10 Keys to Buying an 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.