La Habra is located in the northwest of California’s Orange County. It should not to be confused with La Habra Heights, which is to the north of it and is part of Los Angeles County. According to the 2010 U.S. Census, La Habra was home to some 60,239 people at that time. La Habra has a reasonable strong economy, with the top employers being CVS/Pharmacy, Wal-Mart, the City of La Habra, Target, Costco, the La Habra Bakery, Kohl’s, The Home Depot, La Habra Convalescence Hospital, Lowe’s, and VIP Rubber. As such, the city’s economy is based strongly on retail and manufacturing.
The median household income, according to the 2010 U.S. Census, was $60,954. Furthermore, 14% of people lived below the federal poverty line, which is a significant number. Nevertheless, it is a significant improvement from the 2000 U.S. Census, when the median household income was just $47,652 and at least 19.1% of people lived below the poverty line.
La Habra Office Buildings for Sale & Lease – Should You Buy or Lease?
If you need office space in La Habra, you have two major options: buy or lease. There are pros and cons for both.
The pros for buying office space include the fact that:
- Your monthly expenses for the office space will be unchanging.
- You can apply for tax deductions, including property taxes and mortgage interest.
- You may reduce your costs by renting out part of the office space.
- You benefit from the tendency of the office building price to increase over time.
The cons include the fact that:
- You will find it that it is more difficult to relocate in the event that the business unexpectedly declines or grows too fast because you will need to find a buyer for the office space.
- You have high upfront costs, especially with the usual 30% down payment required for a mortgage. You will also have maintenance, appraisal, and other property costs to pay.
Meanwhile, the benefits for simply leasing the office space include the fact that:
- You can get a prime office space, which can serve to enhance your reputation.
- You don’t have to pay for a down payment, which allows you to have more working capital.
- You can concentrate on just running your business. There are no worries that come with property ownership.
On the other hand, the disadvantages of just leasing office space include the fact that:
- Your costs for using the office space have a tendency to increase because rent usually increases at regular intervals..
- You don’t benefit from any appreciation in the value of the office space.
To help choose between the two options, the trends and statistics in terms of prices, supply, and demand are provided below.
La Habra Office Space for Sale – Trends and Statistics
- The average office property asking price, sale trends, in dollars per square foot for the county is $311.66, which is a three month decrease of 0.2%, but a year-on-year increase of 11.3%. This is lower than the metro ($317.28) area, but higher than the state ($226.32) area.
- The index of total dollars available for office spaces for sale in the metro area that includes La Habra 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 La Habra 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 La Habra 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 La Habra is 36, which is a 1.8% increase over the past three months, but a 19.5% decrease year-on-year.
La Habra Office Space for Lease – Trends and Statistics
- The average asking rent for office space for lease in La Habra expressed in dollars 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 both the metro ($25.41) area, but higher than the state ($23.08) area.
- The index of total number of office spaces for lease in the metro area that includes La Habra 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 La Habra 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 La Habra is 58, which is a 3.7% decrease over the past three months, and a 12.4% decrease year-on-year.