They say those are the three most important words in real estate. They are and your location can have a major effect on your business.
Some of the things you consider when you are looking at locations is not only where you are but also does that location provide you with the space you need to run your business. That was part of the thought process behind the Morgan Lewis law firm deciding to stay at 6 Penn Center.
Even though their lease wasn’t up when you are dealing with the space needs of a large law firm you constantly have to be watching the market to make sure you are in the best spot. This means do you have enough room for your staff now and if you need to grow along with calculating the cost of the space.
Many of the older buildings in the city are gorgeous but those old classics come with a price tag. You need to keep up with maintenance and any renovations when you need to make sure you have internet and other modern conveniences.
Location also means determining how long you are going to stay. If you choose to stay longer you can usually get a better deal with your landlord but that locks you into the location. You need to evaluate your future needs far enough out to see if it makes financial sense to commit to a long term lease.
Real estate in Philly is always changing so pay attention to the best place to be for your business.
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