Businesses have a lot to look forward to in 2021. With the year almost over, one may believe that remote work is the new normal. Even so, there is still value in physical office locations and hope that companies can make use of this asset in years to come. If you are looking for new office space in the coming year, the office condo may be for you.
The History of the Office Condo
The office condo developed in the 1990s after a similar concept started in earlier decades. The condominium, a partial-ownership building for residential use, took form in the 1970s. One had ownership of their own apartment space while also sharing ownership of the common areas. This setup spread to the vacation home arena, in which families could own a spot without having to pay the large price for a single-family vacation house.
The 1990s brought about a big boom of large office building developments, the idea being that they could house the rapidly growing tech industry. However, when that didn’t pan out, builders offered the new properties in sections; thus, the office condo was born. Like a residential and recreational condominium, an office condominium offers ownership of a suite and shared ownership of common areas.
The Worth of an Office Condo
Many businesses are happy with their investment in an office condo. It offers financial stability and peace of mind, as ownership is more permanent than rent. It also usually appreciates, so the short-term loss of capital is not so bad in the long-term. Having an office condo also gives companies tax benefits.
How Companies Can Benefit
There are plenty of benefits to ownership. One is that businesses have more flexibility in developing and customizing their space, and another is that that sense of stability can heighten customers’ trust. Another general advantage of office condos is that they are more readily available in high-traffic areas. One can often find multiple options in different sizes and configurations at key locations.
Office condos don’t just have to be all together in one building. In recent years, one can see them in mixed-use facilities where retail, residential, and office spaces fit nicely together. Companies that have outgrown their space can purchase a satellite suite in a different part of the building or closeby.
Possibilities Near Me
If your target area is Frederick, Maryland, you’re in luck! Clagett Enterprises, a Frederick-based commercial real estate company, is now offering office condos for sale in Conley Farm: Corporate Center at Guilford Drive. For more information, contact Clagett Enterprises!
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.