Though it may seem like an unfamiliar concept, a commercial condominium is very straightforward. An office condo is still a condo at its core, and functions the same way that a residential condo does, just with a different purpose. Many small and medium businesses find that an office condo is a solid investment, allowing them much more stability and versatility than renting office space typically provides.
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What does an office condo look like?
A growing trend in commercial real estate, office condos are typically part of a mixed-use building that often hold small retail, restaurants or cafes, and offices. Regal Plaza development, a mixed-use condominium in Mississauga, is a prime example of this type of commercial condominium. Located near Pearson Airport, Regal Plaza offers retail, office space, and an addition to the existing Holiday Inn for the most convenient access for business trips. With this type of building, businesses can purchase one unit or a number of units that they require and customize them to best suit their needs as a business, all with access to stores and hotel rooms for the ultimate business convenience.
SAMM Holdings’ Regal Plaza mixed-use development featuring office condos.
How does it work?
In the same way that residential condo owners share in the building amenities, so do office condo owners. Common spaces are co-owned by all office condo owners, landscaping and maintenance is handled by a condo board and their property manager, and owners all share the benefits that come from these factors.
Who does an office condo work for?
Not every business is suited for a condo space. A rapidly growing business, for example, can’t predict the amount of space they may need in the future, and owning their own office space is too permanent of an investment. For businesses that know the approximate size they will need in the future however, an office condo works perfectly. Businesses like an architecture firm or a doctor or dental office are likely to only need a certain amount of office space over many years, so there is little risk of them outgrowing their office condo. With a consistent size requirement and the additional factor of the option to customize your office space as needed, a commercial condo is the perfect fit if your business requires versatility and a set amount of space.
Why should a business owner invest in a condo space?
The independence and financial responsibility that comes from condo ownership carries from residential into commercial condos. Ali Akman, SAMM Holdings’ President, suggests that “the equity gained from owning your own office space is invaluable to the future of your business. It provides a significant boost to the value of your business without the massive investment of an entire office building.” Purchasing an office condo is the same sort of investment that purchasing a residential condo is - a source of equity that remains stable and isn’t subject to the risk of rental increases from landlords. The stability that a commercial condo provides puts them at a high value to business owners.