Abstract

When starting or growing your business, you may need to decide whether to

buy commercial property or enter into a commercial lease.

At this stage, it's advisable to seek professional business advice. Accountants,

solicitors and other business advisers can advise whether it's in your best

interests to buy or lease your business premises and equipment, as well as the

tax implications of each option.

I. Introduction

In Brisbane, Australia, we’ve grown up with the idea that we should buy our

own home. The phrase ‘rent money is dead money’ has been drummed into our

heads. This line of thinking often spills over into our business when deciding

whether to lease or buy a commercial property but buying commercial

property for your business is very different from buying your home.

Our clients often ask us whether they should be buying rather than leasing and

the answer will differ for each business and what stage they are at.

However, there are some important things to consider:

Banks will often require you to have a much larger deposit (around 30%

to 50% of the property’s value) to borrow money to purchase a

commercial property. Do you want to tie up so much capital in a

property?

The maintenance costs of an owned property can be significant. Wouldn’t

you be better off investing that money into your business?

Investing in a property means that you are likely to remain there for at

least five years – Is your business likely to grow and need more room

before then?

Do you want to remain in the same location long-term?

Still not sure which is right for your business? Here’s how leasing and buying

compares.

LEASING BUYING Your property costs are spread out over the term of the lease

Initial upfront cost, but then lower ongoing costs

Cost of capital and structural repairs are paid by the landlord

Ability to make structural changes to the property to suit your needs

Free up capital to invest in your business rather than property

You have an asset (hopefully appreciating) for the business

You are able to lease prime property in a prime location with less budget restrictions

You have full control over the property and can make changes to suit your needs as your business grows

Ability to sub-lease if the property no longer meets your business requirements

You can sell the property if you no longer need it

You have the flexibility to relocate at the end of the lease if your business needs change

You can sell the property or lease it out if your business needs to relocate

No responsibility for the building if it is damaged due to fire, storm, floods, etc.

Never having to rely on landlords and agents to arrange building repairs

Other factors that may influence your decision to buy or lease can include the

use of the property and the type of business you operate. For example, if you

are a car mechanic servicing a local area, the fit-out of the building (grease

traps, wash facilities, vehicle hoists) could require a considerable cash outlay

along with substantial structural changes that a landlord may not approve of.

In this instance, you may consider purchasing the property to enable you to

make changes to the property that fit your needs.

If you are operating a retail store, leasing the property would be a better

decision in most circumstances, as the cost to purchase a retail space in a good

location would be considerably high and there is an abundance of retail spaces

available to lease. Should you wish to relocate to a similar property your

chances of finding something suitable are quite high.

Both leasing and buying commercial real estate Brisbane requires a big

commitment for a business, both professionally and financially. It is important

that you get it right the first time! Have a buy versus lease analysis prepared by

your accountant or property specialist to determine what will work best for

your business. Once you have made the decision whether to buy or lease, you

need to ensure that the commercial terms of the contract or lease are

favourable to you, and a professional can assist you with this.

II. Summary Of Buying vs. Leasing Commercial Real Estate Brisbane

We conducted a detailed analysis on a real commercial real estate Brisbane

property for sale. We found that buying commercial real estate Brisbane is a

better option than leasing if you plan to stay in the same location for 7 or more

years. If you plan to stay in a single location for less than 7 years, then leasing

might be a better option.

This is because we found that over a 15-year occupancy period, leasing

commercial real estate costs as much as 86.6% more in our example than

buying commercial real estate. However, when the expected occupancy period

drops from 15 years to 7 years, the cost of leasing is actually less than buying

commercial real estate. This makes 7 years the “breakeven” point for buying vs.

leasing.

Our analysis takes into account the following:

Up-front costs

Monthly recurring costs

Opportunity costs

Tax savings

Asset price appreciation

Increases in business equity

Money earned in the sale of property

However, when deciding to buy or lease commercial real estate, there are other

factors you have to consider, including:

Will you outgrow your space?

Do you want to deal with the hassle of maintaining a property?

Can you afford to tie up liquid capital in commercial real estate?

Do you want the flexibility of a lease or the stability of a mortgage?

Local trends in the commercial real estate market.

For an in-depth look at our detailed analysis and how we arrived at our

conclusions, jump down to the example section below in this pdf.

