Avon Office Space

Avon has potential for both business and population growth, which puts it on the map of buyers and investors in Massachusetts. It is located in Norfolk County and has a population size of just over 4,350 people. The town is located just 17 miles from Boston, which makes it an attractive place for people who work in Boston but want to live outside of the city. The town is also close to Brockton and Stoughton. Providence, Rhode Island is less than 30 miles away. Public transportation that services the area includes the Massachusetts Bay Transportation Authority and the Brockton Area Transit Authority. The town is located near several routes that provide access to Boston and also have potential for commercial activities. These roadways include Route 24, Route 28, and Route 139. Along with transportation to nearby cities, these roadways have a commercial-friendly layout with strip malls, shopping centers, and professional buildings, which makes it a prime center for commerce.

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Because the town is relatively small, it does not have any defined neighborhoods. Instead, the nucleus of activity is the town center, which has a combination of business and residential buildings. There are also an increasing number of mixed-use spaces, which are mostly buildings that have a combined residential and commercial use. The town's center draws primarily smaller businesses, which is due primarily to the limited space that buildings along the most populated streets have. Outside the town center, the landscape becomes considerably more rural and open, with open fields, waterways, and recreational areas. Route 24, which is on the western side of the town, offers the best opportunity for businesses development in the future.

For many businesses in this town, especially smaller businesses, leasing space is very popular. In the Greater Boston area, there have been many opportunities for businesses moving into the metropolitan south of Boston, which includes this town. Opportunities for leasing have skyrocketed in the past few years, as the locally strong economy, access to key roadways, and no shortage of consumer demand has made companies more confident about leasing space in the area. In the southern part of the Boston metropolitan area, there was about 1.2 million SF of space available for lease in the first quarter of 2018. Of that amount, about 148,000 SF was direct space, and about 12,000 SF of space was available for subleasing. Vacancy rates were about 13% for commercial establishments. Demand continues to be evenly spread for businesses in both the traditional sectors of medicine, law and finance, and newer businesses like technology companies, distributors, and start-up companies. Smaller family-owned shops are still finding the potential to lease in the downtown area, while the outskirts of town are increasingly occupied by larger businesses.

For others, buying makes more sense than leasing. Purchasing property requires a higher payment up-front, but it can yield significant cost savings down the road. Furthermore, property ownership opens the door to more possibilities for giving a space a custom finish. A good reason for businesses to consider purchasing property is that as of 2018, demand for property in the Greater Boston area is expected to increase over the next several years. This means that asking prices for properties now may be more favorable for buyers than they will be in a year or five years from now. Along with saving money, that means that entities that wish to sell property several years from now may get more substantial income than they realized. Another advantage of buying is that it allows for the possibility of subleasing. As of 2018, a building sized 15,600 SF goes for an average price of $860,000.

Fortunately, the market looks just as favorable for sellers. As available space becomes more scarce, building owners are in a stronger position to raise their rates. In fact, in 2017 alone, landlords raised their asking rental rates by an average of 5%. For the first time in history, demand for Class B buildings has been matching, and sometimes exceeding, demand for premier Class A buildings. This means that sellers can command higher prices than they have dared ask in the past, and that challenged is matched by prices in the Greater Boston area. This town is also in the unique position of having open space available in addition to buildings, which will only increase in value and become more scarce as time goes on. For example, a lot size of .98 acres is worth about $895,000 in 2018, and forecasts show it will only increase in value and demand. Of course, sellers must have an expert agent on their side to advertise their properties, which is exactly where our staff comes in hand. Feel free to contact us with your selling needs and questions, as we have years' worth of experience in selling and leasing commercial property, and we want you and your clients to have a satisfactory outcome.

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