Now, what should you do... Buy the space? Or lease it? There are a few things to consider when deciding whether to lease or buy.
Do you have money for a down payment? If you are considering buying office space, you will be expected to have a significant down payment, usually between 10-25%. If you are leasing, you will not need anywhere near that much of a down payment. Leases usually only require first and last months rent, and sometimes security deposit. This is definitley something to consider.
How much do you expect your business to grow? If your company is fairly new and still growing, leasing could be the better option. You will be able to be more flexible with a lease, and it will allow you to move around if you need to. If your company is mature and stable, buying could prove to be the better option for fulfilling your needs.
Do you have the time/resources to care for your own property? If you lease, you will have a property manager to take care of any problems that might arise (lawn care, pipes busting, etc). If you own your own space, you will be responsible for taking care of all of that on your own, or you will have to hire your own property manager. Take this into consideration as well.
What about the taxes? Always important to consider, tax issues vary depending on whether you rent or own. You should ask your lawyer or tax professional about these factors and they can help you figure them out.
The decision to lease or buy office space is an important one, but doesn't have to be stressful. Consider your options, and make the best decision for the place you are at.