With this in mind, let’s take a look at the general benefits and drawbacks of

buying vs. leasing commercial real estate Brisbane. This should give you a

better understanding of the right option for your business.

III. Benefits Of Buying Commercial Real Estate Brisbane

Commercial real estate is a long-term asset that stores its value fairly well. For

this reason and more, many business owners are interested in investing in an

owner-occupied commercial real estate space. The benefits of owning your own

commercial real estate property are as follows:

1. Equity Upside

The beauty of buying commercial real estate is that your monthly loan

payments help you build equity. This is because a portion of those monthly

payments goes towards paying down your principal loan amount. When you

eventually sell or refinance your property, you can extract the difference

between the remaining loan amount and the current fair market value as equity

for your business.

This is in contrast to leasing commercial real estate since lease payments go to

the landlord and no principal is paid down. Buying commercial real estate gives

you more upside when compared to leasing commercial real estate.

2. Asset Appreciation

When you own commercial real estate you can also take advantage of asset

appreciation. This appreciation represents the increase in the value of your

property over time.

For example, the U.S. Commercial Property Price Index has increased by as

much as 26.2% over the last 10 years. When you eventually sell your

commercial property, you earn capital gains equal to the difference between

the purchase price and the current fair market value. We discuss capital gains

in the detailed example below.

3. Rental Potential

Businesses that buy commercial real estate typically occupy more than 51% of

the commercial space. The remaining space can be rented out to tenants. These

tenants can include retailers, restaurants, companies that need office space, and

more. This means that there is a lot of rental income potential when buying

commercial real estate.

However, keep in mind that if you rent out part of your space to tenants, you’ll

typically have to act as a landlord and deal with the various requirements. If

this is too much of a headache, you can also hire a property management

company, but this will eat into your profit potential from renting.

4. Tax Benefits

Those who buy commercial real estate can deduct the following when

calculating tax payments:

Interest expense

Depreciation expense

Non-mortgage related expenses

These expenses can be multiplied by an average corporate tax rate of 35% to

find the dollar tax savings. However, since the full amount of the monthly loan

payments can’t be deducted (only the interest expense), the tax benefits when

buying commercial real estate are typically lower than leasing commercial real

estate.

Most mortgage-related expenses, such as closing costs and origination fees,

typically can’t be deducted for tax purposes.

5. Control Your Property

When you buy commercial real estate you control your property. When leasing,

landlords have certain rights built into the lease. For example, many landlords

negotiate rental increases, giving them the legal right to raise the rent on a

tenant’s lease at least once a year.

This means that when you lease a commercial space you might be at the whim

of your landlord. If average rental increases are around 3% a year, and if you

have a 36-month lease, your rent can increase as much as 9.3% over the life of

the lease, if not more. This can create instability for a lessee.

However, situations like these won’t arise when you own your own property.

Instead, you’ll have peace of mind that you have a fixed monthly payment for as

long as you stay in the space. This means that your monthly payment will not

be tied to the commercial rental market.

IV. Drawbacks Of Buying Commercial Real Estate Brisbane

While there are many benefits of buying commercial real estate, there are also

natural drawbacks. Many of these drawbacks stem from the fact that

commercial real estate is a hard asset and is therefore an illiquid investment.

1. Upfront Capital Requirements

When you buy commercial real estate you’ll typically have to invest as much as

6x more in upfront costs when compared to leasing commercial real estate. This

is due to the fact that most people who purchase commercial real estate finance

the purchase with a loan that requires up to at least 10-20% as a down payment

(but his number can easily climb to 40%).

Other upfront costs include:

Due diligence fees

Closing costs

This is the largest drawback to purchasing commercial real estate since many

businesses don’t have the capital requirements necessary to cover the costs.

2. Increased Liability

Owning a commercial property also comes with increases in liability. First,

you’ll be responsible for the health and safety of the people inside it. You’ll also

have to deal with the repairs and maintenance of the property itself.

If you decide to rent out a portion of your property to other tenants, you’ll also

have to assume the liability of property manager, which forces you to take out

additional insurance policies and comply with more stringent legal

requirements.

Some business owners find this to be too much of a headache. Instead, they’d

rather lease a commercial real estate building and focus on their core business.

