Tax advantages for an owner-occupier of his or her own business premises including depreciation, expense deductions for mortgage interest, etc.
- Placing a limit on monthly costs by carefully regulating costs through the condominium corporation policies.
- Shared contribution of costs for features such as maintenance, security, common facilities, and advertising.
- Appreciation in value of the condominium over time.
- Right to participate in the decision-making relating to the condominium development.
- Opportunity to be assured of remaining in a unique location that is commercially attractive.
- Removal of the financial risk of owning a complete building.
- Providing an alternative if there is a lack of financial capability or desire to own the whole building.
Types of commercial/industrial condos
The three main types of commercial-use condominiums are office buildings, professional buildings, and industrial parks.
Office buildings
In Canada, commercial condos are a popular concept in many major cities and involve a cross-section of retail and service businesses operating through the condominium structure.
Professional buildings
A familiar form of office use is the dental or medical condominium, where each dentist or doctor owns a suite. The nature of a dental or medical office is often such that it does not expand in size as other businesses do. Another advantage for the professional is the possibility of sharing reception areas, central telephone answering, accounting areas, and expensive equipment. It is fairly common in this type of building to sell or lease the street-level condominiums to retail outlets such as pharmacies, laboratory or x-ray service groups, magazine stands, restaurants, etc. Lawyers also own offices in condominium buildings and take the same approach as dentists and doctors in terms of shared office space, reception area, library area, word processing, etc.
Industrial parks
Industrial parks established on a bare land condominium format are a popular development. They can be advantageous due to the fact that the business can have the individual unit for its industrial or manufacturing needs but can share in the common elements such as docks, loading areas, rail sidings, etc.
