Office Condo

• Characterized as an ‘individual unit' within a complex
• Common areas are ‘co-owned' by all of the unit owners and managed under a Commercial Owners Association (similar to a HOA)
• Complex could be a dedicated property with only office units or within a mixed use property
• Property is eligible for either SBA or conventional financing
• Owners of units are typically professional or service oriented
• Manufacturing is not allowable in any manner
• Units can be either occupied by the owner or leased and if leased would fall under investor financing programs
• Relatively recent trend as to property type and was necessitated when developers were unable to lease up office building space and found that by selling the space there was a greater demand by way of the owner controlling its costs versus subject to lease terms that change annually as a norm