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May Q&A: Available now
This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
As many retail stores and small businesses continue to scale back due to the long-ranging effects of the 2020 pandemic, the market for commercial property is changing. Is this a good time to consider buying an office building or storefront? If you're currently renting but would consider owning a building, it may be helpful to understand the local real estate market and whether you should lease or buy commercial property.
The decision to rent versus own commercial property is based on several factors, including your type of business, tax planning strategies and the resources you have available to help manage a property. When real estate prices drop and prime commercial space becomes available due to shifts in the economy, buying opportunities may arise. Ultimately, weighing the pros and cons can help you make the right decision.
Some advantages of owning the property your business operates out of include:
However, there are some potential drawbacks to consider.
In addition to considering the pros of ownership listed above, your purchase's timing also plays a role. Circumstances may arise that make ownership a more attractive solution. These might include:
Before you commit to purchasing a property, take a look at your current situation to decide if leasing works better for you. Renting office or retail space may be the right decision if you're dealing with one of the following situations:
Knowledge of the local real estate market can help you decide whether to lease or buy commercial property. Location is a factor, as with residential real estate. Buying a property for your business can be a highly individualized decision, but it's also a rewarding one if you're prepared to take on this venture.
This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.
Third parties mentioned are not affiliated with First-Citizens Bank & Trust Company.
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