When a business operator needs more space due to market expansion, the topic of using a warehouse may come up. Then the question becomes whether leasing or purchasing a warehouse is the best option. Greater Cleveland has many available warehouse spaces. Here are a few of the pros and cons of leasing or buying warehouse space in Cleveland to help you decide what’s best for you.
Renting Warehouse Space
You can find a Cleveland warehouse for lease that’s the right size and location for your business. Leasing a warehouse allows business owners to have more options in terms of location and size, and it brings other advantages, such as not having to pay a down payment. You can use your money to grow the business in other areas and remain nimble because you’re not tied down by owning the building.
Some of the things that may prompt a business to expand its warehouse capacity include the need for extra inventory space when in-house storage is filled, seasonal warehousing during peak demand times, or growth through a new business line. Consumer demand for faster delivery also may be a reason businesses need warehouse space. By leasing a warehouse, businesses can meet distribution demands at costs that fit their budget.
Buying Warehouse Space
If a business owner chooses to buy a Cleveland warehouse, he or she will have to pay higher upfront costs and will be responsible for the cost of maintenance and repairs, which can take up a lot of time and money. But, then that warehouse is yours as both a resource and an investment for your business. You can use the space however you please without the need to abide by landlord property owner rules.
Greater Cleveland Commercial Property Markets
- Downtown Cleveland is a model location because it is centrally located. A warehouse in this area has lots of parking and walking and convenient access to restaurants. Additionally, many commercial spaces in the area utilize their warehouses as mixed-use properties.
- Old Brooklyn, a west side neighborhood about five miles south of Downtown Cleveland, extends east-to-west from the Cuyahoga River to Brooklyn and north-to-south from the Brookside Park Valley to Parma. Due to the access to all major highways, Old Brooklyn is an excellent location for a commercial warehouse.
- Parma is known for its rich culture and history. This city offers warehouse options with convenient parking and curb appeal. Neighboring businesses are vital considerations when narrowing down your property list.
- Warrensville Heights is a suburb of Cleveland that offers an urban and suburban mix, making it a good option for warehouse space in Cleveland.
A warehouse can help streamline your supply chain and fulfill your storage needs to reduce the production gap. This means you can receive, store, distribute and ship products with ease, saving time and money. Ideally, when choosing a warehouse, you want to look at a location that will make the most sense for your operation, taking into consideration access to your suppliers or your target market.
At CRESCO Real Estate, we offer options to lease or purchase warehouse space in Northeast Ohio. Located right here in Cleveland, we are available to assist with all of your commercial real estate needs.
Do you have any questions regarding our services? Feel free to reach out to us at any time. We look forward to serving you!
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.