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The Past And Present Of Office Condos
Total Articles: 9
The condos concept came into practice in the year 1970 when small residential apartments were offered on lease for small families instead of large premises. This concept of shared utilities and partial ownership soon got popular as holiday homes. The concept makes it possible for low-income groups to acquire a small part of some expensive property and enjoy benefits of excellent location and amenities within their budget range. This also saved the investors from paying recurring rent which served no benefits at all; neither ownership nor tax-rebate, and allowed them an opportunity to own a home at their favorite holiday destination where they could spend their vacation.
The same concept has recently been implemented in commercial world too where a single office building is divided into multiple condos with shared utilities and sold to individuals at rather lower prices than they would otherwise have to pay for. Herein each of the owners has full control over his or her office space and has common rights on other utilities or properties such as parking space, corridor, lobby, toilets, garden, etc. It works in exactly same manner as it does in shared residential condos and all the common rules are set through mutual agreement or by elected administrative body.
In the year 1990 many builders had invested huge money in building large business premises to provide for office requirements of technology industry which was booming then. But the bubble burst sooner unexpectedly and most of these premises were left unoccupied and builders in heavy financial crisis. The option they were left with was to sell it in pieces to small buyers rather than keep waiting for wholesale. This is where condo concept geared up in the commercial world.
The trend caught speed as property brokers found these office spaces easier, faster and more profitable to sell to small businesses and entrepreneurs instead of searching for big buyers. The idea also got clicked in the minds of wise business owners who were not willing to invest their initial money in buying costly offices but still wanted to own an office and were looking for economical options.
Office condos were more important for those who were not able to acquire costlier premises as their money was more usefully involved in business. The other appealing benefits are promoted as control of the site, tax benefits, and financial saving which count a lot to small business owners. One cannot decorate rented premise willingly due to limitations set by its owner. Besides office condos are available in several sizes and in good locations of the cities. The availability of office condos in the most commercially occupied areas of the cities are providing an opportunity to new entrepreneurs start their business with location benefits which is a major advantage.
If you are also looking for an affordable office condo to establish your business you should start searching it online first. Chances are you will get one in or near your desired location at affordable rates. Start exploring now.
If you are also looking for an affordable office condo to establish your business you should start searching it online first. Sugar land commercial real estate for sale, near your desired location at affordable rates.
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