The Space Debate: Lease vs. Build for Your Small Business
What should you do when your small business has outgrown your current space? The time will come when you need to hire more employees, implement an HR Department and take your business to the next level. You’re going to need more space. Should you lease space or build from scratch? Should you look for commercial land to build on or lease an existing building? Ensure that you have the space you need by building a commercial steel building.
Constructing your own building will be worth the cost in the long run. Leases often include restrictions such as, changing air conditioning vents, painting the walls or hanging things on the wall. What happens when your company outgrows the office space? You will either rent space on the existing or another floor of the building which can hike up lease fees, or you’ll be forced to move to an entirely new building. The cost of moving your entire office can add up fast.
Expansion in a commercial steel building is a more promising option than expanding to additional or larger leases in an office park. When you construct your own commercial steel building, you have an easier option to grow (correct permits considered). It’s smart to add extra space to your steel building plans to allow your company some initial growing room. Anticipating the need for expansion is not only a smart business practice, but also a positive flow of energy into your business’s future success.
When you decide to build your commercial steel building, make a wish list of your amenities. Do you want an open floor concept? How many private offices do you need? Will you require a full kitchen or just a sink and refrigerator? Building your own office means you have total control over the design. The exterior colors, roof, gutters, windows, doors and interior finishings can all be customized to suit your exact needs. A leased space forces you to make-do with the existing structure and sacrifice taste and design.
Not sure how you are going to pay for your building? Design a strip building and finish the inside to include more than one office space. Take one office space for yourself and lease the remaining spaces; using this method, the building will basically pay for itself. Plan for four times the space that you need, build out the interior of your building to include four office spaces and lease them for profit. Steel buildings are easier to assemble than others because they take less time, require less equipment and fewer materials–saving you money in the long run.
When the time comes for your next expansion of space, adding on to your steel building is a more viable option than adding on to a cement block-built building. Steel buildings have an advantage when it comes to expansion, add-ons are easier.
Finding the perfect space is a challenge. When faced with the option to build or lease, be smart. The time to plan your perfect commercial steel building and be sure to contact Armstrong Steel so that we can help you build the perfect office space.Photo courtesy: Daniel Oines