Philadelphia is Pennslyvania’s biggest city and is well-known for its rich history. It is a commercial and educational hub with less than a 5% unemployment rate. Forbes reported that the city’s gross metro product generated almost $130 billion. It also ranked as the 88th best place for business and careers.
The rapid-growing economy calls for a higher demand for office space for rent in Philadelphia. In 2019, the CBRE report stated that the city obtained the most flexible workspace yet. Coworking spaces are increasing in the city, especially around the areas of West Market Street. This article will walk you through five top benefits of renting instead of buying an office space in Philadelphia.
Better Geographical Opportunity
Real estate is getting more expensive, especially in the current market. In this competitive business world, trying to secure and buy an office space could mean getting priced out of the best business locations in Philadelphia. This is a massive disadvantage for small companies, especially startups since the site is critical to a business. The geography of a business affects not only the customers but also the employees. An accessible site allows clients and workers to find and reach the office conveniently.
On the other hand, office space for rent in Philadelphia is more affordable and plentiful. It also allows a small business to set up in an ordinarily unaffordable prime locale.
Purchasing and setting up an office space takes a lot of effort, money, and time. Business owners need to acquire office supplies and equipment, install phone lines and the internet, and purchase furniture and decor.
Rental office spaces, in contrast, are turnkey ready. They typically come with phone lines, WiFi, furniture, decor, and a dedicated space for snacks and coffee. The rental agency also offers its office manager so that business owners can focus on growing their business without having to experience the hassle of starting an office.
Gain the Advantage of Technological and Customizable Solutions
Aside from the essential office equipment, business owners can take advantage of the technological solutions a renting company provides, such as IT support and advance video conference solutions. The customizable office in Philadelphia can include made-to-order arrangements created to fit the business’s preferences and needs.
Business owners can also benefit from dedicated support, which will help them set up and get accustomed to the place. They may obtain many professional services, such as company registration and tax and accounting process set-up.
The size of an office in Philadelphia is based on the business’s needs. If a company gets more successful than expected, it may need to accommodate additional workers to manage the higher demand. If, however, a company fails to achieves its intended goal, or it does not need as many workers as it thought, then it may need to scale down.
When purchasing an office property, business owners will be more constrained when it comes to their options in the office’s size and scale. Too many employees may cause the space to be too cramped, while too few workers may cause additional areas to be wasteful. Rental office space, on the other hand, are more flexible and can be changed based on the business’s needs and duration. A smaller workspace in one year can become a more prominent space the next year, or vice versa.
Minimal Financial Burden
One of the key advantages of renting an office space in Philadelphia instead of buying one is that the former alleviates business owners of every financial obligation in the building’s routine maintenance, such as repainting the walls. Technically, business owners are not liable for covering damages and maintenance expenses unless the employees are guilty of misusing the supplies provided, such as destroying commercial or private property or defacing the building.
Renting an office space can provide an ideal solution for many types of business. It offers a better location, hassle-free set-up, technological and customizable solution, flexibility, and lesser financial burden.