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Deciding whether to buy or rent an office in Manhattan is not made by a “one-size-fits-all” perspective. You have to determine square footage, cost, future growth, space for employees, and industry needs. Also, you have to know your position and if you have the capital to buy a place of your own.
Location is crucial. Know your target market, demographics, and their locations. Geographic needs may limit your options for buying or leasing commercial real estate.
Lastly, you will ultimately have to face legal issues during the process, such as negotiations, paperwork, and contracts. Working with a real estate attorney for office purchases in Manhattan will make the process a lot less confusing and leave you feeling like you made the right choice to buy or rent.
Over the next few sections, take a look at some key differences in buying or renting an office space, as well as the benefits and drawbacks of each element.
When leasing or buying an office in Manhattan, you’ll have to negotiate and sign a contract. Being really specific about your needs will give you less negotiating room with the property owner. Leases can range from 1 to 5 years, and the majority of them are renewable.
Pros of Leasing:
Cons of Leasing:
When purchasing an office in Manhattan you’ll most likely want to have a Special Warranty Deed issued. It protects you against liability for debts or damages caused by the previous owner.
Pros of Buying:
Cons of Buying:
As with any major decision, hiring a professional that is looking out for your best interests can save you money, time, and future stress. A real estate attorney for office purchases in Manhattan can share his or her knowledge about the local neighborhoods that will be right for your business.
Give us a call at (646) 759-0400 or send us a message at the law offices of David J. Aronstam. We can arrange for a free, no-obligation consultation to help you gain clarity during the decision-making process.