Evolution Of Office Condominiums – Corporate Condos Of Yesterday And Today

Evolution Of Office Condominiums – Corporate Condos Of Yesterday And Today
May 18 16:44 2019

So, all that you knew before was that you can either purchase a commercial property on a sale, rent it out or take it on lease. But nowadays you hear a new word buzzing in the real estate market – Condominiums. Yes, Condominium is the new mantra in the real estate era right now. In this article, we shall see what condominiums actually are and how they work(ed) in the corporate scenario.

What are Condominiums?

A condominium refers to the joint ownership of a piece of property by a group of persons and the individual units (like individual flats, houses or rooms) belong to the individuals completely and the community centres like the swimming pool, play area, parks, etc are owned by the members of the association. The association collects monthly funds from the individual owners on a monthly basis for the maintenance of such common properties.

Office Condominiums

Gone are the days when you had to pay hefty advances and rent for an office space. Instead of paying the huge amount, you can now buy condominiums for offices at cheaper rates and lesser maintenance, just like the riviere near great world mrt. It has a number of office spaces which are out for condo possession – this means that you own your little unit of office and is jointly an owner of the whole business park. You pay for the maintenance of the pathway, park, etc.

The Yesteryears of Office Condominiums

Before the coming of companies that could offer sites like the riviere near great world mrt out on condos, or even the concept of condos, you could either rent the property or purchase it or occupy it on a lease agreement. While rented or leased properties could not be manipulated without the permission of the owner or the landlord, purchasing the office space at such an early point in their career, was a difficult job for any entrepreneurs.

That would mean a huge investment in the office space and other such expenses, which would deviate their investments on liabilities than assets. To solve such issues, the concept of condominium ownership came into existence.

Office Condominiums today

Today, it is needless to say that office condominium ownerships have made the lives of entrepreneurs very easy because they reduce the burden of investments on office space, which would prove disastrous for an entrepreneur who is in the initial stages of his business. With an office condominium ownership, he/she could purchase his office at lower rates than the purchase rates and pay for the maintenance on a monthly basis.

This was all that you had to know about the office condos of yesterday and today – their past and present. Without any doubt, this concept will become very popular in the next few decades with the rising number of entrepreneurs in the market.

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