Texas Office Condos Continue to Grow
While many US real estate markets have seen and continue to see losses in commercial real estate, Office Condominiums have emerged with the potential for continued growth. This innovative use of traditional condominium property has many advantages over leased office space.
Brownstone Office Condominiums is celebrating it’s fourth year of building office condos for small to medium size business owners in The Woodlands and now also at their Conroe and Houston locations. With over 94,200 square feet of office space closed and another 39,000 square feet under contract now, Brownstone is looking forward to serving the future office space needs of small and medium size business owners for many years to come.
The concept of using a condominium as an office is similar to residential condominium use. Instead of renting a suite of offices, a company purchases an individual unit in an office or retail building. Common areas are co-owned by all tenants and a board oversees landscaping and maintenance.
Similar to residential condominium use. Instead of renting a suite of offices, a company purchases an individual unit in an office a building or their own building. Common areas are co-owned by all tenants and a board oversees landscaping and maintenance.
Office condos are uniquely positioned to meet the needs of small- and medium-sized businesses such as medical and dental practices, lawyers, engineers, accountants, architects, real estate companies, mortgage brokers, general contractors, boutique investment firms—the list goes on and on.
Benefits of office space ownership versus leasing include:
- Significant tax advantages
- Building equity
- Property appreciation
- Customizable space
- Stable monthly expenses
- Ability to lock in a prime location
Perhaps the greatest advantage of purchasing office space in the form of a commercial condominium is the safety of a long-term mortgage (especially at current low rates) versus the uncertainties of the commercial rental market; rental properties are under the control of a landlord, and monthly rent can be raised or the lease terminated with short notice. Ownership of office space avoids these surprises.
Furthermore, both commercial and residential real estate investors are willing to pay premium prices over what others will pay for leased spaces.
25511 Budde Road, Suite 1603
The Woodlands, TX 77380