Finding Office Space in PEI
Whether your business is moving from a home office, expanding into a larger workspace or establishing a new location, PEI offers a range of office properties for sale and lease. The right space will depend on your location, size, budget, client-access and operational requirements.
Why Consider Your Own Office Space?
Having your own office space can provide many benefits for your business. It can help increase your visibility with clients, create a more professional setting for meetings, support future growth, and provide an appropriate working environment for employees and clients.
Buying Office Space
Purchasing office space may involve buying a standalone office building, a commercial condominium or a mixed-use property. Some buildings may also include additional offices, retail space or residential units that can potentially generate rental income. Buyers should consider the additional management, financing and maintenance responsibilities that come with owning commercial property.
Commercial Mortgage Considerations
Commercial mortgage requirements can differ substantially from residential financing, including down-payment, appraisal, income and lender requirements. Buyers should discuss financing with a qualified commercial lender early in the purchasing process.
Leasing Office Space
If you are looking for a smaller amount of space and a lower financial commitment, rented or leased office space may be the better option. Leasing can give you the flexibility to secure a professional location without taking on the full cost and responsibility of purchasing a building.
Understanding Commercial Leases
Commercial office leases can be structured in different ways. In addition to base rent, tenants may be responsible for some or all of the property’s operating costs, such as property taxes, insurance, common-area expenses, maintenance or utilities. Before signing a lease, confirm exactly which costs are included in the quoted rate and which are charged separately.