3. Downside Risks

Just like with any investment, there is the risk that the asset can actually decline

in value. When this is the case businesses actually lose money on their

investment.

For example, if you purchase a property for $250,000 and the value of the

property declines over a 5-year period to $225,000, you’ll lose $25,000 if you

decide to sell. In recession environments, it might be cheaper to lease rather

than buy due to the risk of owning an asset that might decline in value.

4. Lack of Flexibility

Since commercial real estate is an illiquid investment, there’s less flexibility

when compared to a commercial real estate lease. For example, lease terms can

be as short as 3 years while mortgages can last for 15 – 30 years. This means

that when you buy commercial real estate it’ll be harder to move to a new

location or expand your current space.

This also means that your capital is tied up for a long period of time, creating

potential opportunity costs. For example, the down payment needed to buy the

property could be allocated elsewhere in the business, possibly generating a

higher return.

V. Benefits Of Leasing Commercial Real Estate Brisbane

A lease is a legally binding contract that gives you certain rights to a property

for a set term.

You should never sign a lease without understanding all of its terms and

conditions. If you don't understand what you are agreeing to, you could

experience serious financial and legal problems. (Source-

https://www.business.qld.gov.au/starting-business/premises-location/leasing)

While it may seem prudent to invest in a real estate asset, there are many

benefits of leasing commercial real estate. Most of these benefits come from

greater flexibility when compared to buying commercial real estate.

1. More Liquidity

When you lease commercial real estate, you’re required to commit

comparatively less in terms of upfront expenses. For example, the types of

upfront costs you should expect to cover include:

Security deposit

Pre-lease inspection

Attorney fees

Possible broker’s fee

Overall, the amount of the upfront costs can be as much as a 6th of the costs

associated with buying commercial real estate. This provides your business

with more liquidity since less of your capital is tied up in a long-term asset.

2. Tax Benefits

Like buying commercial real estate, there are many tax benefits associated with

leasing commercial real estate. Specifically, the types of costs that you can

deduct when calculating your taxes include:

Lease payments

Property taxes

Property insurance

Utilities and maintenance

Unlike buying commercial real estate, it’s possible to deduct the entire amount

of your lease payment. This gives you more tax savings, on average, when you

lease commercial real estate.

3. Greater Flexibility

Since lease terms are typically between 3 – 10 years, there is more flexibility

when leasing commercial real estate. This means that you can move locations

or expand the size of your commercial space much easier than if you bought a

commercial real estate property.

Further, there are often more properties available for lease when compared to

properties available for sale. This gives you more options and greater flexibility

regarding the types of properties you can occupy. What’s more, many of these

lease options might be too expensive to purchase, but affordable to lease for a

few years.

VI. Drawbacks Of Leasing Commercial Real Estate Brisbane

Of course, the benefits of leasing commercial real estate naturally have their

own drawbacks. The majority of these drawbacks come from a lack of control

over your commercial property.

1. No Investment Potential

Since you don’t own your commercial space, you won’t be able to take

advantage of long-term investment potential. This means that you can’t earn a

return in the form of price appreciation in the event of a sale or refinance.

What’s more, you won’t be able to build equity in the property, further reducing

your income potential.

Finally, since you can’t act as a landlord, there’s no rental income potential. All

of these factors greatly reduces the potential return and increases the

comparative costs of leasing vs. buying commercial real estate.

2. Higher Monthly Payments

Depending on the lease agreement, you can end up paying a higher monthly

payment when compared to a monthly loan payment. For example, a triple net

lease agreement, which is standard for retailers, holds tenants responsible for

such costs as:

Monthly property taxes

Monthly retail insurance

Monthly utilities and maintenance costs

This, coupled with the lease payment, will often cause the monthly lease to be

more expensive, on average, than a monthly loan payment.

3. No Property Control

Since you don’t own your commercial property with a lease, you’ll often be at

the whim of your landlord. For example, lease agreements usually outline

annual escalations, which is the annual amount your landlord can raise rent

prices. Other lease agreements stipulate scenarios when the landlord can

terminate your lease, such as in the case of an anchor tenant leaving.

