10 Keys to Buying Office Space

  • Define and understand your needs. Make sure the decision to buy a building fits in with your business plan.
  • Allow flexibility for growth or contraction.
  • Evaluate the opportunity as an investment as well as how the property fits your needs. Do a lease vs. buy analysis as a part of your financial analysis.
  • Know the market and your alternatives.
  • Do space planning and costing prior to removing conditions to purchase.
  • Evaluate your opportunity costs. Is the investment return comparable to the additional return you could get from investing the money in your business?
  • Compare value with a build to suit option. How much more would it cost to build your own building if this option is feasible.
  • Have an exit strategy. Know how you will divest yourself should the need arise.
  • Obtain the services of a professional representative to avoid costly mistakes. They do this for a living and can help make sure your decisions are sound.
  • Location, Location, Location is an important key for appreciation and resale.
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