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Office Condos – A Growing Trend in Metro Vancouver
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(Posted on Apr 30, 2016 at 06:20PM by Michelle Bogle)
There is a growing trend occurring in major commercial real estate markets, like Toronto and Vancouver, and that’s office condos.
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Many business owners and young entrepreneurs are turning to purchased office space, versus rental units, as it’s an ideal way to build equity.
Instead of paying hundreds of thousands of dollars over the next 30 years, condo office owners are generating equity, which can be used to fund their futures and even retirement nest eggs.
Instead of paying hundreds of thousands of dollars over the next 30 years, condo office owners are generating equity, which can be used to fund their futures and even retirement nest eggs.
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In fact, according to recent industry reports, the demand for office condos in Vancouver is high thanks to low interest rates, strong price-per-square-foot growth, increasing lease rates and opportunity to build equity.Â
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Just six years ago, in 2010, only 31% of office condo buyers in Vancouver were investors. Since then, that number has grown to an unbelievable 83% by 2014.Â
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With this new trend, office condo investors are enjoying the benefits associated with ownership, including fixed and clear costs in a world of increasing lease rates, full control over the look and feel of their spaces, prospects of capital gain and no longer having to worry about leasing contracts and expiration dates. Instead, they can focus on growing their businesses, while reaping the benefits of increased equity over the years.
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Much like home ownership, office ownership is a solid investment in your financial future. To learn more about office condo developments within the Vancouver Metro Area, please contact us to speak with our office asset specialists.
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