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Amesbury Office Space

Amesbury is a historic city in Essex County. It is home to 16,3000 people. Amesbury is also situated at a critical junction of several important roads that reach Boston, including I-495, I-95, and Route 107A. Its unique combination of historic charm and modern convenience make the city a great place to live and work. The town's public transportation includes bus service, which is offered through the MVRTA, and rail lines. The city was once a center for mills and industry, and although those activities no longer drive its economy, the buildings formerly used for those purposes are ideally suited for today's modern business needs. With prices still comparatively low, 2018 is an ideal time to buy or lease commercial office property.

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The city only has one official neighborhood, which is simply called the city center. The city center is a nucleus of activity, with an even balance of both residences and businesses. The percentage of owners versus renters is also about evenly divided. Law offices, banks, and medical buildings form the majority of the commercial landscape. The northern part of the city has notable historical and natural features including Powwow River and Powwow Hill, which was once a site of Native American activities. Today, this area's scenic beauty makes it appealing for living and outdoor recreation. The eastern side of town also features spectacular landscapes and waterways. The southern and western parts of the city lie along the highways and busy roadways, which has naturally made them centers for commerce and industry. Today, these areas still form the city's economic center.

With prices low, leasing rates are highly attractive and feasible for businesses. There is a combination of newer buildings (constructed during the 1970s and later) and older buildings that were constructed prior to 1940. Vacancy rates are about 9.5% in the city's center, which means that companies have the opportunity to find just the right space they need. Spaces are available in a range of sizes, with range from 1,000 SF to over 28,000 SF of space. The price for leasing a building in a highly visible location, such as Main Street, will fetch a lease price of approximately $17.00 - $18.50 per SF each year. For a lower-profile area, such as a side street, it's not uncommon to find lease rates for half that amount. Other factors weigh into the lease price that businesses can expect to pay, including the age and condition of the building. Class A buildings also generally have higher rental prices that Class B or Class C buildings.

With the city's healthy economy and a need for customer-oriented businesses and service, buying a space is also an option. Purchasing property is recommended for companies who plan to remain in the city for longer periods of time, which is generally five years or more. In this amount of time, it's quite easy for businesses to have see their properties increase in value. To maximize costs, many companies are choosing to purchase older buildings with fewer amenities but substantial amounts of space. This makes it easy for them to have a custom finish and create a build-to-suit space that is perfect for their specific needs. By buying a building, companies can house all of their services under one roof. For a smaller building of 950 SF, an average price is about $289,000. Price increases for buildings located in more desirable areas of town. It's not uncommon to find a building of about the same size for a much higher price (around $700,000) that is located in a highly visible and heavily trafficked area. For a larger building, such as one with 28,000 SF, an average price is closer to $1.70 million. Companies may also find land for sale, which is another option for investing in property that enables a custom finish.

For landlords and current property owners, 2018 is an ideal time to list space for sale and lease. Businesses are driven to areas like this, which offers a good mix of consumer needs and physical properties for businesses. Business growth and development is also based largely on the availability of access to key transportation routes, such as highways, rail service, waterways for shipping, and airports. With both waterways and roadways close by, this city is poised to remain a practical and strategic place for companies to flourish. When you're ready to sell a property, contact our office for assistance, as our staff is eager to help. Our familiarity with the area and expertise in showcasing commercial properties makes us uniquely positioned to have a win-win situation for both sellers and their clients.

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