Office space: renting vs. buying?

Goldburger

Hi All, So a few years ago, my friends and I started up an online business, and, for the most part, it has been moderately successful. Although right now, it is just the three of us working from out of my home; we have begun the process of taking on more employees and are now seeking to expand our operation. In the next few months, we should have around 8-10 employees working for us, and since we obviously will not be able to accommodate them in my home, we also have begun to search for new office space. So my question to you guys: Would we be better off Renting or Buying office space? We are located in the Greater Philadelphia area, and after a little searching, I came across this video (thought it was kind of cute) for American Executive Centers (http://www.youtube.com/watch?v=VQnqe3yHqHE has anyone ever heard of them/know if they would be a good fit for my business? Thanks for the help everybody.

pinnacleoffice

Well, its pretty clear that if this is the first time ever you are setting up business then renting out office space is the best option. Not only that, if you are running low on finance then also renting is the best option of buying.

adamluther

The decision to buy or to rent an office work space may at times be really tough. However, from my personal experience, renting an office space can give you access to a prime spot without the extra expenses.

summitbldg

I would like to add that the third option which is very popular these days among business owners is virtual office service. It is a kind of service which lets you to set up your office virtually without paying any kind of rents or paying the price for buying propety.

peterstoke

If you alone are working in your business or are working with family members then its best to have a virtual office space set up. And, if its a small or medium range enterprise then it would be best to rent an office space, as its not that easy to buy properties in this recessional economy.