Sitting right along the Mississippi River, ranked as one of America’s largest retail cities, Minneapolis has nurtured a number of Fortune 500 companies and a host of business powerhouses such as 3M for a good reason. For instance, other than a thriving economy, Minneapolis office space for lease attracts some of the most talented and also qualified employees from across the country. This high influx of labour is mainly due to its incredibly high rates of employment. If you own a business here or recently moved here and in need of office space, you have two options — to buy or lease. Here is why in Minneapolis, office space for lease is better than the latter.
#1 Leasing Has a Low Financial Commitment
Buying an office in Minneapolis has its benefits. However, it comes with a lot of upfront costs. Depending on factors such as location and size, you are usually required to put down a large down payment. On top of the initial payment, you also have to handle other costs, such as appraisal and maintenance costs.
Leasing, on the other hand, eliminates all the mentioned costs. You are only required to put down a refundable deposit, which depending on your landlord, may be equal to one or six months’ rent. This frees up your money and enables you to invest in business growth opportunities whenever they come your way.
#2 Unlocks Your Access to Prime Property
Your entity’s office location dramatically impacts how potential clients and partners perceive you. For instance, businesses based in posh areas and modern office spaces are often seen as financially sound by prospects.
Meanwhile, the same prospects tend to question the potential as well as the longevity of business situated in ordinary or developing areas.
One of the reasons why Minneapolis is so popular with investors and entrepreneurs is its favorable business climate. As the primary business hub for states like Seattle and Chicago and the third best city for startups, Minneapolis offers all enterprises, from small to large business opportunities to thrive. This means with the right strategies in place, propelling your business to success is easy. In that breath, while purchasing your office premise is great, you cannot just walk away once you outgrow it. While Minneapolis office space for lease, on the other hand, offers impressive flexibility. Once you outgrow a space, all you need to do is let your landlord know, pack up your stuff and move to a bigger space. What’s better is that you’ll usually get your deposit back, which means setting up the office in your next location becomes a breeze.
#4 Tax Credits
Another great benefit of leasing office space in Minneapolis is the tax deductions you enjoy. You are usually allowed to deduct lease payments as well as other expenses associated with the mentioned on your taxes. Moreover, leasing has less tax paperwork, which further makes your work easier.
The decision to buy or lease office space in Minneapolis comes down to your current business size, capital, goals as well as size. If you’re still unsure, make sure you consult your financial planner and feel free to browse through credible office space websites like Office finder to search for the perfect Minneapolis office space for lease.