Washington Nonprofit Groups Looking to Buy Office Space Instead of Renting
July 10, 2007 | Read Time: 1 minute
Large annual increases in rental prices in Washington have spurred area nonprofit groups to purchase office condominiums instead of renting space, reports The Washington Post.
In the past year and a half, about a dozen nonprofit groups have bought or signed contracts to purchase office condos.
“After 30 years of leasing, we would be better off had we bought, dealing with the realities of the Washington, D.C., leases,” said the Rev. Tom Gaunt, executive secretary of the Jesuit Conference, which recently bought a total of 17,000 square feet of office space. “The immediate cost will be more in the initial years. We’re fully expecting savings seven to 10 years out. We’ll be paying less than if we kept renewing our current lease.”
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