What’s more, once your lease ends, your landlord is able to increase rent above

and beyond the escalations outlined in your previous agreement. The result is

a lack of control over your property and what you’ll typically pay.

VII. Example of Buying vs Leasing Commercial Real Estate: Costs,

Savings, & Terms

VIII. Buying Commercial Real Estate Example Brisbane

Upfront Costs

Buying commercial real estate will typically have more upfront costs when

compared to leasing commercial real estate. This is because businesses usually

use a commercial real estate loan to help finance the purchase. In our example,

the upfront costs we should expect to incur when buying commercial real estate

include:

Due diligence fees: $10,000

Closing costs: $4,000

Down payment: $51,396

Due diligence fees are the fees related to the loan application and approval.

These costs include such things as a property assessment, attorney fees, permit

fees, inspection fees, and more. These costs are taken directly out of the loan

and don’t come out of pocket.

Closing costs are typically between 2% – 5% of a commercial property’s

purchase price. In our example, we should expect to pay $4,000 in closing costs.

Like due diligence fees, these costs are taken directly out of the commercial real

estate loan and don’t come out of pocket.

Finally, most commercial real estate lenders require that borrowers cover up

to 20% of the purchase price as a down payment. This means that in our

example, we’ll invest roughly $51,396 as a down payment, found by multiplying

the $256,980 purchase price by 20%.

The upfront costs for purchasing the commercial property in Aurora, IN come

to $65,396 total. However, only $51,396 of these upfront costs are out-of-

pocket. The rest are taken directly out of the commercial real estate loan.

Total Recurring Costs

Owners of commercial property are typically responsible for loan payments as

well as all costs associated with operating the commercial space. This means

that in addition to our annual loan payment, we should expect to cover the

following annual costs:

Annual property taxes: $6,000

Annual retail insurance: $1,500

Annual utilities and maintenance costs: $13,500

This gives us an annual recurring cost of $21,000. However, we’ll also have to

calculate our annual loan payment and factor it into our recurring costs.

To do so, we subtract the $51,396 down payment from the $256,980 purchase

price and add the $14,000 in closing costs and due diligence to get a loan

amount of $219,584. Assuming a 6% interest rate, we used this mortgage

calculator to find our annual mortgage payment of $22,235.64.

This gives us total annual recurring costs of $43,235.64. To extrapolate this

annual recurring cost over the 15-year life of the loan, we assumed a 2% annual

rate of inflation, giving us total recurring costs of $700,528.23 over the 15-year

occupancy period. You can see our full calculations in this spreadsheet.

Total Tax Savings

The tax savings when purchasing commercial real estate are comparatively

more complicated than with a commercial lease. Using our example, when you

buy commercial real estate you should expect to deduct and save the following

when calculating taxes:

Total interest expense tax savings: ($113,951.42) x (35%) = $39,882.99

Total non-mortgage recurring costs tax savings: ($366,992.68) x (35%)

= $128,447.44

We used this mortgage calculator to find our total interest payments over the

15-year loan of $113,951.42. We also took our total recurring costs minus our

loan payments and arrived at $366,992.68 over the life of the loan. These

recurring costs include property taxes, retail insurance, and utilities and

maintenance. Multiply each of these numbers by an average tax rate of 35% and

you find your total tax savings for each.

We should also expect to save taxes on our total depreciation expense of

$79,607.69. We found this depreciation by first subtracting the estimated value

of our land and then depreciating the remaining value over a 39-year period.

We assume that the value of the land is roughly $50,000, giving us a value of

$206,980 that we can depreciate.

This means that we can deduct $5,307.18 per year in depreciation for 15 years,

giving us our total depreciation expense of $79,607.69. From there, we multiply

our total depreciation expense by a 35% tax rate to get a tax savings of

$27,862.69.

This brings our tax savings to:

$39,882.99 + $128,447.44 + $27,862.69 = $196,193.12

However, if we sell the building at the end of the 15-year loan, we’ll also have

to pay capital gains taxes around 15% and a depreciation recapture around

25% (unless you use a 1031 exchange).

Using a compound interest calculator, we assume an increase of 2.5% on the

value of the property, bringing the price from $256,980 to $372,183.66 over the

15-year period. This is a value increase of $115,203.66.

