Atlanta, Georgia is a burgeoning business hub with a metro area already some 4.5 million strong and still growing.
Office space, both permanent and temporary, is a basic need of a wide variety of businesses, and not all of them can do with a small corner of the building. Nor is it befitting the image and success level of many flourishing businesses to “go cheap,” especially when important clients and business associates will be visiting the office and will see in it a first impression of what that business is all about.
And while there are many viable real estate possibilities, both as to leasing and buying, for Atlanta-area office space, one of the most popular and often most luxurious options is a condo unit.
Below, we will first look at some basic benefits of luxury condos in Atlanta for business purposes, and then at some pros and cons of leasing versus buying.
High-rise Luxury in the Heart of Atlanta
To impress potential new clients, retain the top-tier employees in your industry, and put forward a truly affluent image to the general public, your business can do no better than to rent/buy a luxury-level condo unit in Atlanta.
One of the best neighborhoods for business and one where some of the most prestigious condominiums are located is the West Midtown. Quick access to Atlantic Station, other public transportation, elegant shopping and dining opportunities, and to iconic area attractions make this a prime place to locate your business.
The high ceilings, floor-to-ceiling windows, and open designs of luxury condos create an ambiance that is conducive to a high level of professionalism. Luxury pools, hot tubs, and spas, full room service, and the full gamut of amenities add flavor and charm to your business setting and give workers a great place to relax at day’s end.
To Buy or Lease: That Is the Dilemma
Once you have decided on a luxury condo as your choice for office or meeting space, the next decision is whether to buy or lease. It is not always an easy choice to make, as there are many factors pro and con in favor of each route.
Buying has the following in its favor:
- Long-term known and fixed costs.
- You can deduct your property tax and the interest paid on the mortgage.
- You can lease part of the unit out or for part of the year to generate extra income.
- If the property depreciates, it’s a write-off; if it appreciates, you ultimately sell it and make a profit.
Buying does, however, lessen your level of flexibility by locking you into a long-term mortgage. And the upfront costs and ongoing maintenance expenses can be high. Plus, tying up your money by buying a unit outright could reduce your ability to get another loan or use that capital to generate business or investment income.
Leasing exposes you to possible changes in rent and other expenses at the end of your term, and of course, renting doesn’t give you any equity for your dollars. But leasing does have the following in its favor:
- Without the added burden of property management, you have more time to focus solely on running your business.
- You have greater flexibility to relocate in the near future without serious financial repercussions.
- Your capital remains freed up, allowing you to invest it and use it as collateral on needed loans.
In the final analysis, both leasing and buying a luxury condo in a key Atlanta business zone are both great options. Which option is best varies from business to business.
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