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Variables to consider when acquiring commercial space

On Behalf of | Jul 7, 2020 | Real Estate

While some New Jersey business owners may be able to run their companies from home, this is not always possible. Those who need to acquire commercial space will have to consider several variables when deciding whether they want to lease or purchase it. Depending on where a company plans to operate, it may cost roughly the same to rent a space as it would be to buy it. Furthermore, there may not be any commercial properties for sale in the area where a business is headquartered.

However, companies that are willing and able to purchase a building may find that there are many benefits to doing so. For instance, an organization will have total control over how a structure is used and maintained. In many cases, the building itself will appreciate over time, and it may also be used as collateral to secure a loan or line of credit.

If a company wants to generate more revenue, it may be able to do by subletting some or all of the structure. However, those who consider subletting will need to make sure that they are ready to take on the responsibility of being a landlord. Finally, businesses who own their buildings outright may have fixed overhead costs for many years to come.

Buying or renting commercial real estate may allow a company to obtain a greater level of financial and operational stability. A lawyer may review a lease or purchase agreement before it goes into effect. Doing so may help business owners better understand their rights and responsibilities after a deal is signed. Legal counsel may also assist those who are looking to terminate or renegotiate their current lease agreements or have questions about subletting their buildings.

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