Of the $115,203.66, we’ll have to pay a depreciation recapture of:

($79,607.69 depreciation expense) x (25%) = $19,901.92

We’ll also have to pay our capital gains tax on the sale unless we use a like-kind

exchange to defer taxes, which is found by taking:

[($115,203.66 gross profit) – ($79,607.69 depreciation expense)] x

(15%) = $5,339.40

Subtracting both of these numbers from our previous tax savings of

$196,193.12 gives us a total tax savings of $170,951.80.

Total Gross Earnings on Sale of Property

Buying a commercial real estate property is the only way you can profit off of

its sale. Leasing commercial real estate doesn’t give a business any profit

potential.

Using our example, the profit potential in a sale of the property after 15 years

is $115,203.66. We calculated this in the section above by taking a compound

interest calculator and assuming an annual 2.5% increase in the value of the

property. This brings our gross profit to:

($372,183.66) – ($256,980 original price) = $115,203.66

Remember that this is a gross profit number and doesn’t take into account

capital gains taxes or depreciation recapture. However, we included these

numbers in the tax savings section above, giving us an accurate total savings /

total cost amount when summed together.

However, since the loan is paid off in full after the 15-year term, when we sell

the property, we’ll actually receive $372,183.66 in cash, of which the

$115,203.66 is taxable profit.

Total Opportunity Cost

Opportunity costs are one of the biggest factors that go into the buying vs.

leasing decision-making process. Opportunity cost represents the

opportunities lost by investing your money elsewhere.

For example, if we decide to buy our commercial real estate property, we have

to pay a total of $53,559 more in upfront costs when compared to leasing. This

is found by the following:

($65,396 buying upfront costs) – ($11,837 leasing upfront costs) =

$53,559

This is an opportunity cost because if you decided to lease instead of buy you

could invest your $53,559 elsewhere and possibly generate a higher return. To

calculate the opportunity cost, we assume that you can make a 10% return

investing elsewhere in your business. We also assume that investing in a

commercial real estate property will yield 2.5% per year in returns.

This means that the first year’s opportunity cost of buying commercial real

estate is:

$53,559 x (10% – 2.5%) = $4,016.93

If we use our compound interest calculator to calculate compounding returns

over the 15-year period, we get a total opportunity cost of $158,474.51.

If you are looking for a commercial property for sale Brisbane, here are the

various opportunities for you, like-

a) A Diamond Amongst The Stones

Type: FOR SALE

Property Features

Category : Offices, Retail, Land/Development

Land Area:1826 Square Metres

Building Area: 1587

Car Spaces: 33

Tenancy: Tenanted

Property Description

Representing a rare opportunity to acquire this stand alone commercial

building which occupies a dominant positon and represents a unique

opportunity for investors and developers alike.

For more information or to arrange an inspection explore-

https://www.commercialproperty2sell.com.au/details/a-diamond-amongst-the-

stones.php

IX. Leasing Commercial Real Estate Example Brisbane

Upfront Costs

If you decide leasing commercial real estate, you should expect to cover

comparatively fewer upfront costs. Using our example, if we lease our

commercial space we’ll incur the following upfront costs:

Security deposit: $2,152

Pre-lease inspection: $1,285

Attorney fees: $700

Possible broker’s fee: $7,700

The security deposit on a lease is typically between 1 – 6 months rent. For this

example, we assumed a $2,000 security deposit. The security deposit is used to

cover any damage or delinquent payments on behalf of the tenant.

Tenants will also typically want to pay for a pre-lease inspection and an

attorney to look over the lease agreement. The inspection cost is typically

around $1,285 and attorney’s fees can be anywhere between $400 – $2,000 (we

assume $700 for our example). Both of these are considered due diligence costs

and total $1,985.

Finally, tenant brokers also sometimes charge a fee. While the landlord often

covers this fee, it’s always safer to assume that you’ll pay tenant broker’s free

equal to 10% of the total lease amount. In this scenario, the total lease amount

is: $25,824 per year x 3 years = $77,472. Multiply by 10% and you get a

potential broker’s fee of roughly $7,700.

Therefore, the total upfront costs we should expect to pay when leasing our

property is equal to $11,837.

