Why Renting a Commercial Property is Better than Buying in 2023

2023 has been a year marked by a cost of living crisis and higher than usual expenses across various industries, so it has become imperative for businesses to reevaluate traditional approaches to commercial real estate.

Surprisingly, the answer lies not in buying but in renting commercial properties.

With even large businesses like Wilkos and M&Co. succumbing to economic challenges and closing their doors nationwide, exploring the advantages of leasing office spaces or storefronts will prove crucial for those looking to thrive in this uncertain climate. By delving into the benefits offered by commercial property rentals, this blog aims to shed light on why this option should be prioritised over purchasing when considering your business's future success.

Renting a commercial property in Liverpool

Lower upfront costs

One of the main advantages of renting a commercial property instead of buying is the lower upfront costs involved. When purchasing, you usually have to pay a hefty down payment, which can be a significant financial burden for many businesses, especially startups. On the other hand, with a rental, you typically only have to pay a security deposit and the first month's rent. This allows businesses to allocate their resources more efficiently and invest in other areas such as marketing or equipment.

Another appealing aspect is that many of our rental prices include service charges and insurance. The cost of maintaining and insuring a property can add up quickly for business owners who decide to buy their own space. By renting, these expenses are bundled into one fixed monthly fee, making it easier for entrepreneurs to budget effectively without experiencing unexpected or inflated costs. This also relieves business owners from tedious administrative tasks associated with managing maintenance and insurance policies.

Flexibility and scalability

One of the key advantages of renting a commercial property is the flexibility it offers. When you rent, you have the freedom to choose a location that best suits your business needs and goals. This means that if you want to test out a new market or target a different audience, you can easily move your business to a more strategic location without the hassle and cost of selling an existing property.

Additionally, as your business grows, so does your need for space. Renting a commercial property with Centaur Properties gives you the ability to easily expand your operations by leasing additional space within the same building or even relocating to larger premises if necessary. This level of flexibility and scalability ensures that your business is able to adapt and thrive in an ever-changing marketplace.

At Centaur Properties, we understand that every business has unique requirements when it comes to space allocation. That's why many of our locations offer spaces available in varying sizes. Whether you need a small office or require an entire floor, we have flexible options to accommodate businesses at different stages of development.

Champions Business Park

Access to prime locations

One of the primary reasons why renting a commercial property is often a better option than buying is the access to prime locations. For businesses looking to establish their presence in highly sought-after areas, such as Liverpool's most prestigious business parks, renting provides an immediate solution. Take 66 Long Lane and Nelsons Business Park for example. These locations offer excellent visibility and easy access to major transportation routes that can significantly benefit businesses of all sizes. With a variety of property types available including offices, workshops, and industrial units, there is something to suit all requirements.

If you're looking for something outside the city centre, Champions Business Park in Birkenhead is an excellent option. With modern office spaces from 150 to 700 sq ft and industrial units from 400 to 35000 sq ft, companies have the flexibility to adapt and grow as needed. In today's rapidly changing market, being able to quickly respond to shifting demands and adjust infrastructure accordingly can be critical for success.

Reduced maintenance and repair responsibilities

When you rent a commercial property with Centaur Properties, your rent includes a service charge. This means that any common area maintenance fees or building insurance costs are included in your monthly rental payment. This can provide added peace of mind knowing that these expenses are already accounted for and won't come as unexpected additional costs.

Option to upgrade or downsize easily

When it comes to businesses, flexibility is key. Renting a commercial space offers just that - the ability to easily upgrade or downsize as your business needs change. This level of adaptability can be crucial for startups or rapidly growing businesses who might need to scale up their operations quickly. Rather than being locked into a long-term commitment with a purchased property, you have the freedom to adjust your space requirements without the hassle and costs associated with buying and selling real estate.

Renting also provides more financial predictability. With fixed-lease terms, businesses have a clearer understanding of their monthly expenses and can better plan for budgetary fluctuations.

By choosing to rent rather than buy, businesses can avoid tying up valuable capital. This extra cash flow can be used for other important purposes such as investing in technology upgrades or additional staff. Renting offers businesses the opportunity to focus on their core operations while leaving property ownership concerns behind.

Renting provides more advantages than buying in 2023

Renting a commercial property in 2023 offers numerous advantages over buying. It provides flexibility and allows businesses to adapt to changing needs and market conditions. It can also be more cost-effective, as it avoids upfront costs such as down payments and mortgage interest.

If you are looking for commercial property to rent in Liverpool, Centaur Properties can assist with finding the perfect space to meet your business needs. Contact us today on 0151 525 5569 to discuss viewing or availability and take advantage of the benefits that renting commercial properties can offer.