Buena Park is located to the northwest of Orange County in California. It is also just to the northwest of Santa Ana, which serves as the county seat. According to the 2010 U.S. Census, some 80,530 people lived there, making it a relatively small city. Interestingly, although it is part of Orange County, it is found within the Los Angeles metropolitan area. Buena Park is very attractive to tourists, particularly because of the amusement and theme park Knott’s Berry Farm, as well as a number of other tourist attractions. Knott’s Berry Farm is also the city’s largest employer, with some 5,071 workers. Other top employers include Prologis, Leach, the Access Business Group, PepsiCo, J.C. Penney, ADP, Yamaha, the RIA Financial Services, and the City of Buena Park. Buena Park, then an agricultural center, was incorporated on January 27, 1953. Its economy, at that time, focused on citrus products, like much of the rest of Orange County, but also on wine and dairy. Today, Buena Park is a residential community, as well as a commercial hub.
Buena Park Office Buildings for Sale & Lease – Should You Buy or Lease?
If you are interested in office space in Buena Park, you can either buy or lease.
Let us take a look at the advantages of buying office space:
- Your monthly expenses are basically fixed, which means there would be no surprises, at least in terms of the amortizations.
- You can get really good tax deductions, including property taxes and mortgage interest.
- You can rent some of the office space to other businesses. This can help with the monthly costs.
- You can build up some funds, as the property is likely to appreciate over time.
There are also a number of disadvantages to buying office space:
- Not having much flexibility. This means that if you need to relocate, you will have to wait for a long time as it often takes several months to complete the sale of the property.
- Your startup costs will be substantial, primarily because of the down payment, which is about 30 percent of the total price of the property.
- You will also have maintenance, appraisal, and other property costs to pay.
If you lease office space, there are a number of advantages:
- You can get a prime property, which can greatly enhance your reputation.
- You have more working capital because there is no down payment.
- You can focus on actually running your business, rather than on the usual problems that come with property ownership.
If you lease office space, there are some downsides:
- Your monthly costs will gradually rise, because of rent increases, depending on the lease contract.
- You do not build up any equity in the property, since you don’t own it.
Let us take a look at the trends and statistics in terms of prices, supply, and demand for office space in Buena Park.
Buena Park Office Space for Sale – Trends and Statistics
- The average office property asking price, sale trends, in dollars per square foot for the county was $311.66, a three month decrease of 0.2%, but year-on-year increase of 11.3%. This is lower than the metro area ($317.28), but higher than the state ($226.32).
- The index of total available office space for sale in the metro area that includes Buena Park is 34, which is a 6% increase over the past three months, but a 3.7% decrease year-on-year.
- The index of total number of listings of office properties for sale in the metro area that includes Buena Park is 35, which is a 5.5% increase over the past three months, but an 8.4% decrease year-on-year.
- The profile view index for office properties for sale in the metro area that includes Buena Park is 138, which is a 19% increase over the past three months, and a 14.5% increase year-on-year.
- The index of total square feet of available office properties for sale in the metro area that includes Buena Park is 36, which is a 1.8% increase over the past three months, but a 19.5% decrease year-on-year.
Buena Park Office Space for Lease – Trends and Statistics
- The average asking rent for office space for lease in the county expressed in dollar per square foot per year is $24.33, which is a 1.9% increase over the past three months, and a 5% increase year-on-year. This is lower than the metro ($25.41) area, but higher than the state ($23.08) area.
- The index of total number of office space for lease in the metro area that includes Buena Park is 61, which is a 1% increase over the past three months, and a 3.1% increase year-on-year.
- The profile view index for office spaces for lease in the metro area that includes Buena Park is 115, which is a 49.7% decrease over the past three months, and a 28.4% decrease year-on-year.
- The index of total square feet available for office spaces for lease in the metro area that includes Buena Park is 58, which is a 3.7% decrease over the past three months, and a 12.4% decrease year-on-year.