The Flexibility of leasing office space

For many firms, renting office space might work out better than purchasing an office condominium unit. Thus, a company that is growing rapidly may require additional space every few years. This type of company might do better with short term leases or with a long term lease containing options to acquire additional space in the building at specified future dates. A condominium office building can be expected to have infrequent turnovers, and obtaining additional space may be difficult, although some condominiums use a right of first refusal requiring unit owners selling or leasing units to offer them to the other unit owners. An office tenant can move out at the end of the lease without worrying about disposing of the leased premises. The key is flexibility when you expect growth. In the Medical field, doctors and dentists do not usually experience the kind of growth that requires the same flexibility so in these cases an office condominium may work better, taking some advantages of ownership. The same is true for other professionals. Therefore the success of some professional office condominium projects. For these doctors or professionals owning may have better financial and/or tax advantages, making it a lot more attractive than leasing.