Total Recurring Costs

In our example, we assume a triple net lease, which is a standard lease

agreement for retail spaces. A triple net lease charges a comparatively lower

monthly lease payment but holds tenants responsible for other monthly costs

such as utilities and maintenance.

In our specific example, we should expect to cover the following expenses in

addition to our lease payments:

Annual property taxes: $6,000

Annual retail insurance: $1,500

Annual utilities and maintenance costs: $13,500

The total for these annual costs is $21,000. With a triple net lease, we should

also expect to have an annual lease payment of $25,824, found by taking the

3,228 square feet and multiplying it by the average $8.00 per square foot.

This means that our total annual recurring costs for leasing commercial real

estate are equal to $46,824. Assuming an annual 2% rate of inflation, the total

recurring costs for leasing over the 15-year period is equal to $813,578.01. You

can see our full calculations in our spreadsheet.

Annual Tax Savings

Calculating annual tax savings is much easier when leasing commercial real

estate. This is because you can generally deduct all expenses associated with

leasing, including:

Lease payments

Property taxes

Property insurance

Utilities and maintenance

Therefore, we can take our total recurring costs of $813,578.01 and multiply it

by an average tax rate of 35% to get a total tax savings of $288,895.25 when

leasing commercial real estate.

Total Gross Profit on Sale of Property

Since you don’t own a commercial real estate property that you lease, there is

no potential to sell the property and earn a profit. Instead, your business is left

to the whim of the landlord.

Total Opportunity Cost

The annual cost of a lease is typically higher than the annual cost of a mortgage

payment. This means that there is an opportunity cost equal to the difference

between the annual lease payment and the annual mortgage payment.

Remember that the annual recurring costs of leasing is equal to $46,824 and

the annual recurring costs of buying is equal to $41,817.96. This means that you

pay $5,006.04 more per year, on average, when you lease.

Using our trusty compound interest calculator, we can start with a current

principal of 0 and an annual addition of $5,006.04. Assuming an annual 10%

rate of return if the money was invested elsewhere, the compounded total

opportunity cost for leasing is equal to $174,959.75.

If you are looking for a commercial property for lease Brisbane, here are the

various opportunities for you, like-

a) High Growth Retail Centre in Calamvale

Type: FOR LEASE

Property Features

Category : Retail

Property Description

- Superb opportunity for food & retail available

- Area of 73m2 & 126m2 available

- Fully fitted restaurant operation

- Heavy foot traffic

- Join in with Coles, TSG, Asian supermarket, Bakery, Fruit & Veg, KFC and more

- Seeking food, health & beauty businesses

- Inspect immediately with Marketing Agent

Calamvale is a suburb on the south side of Brisbane, about 18 kilometres from

the Brisbane CBD. A relatively large suburb, it adjoins Stretton, Parkinson,

Sunnybank Hills, Acacia Ridge, Algester and Drewvale. It is well known as a

diverse, thriving multicultural suburb of Brisbane.

For details, explore https://www.commercialproperty2sell.com.au/details/high-

growth-retail-centre-in-calamvale.php

If you would like an expert recommendation and help with buying or leasing

commercial real estate Brisbane, explore here for better options.

https://www.commercialproperty2sell.com.au/real-estate/qld/brisbane/

X. How to Buy or Lease Commercial Real Estate Brisbane

When purchasing or leasing commercial real estate, you’ll typically want to

engage a broker or agent to help you search and negotiate. For more

information on when it makes sense to work with a broker, you can check out

our article on leasing commercial real estate.

If you’re thinking about purchasing commercial real estate, you’ll also want to

consider your various loan options. The loan you choose will dictate the overall

cost of purchasing commercial real estate. To help, we have a list of the top 5

commercial real estate loans.

Regardless of whether you want to lease or buy commercial real estate, in

addition to your cost / benefit analysis, you’ll always want to consider the

following:

Availability of property in the area

Current size of your company

Future expansion plans, if any

Average monthly cash flow

Amount of working capital in your bank

All of these factors will help you decide if buying or leasing commercial real

estate Brisbane is the right option for your unique needs.

Bottom Line

When deciding whether to buy or lease commercial real estate Brisbane, the

number one concern is typically the difference in costs. After running an

analysis, we found that any business that stays in a place for longer than 7 years

should consider buying commercial real estate.

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