Buying a plush office used to be a status symbol for a lot of businesses, a way of illustrating that they had 'made it' or 'had arrived' and were now big players. This ethos worked for a lot of companies but for many others it has helped contribute to their downfall or caused major worries in times of financial crisis. Of course the benefits of buying property should not be ignored but in the current climate and following the country's economic downturn and the recession that has hit over the past couple of years, renting office space has proved to be a blessing for many businesses.
For many small businesses, renting office space rather than buying has saved them from going under and where renting used to be thought of as throwing money away as opposed to buying, more and more people are now choosing the option of renting office space. The benefits of buying premises rather than renting office space are that if you pay a mortgage you will eventually own the premises and if the economic climate improves it will be worth more than you originally paid for it so you could make a substantial profit. If you own the building you have the security of having a permanent fixed address plus you can make changes to the buildings appearance and interior without the having to remove it all and leave it in its original condition should you choose to move out, unlike when renting office space.
Renting office space in the current UK climate though seems to have far more benefits over buying, you can get state of the art premises for your business that you may not have been able to afford otherwise and the facilities are likely to be better than in older buildings. Office space can be tailored to perfectly suit your needs, from size to amenities, offices or factory space and other services such as furniture, telephones, broadband access and meeting room facilities plus one of the main benefits is the flexible lease terms. Should your company fall on hard times, you need to make cut backs and save money or you decide you need smaller or larger premises or a different location, having a flexible lease agreement rather than having to sell your premises before you can move are major benefits.