A smart new office was once a symbol of prestige, after all – if you can afford to buy a smart office you must be successful in your chosen niche. This is true of a lot of companies and has been true for decades. The recent economy problems and recession has highlighted that there can also be a lot of pitfalls to buying property with a mortgage and being tied to big property purchasing loans and if there is a downturn in business and you cannot afford to keep up repayments then it can lead to businesses failing and bankruptcy.
Sorry if this all sounds very depressing and negative but there is a big positive. Renting Shoreditch office space can be a cost effective and safer alternative to buying. By researching and renting office space you can find prices, contract lengths and locations that will perfectly suit the needs of your business without the big worry of actually owning a property and having the additional stress of maintain it should there be a downturn in the economy which directly affects the welfare of your business. Renting office space is particularly useful if you are a small business or are not established and are just starting out. If you have just took on a massive business loan then additional borrowing to fund the purchase of premises might be unfeasible or may just seem too risky.
The benefits of buying office premises rather than renting office space is that eventually you will own the property and as property prices tend to rise over the years you may make a profit if you ever decide to sell. It’s common to hear people say “renting is just throwing money away” which can often be true however it also offers less risk for people looking for work premises. There are so many possibilities now when renting office space that you can end up with far better premises than if you had bought. You can now rent brand new office space of varying sizes designed to perfectly match your needs and with modern amenities and other facilities that you would not get in other fully purchased properties.