February 2016
Office condos offer businesses the opportunity to purchase rather than rent office space.
Hullmark Corporate Centre, one of the first to offer office condos, combines office and residential condos within the same building.
One of the problems in renting office space is a lack of equity and never ending rental payments.
Yet some businesses are not comfortable with paying hundreds of thousands of dollars to “lease” space over a period of perhaps ten to thirty years.
Office condo space is considered suitable for small professional services operations such as law, medical and insurance offices. For such small businesses that are often operated by the owner, an owned space can be used to support a future retirement by selling the property or leasing it to others.
Office condos, also described as commercial condos, don’t make sense for all businesses. It may be less expensive for many businesses to rent rather than own. Long term ownership of a small space may not be suitable for a business intending to grow or move to another area over time.
Hullmark Corporate Center offers over 200 commercial condo units within 2 high-rise buildings containing residential condo suites on the upper floors. During 2010, 137 commercial condos were purchased. Only three remained available as of this past September.
Hullmark Corporate Centre is situated at the corner of Yonge St. and Sheppard Ave., minutes from Highway 401. The strong interest in office condos at Hullmark may be because the complex is uniquely situated so close to the highway.
