the building, including all of the following tasks:
- Parking maintenance
- Minor repairs
- Major building improvements
In addition, instead of renovating a space to fit your needs (e.g. Turning a space into a hair salon), you may be able to find an office space for rent that is already configured to your business needs.
For example, here at Via, we provide a variety of office spaces that are designed for almost any function your business serves. From executive offices to virtual offices to beauty suites, you can find a space in the RGV that requires minimal restructuring for your business.
Leasing office space is easy and rewarding with Via Executive Suites. Our 4 business centers offer a variety of offices that come with an array of amenities. Make better work achievable for your RGV business, and contact us today about leasing office space through Via.