Should Your Business Lease New Office Space in 2019?

Here's the scenario, your startup and/or small business is growing. You've hired on more staff, increased your product line, expanded marketing efforts—all tremendously good signs when it comes to future projections for your enterprise. Now the big question: you are starting to feel a little cramped in your original quarters. In fact, most would say you have outgrown the place altogether. So, is this year the year to make that big move and relocate to a workspace that can sufficiently house an expanding company such as yours?

Pros of Relocating to New Office Space This Year:

• Bigger more dynamic space equals more intellectual freedom. Think about some of the more prominent companies out there and their subsequent headquarters. The Googles and the Microsofts of the world give their employees not only large spaces but more flexible spaces, open spaces. This encourages collaboration, a freer flowing working environment and it has been proven to be quite a bit more intellectually stimulating than your typical boxy, cubicle enclosed office spaces.

• It may cost more, but you can write it off. Sure, the expense may be bigger, but remember you're thriving, this is your year! And keep in mind, you can write off your lease and rental costs.

• You have the chance to move to a more attractive location. The old adage, location, location, location applies to commercial real estate as well. Perhaps you're currently situated in a relatively slow-moving, barely seen spot in which it is nearly possible to get any decent exposure. This is your opportunity to move to a highly visible locale with a ton of traffic.

• You can restructure your lease agreement. Maybe where you are currently doesn't offer the best of terms as far as leases go. Now you can search for a better deal and consequently negotiate more favorable terms for your up and coming company.

Whether you are looking into leasing new space, or maybe even purchasing office space in 2019, First Union is here to help. Our flexible business loan programs can help get you the money you need to make your office space dreams come true—call us today!