When Should You Buy Or Lease Office Space?

Like many businesses, law firms often face the quandary of deciding to purchase or lease office space. While property ownership comes with several potential financial and tax benefits, it also frequently brings hassles and headaches that you can avoid by leasing space. The correct choice will depend on your firm's current financial, competitive and geographic circumstances.

The Pros and Cons of Buying

One of the draws of buying your space is the control of both the property and the costs. You can make substantial improvements without requiring landlord permission and you avoid the risk of the landlord deciding to use the property for a different purpose. By locking in your long-term cost with a mortgage, you escape inevitable rent increases.