Abington Office Space

Abington is a thriving town in Plymouth County, MA with about 16,000 residents. It is located just 20 minutes from Boston. The town has both a defined residential sector and business areas, which makes it an ideal place for companies to establish a presence. Abington is near several major roadways in the Boston metropolitan area, including Route 58 and Route 18. Routes 139 and 123 also pass close to town, which provides shipping and transportation routes and customer access. A railroad runs through town, as does an MBTA commuter line. The area's prime location near Boston, its amenities, and its accessibility to commuter access make it a great opportunity for business development.

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Because the town is relatively small, it does not have any defined neighborhoods. Instead, it has four areas divided by geographical and artificial features. The northern part of the town contains natural areas and open space, including Ames Nowell State Park, which has a large forest and trails. The bulk of the town's population lives on the eastern side, which has many manufacturing buildings. The Beaver Brook, which is one of the town's two largest rivers, flows through the eastern side and brings vital water supplies to residents and businesses. The eastern side of town contains is the most commercially developed. The western side of town is dominated by a warehouse and manufacturing landscape. New businesses are moving into older brick buildings once used for shoe-making, which was the town's primary economic activity. The southern side is also a large commercial area.

With flexible terms and competitive prices, leasing is a popular option for businesses who want to test out options without having to make the more permanent decision that a purchase requires. In 2017 and 2018, the commercial market was quite active. In 2017, there was an average of about 150,000 to over 170,000 SF of space for lease each month. This includes buildings in all commercial categories, which are Class A, Class B, and Class C. Most office buildings are either Class A or Class B, which means that they are fully or partially equipped with creature comforts and luxury amenities. Some amenities found in Class A buildings are elevators, heating and central air, a security system, onsite management, and an off-street parking lot. Class B buildings have fewer amenities but usually enable a custom finish. Prices vary for buildings based on their class category, their location in town, and their age. Lease prices in 2018 range, on average, from $0.83 SF to $2.08 SF per month. This price range covers a size of anywhere from 500 SF to10,000 + SF. Landlords may include some conveniences with that price, such as internet, heat, and electricity. Some also offer flexible terms, such as the option for subleasing or something called a fractional lease, which allows tenants to pay only for services like heat, water, and electricity only on days that they are physically in the building.

For businesses wanting to move in for longer terms, buying space is a practical and cost-effective choice. Buying in this town, like others in the Boston area, is encouraged in 2018, as the market is strong and investors are confident in the local and regional markets' performance. Space is becoming more scarce and more desirable in areas around Boston, as businesses are taking advantage of re-purposing outdated buildings. Towns around Boston are also appealing places for businesses, as the Boston workforce looks to live and work near, but not necessarily in, the city. Asking prices are relatively low compared to other metropolitan areas around the country, which means companies are seizing the opportunity to move into existing spaces and expand in the future. In early 2018, there is over eight million SF of space available to purchase or lease. Total vacancy rates are 15%. There is little new construction under development. For a 128,000 SF building, the average price is $1.55 million.

Currently, the market is equally ideal for buyers and sellers. In 2018, market trends project significant growth, as space around Boston is in high demand. Tenants are asking 5% more for leases in 2018 than they have in past years, and they are expected to raise their rates even more in 2019. Property value is also increasing, which means that sellers are getting more for their properties in 2018 than they have before. If you're looking to list space, contact our office for help, as our staff is here to help you get the most value. We can help you set a fair asking price, highlight your space's distinct advantages, and put your listing in front of as many eyes as possible.

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