There comes a time in the natural progression of a small business when the owner begins to contemplate their strategy regarding the real estate their business occupies. Many if not most small businesses start out renting, or in borrowed space in a garage, basement or spare bedroom.
The beauty of renting your business space is that as your needs change you have the flexibility to change the space you occupy. Need more space? Maybe your landlord has an adjacent suite next door. Going to bring your manufacturing in-house? Time to move to industrial space. Did that perfect downtown location you've had your eye on just become available? Lease that space without crushing your capital by having to own it.
On the other hand, leasing takes the certainty of controlling your location out of your hands, or at least confines it to the term or your lease. And owning your real estate can be a powerful wealth building tool, whether it's to take advantage of the benefits of leasing from yourself, capture depreciation, or to offset your cost of ownership by leasing some of your unused space to others. All of these decisions can absolutely impact your business and personal bottom line, and of course should be reviewed with your accountant or tax advisor.
The same Field Guide to Investing in Real Estate that NAR provides and we've cited for residential rental investing has some great articles on commercial real estate investing. CBGreatLakes.com also has a dedicated search for Commercial Real Estate.
Commercial Real Estate is a complex and technical field, which is why we have the best trained commercial brokers in our market area and dedicated Commercial real estate services to serve our clients. Use the search above to identify properties and make an inquiry, or call our Traverse City offices at (231) 929-2300 and ask to speak with a commercial broker.