Bellingham Office Space

Bellingham is part of Norfolk County. It has a population size of 16,330 residents. The town is part of the Greater Boston metropolitan area, and it's located along the southern portion of Route 495. Bellingham is also part of the Providence, Rhode Island metropolitan area, which adds to its appeal as a place to live and establish business. The town is known for its historical attractions, which makes it a popular place to live and visit. This, in turn, also makes it a conducive place for business growth and development. Business development is ripe in 2018, as investors and prospective owners and renters are reassured by the fact that Boston's economy is very strong, and looks to continue going in that direction through the foreseeable future.

Search Office Space

The town's center is in the northernmost part of town while Rakeville, the second neighborhood, lies to to the south. The downtown area is full of historic sites, charming small stores, and fine eateries. Smaller businesses form the core of the town's economic center, and they are also popular places among residents and tourists. The downtown district also includes the I-495 corridor, which has significant potential for business opportunity. Along with existing businesses, the southern corridor has about 3.2 million SF of vacant space, over 280,000 SF of direct space, and about 8,000 SF of space open for subleasing as of spring 2018. Outside of the downtown area, however, there is more land and property available, which is especially beneficial for larger businesses.

With opportunity growing to conduct business in this town virtually every day, it comes as no surprise that industry experts are calling 2018 a prime time to lease property. Prices in towns in the Boston metropolitan area are continuing to rise at rapid rates, as companies are finding that they can enjoy crucial benefits like financier interest, access to major roadways, and a heavy volume of visitor traffic outside Boston. As of spring 2018, there is plenty of opportunity for businesses to invest in property. While lease prices continue to rise, businesses are finding that they can sometimes negotiate pricing with landlords. As of early 2018, it costs an average of $10.00 SF per year to rent a building in a mid-range visible location for retail or office purposes. For a new or renovated building, it can cost up to $30.77 SF per year to rent office space. A rate of this price is on par with a building in the 5,000 SF area.

An increasing number of companies are choosing to buy space over renting, which makes sense for several reasons. For one, buying may provide a greater return on investment (ROI) in the long run. This is because companies that purchase properties are ideally buying at the lowest price point, which means that their property's value will only increase over time. Additionally, building owners are required to make some improvements by law for safety reasons, but additional amenities that they add can easily raise the asking price. It also ensures tenants that they'll be getting a move-in ready space that they can occupy into the future. Presently, it costs about $895,000 to buy a property with 7,000 SF of space on a lot size of about a half-acre. Land is also a possibility. It costs around $1.3 million to get a 27-acre plot of land for commercial development.

This year is also a good time for property owners to sell or lease. Prices for both sales and lease are expected to increase in the future, which means that building owners and tenants will be able to ask more for their properties in the years to come. However, those predictions can easily change, especially with unforeseen economic problems and turbulence. For that reason, industry experts recommend listing a property when prices are right in the present time, which includes 2018. In 2018, asking prices for renters are already 5% higher than they were in 2017. Furthermore, building owners are finding that with increasing scarcity of space in Boston and the surrounding areas, tenants are more willing to pay higher prices to secure a place to start up business. Even with favorable market conditions, it always helps to have a knowledgeable agent on hand to help with advertising and even selling or leasing. That is just where our competent staff comes in, as we are experts in the local commercial market and can help you figure out a good asking price and sales price. If you're looking to sell, get in touch with us today for representation.

Search Office Space