What You Need to Know about Retail Space for Lease and Sale in Chinatown

Chinatown is one of the top choices for people looking for a place to live in the Boston area. It is quieter here than other surrounding areas, and it is not crowded. However, this community is not only for those searching for residential properties but also for those who want a brilliant option for their retail space.

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Retail Space

Market Overview

There are a lot of things you can expect when in this neighborhood, especially if you are searching for commercial units, either for lease or sale. While there are probably more options in other areas, such as the North End or even Southie, Chinatown does have some choices for you.

The neighborhood may not be as popular as other places in Boston, including Back Bay and Allston, but there are still some commercial units that are looking for business owners who want to buy or rent a unit for their company.

One reason why this neighborhood is an excellent choice is that it is in a convenient location. Many people travel to work or school, and they want easy access to businesses in Boston. This area is in a good position, especially for those who need a few transit options.

The neighborhood is where you can find MBTA Orange Line stops at the station of the area as well as at the Tufts Medical Center, which is just at the border of the district at the southern part. The MBTA Green Line is beyond the northwestern area of the neighborhood, and the eastern portion offers the South Station, which is served by the Silver Line, Commuter Rail, and Red Line of the MBTA.

Additionally, it is in a place that allows them to travel to the Logan International Airport for such a short amount of time. Also, the residential homes in this area are less expensive than the ones downtown. The prices have gone up, but the units are still affordable. It makes the neighborhood friendly to the students, young professionals, and even those with families, which can help boost the sales of a business.

Commercial units in the area vary much as there are choices for businesses, including restaurants and stores. The most popular are units for restaurants because many of the residents here visit these places for several reasons, including special events.

The neighborhood is located near famous spots for the locals and the tourists, such as the Financial District, Boston Theater District, Boston Public Gardens, Boston Common, and the Rose Fitzgerald Kennedy Greenway. These areas encourage a high number of individuals to try the food, especially the Chinese cuisine.

Food stores are scattered all over the district where there are shops that sell Chinese food. Not only that, the commercial units are turned to places where people can purchase various Asian items, including food products, herbs, and spices. There are also bakery shops in the neighborhood, which have substantially increased in number since 2000. Bakeries are not only available with Chinese products, but also Japanese, Taiwanese, and those from Hong Kong.

There are also textile stores in the area, especially since it is where the Historic Garment District is located. You can also find other commercial units in the form of industrial buildings, which serve as warehouses and even offices after they have been purchased or rented.

The neighborhood is just right next to the Financial District of Boston and has been affected by the developments in the area, but most of the effects are positive. For instance, the urban renewal that started in the 50s and 60s brought about 1,200 housing units that were only demolished so that they can give way to two major highways namely the Massachusetts Turnpike and the I-93. Without these improvements, the mentioned highways will not exist.

The Tufts University, as well as the New England Medical Center (or the Tufts Medical Center), owns more than 1/3 of the land area in the neighborhood. Luxury towers are all over the community, which has led to swift gentrification. Smaller properties, including those for stores, are often hard to find but you need to know where to look to get the best deals.

Prices to Expect in Renting or Buying Commercial Units in the Neighborhood

The neighborhood is often seen as a place of contradictions, mainly because there are numerous affordable housing units in the area, but they are situated right next to luxury condominiums. In the residential side, over 3,000 inexpensive units are available, and they can be purchased or rented by those with lower than average income.

The price of the unit would, of course, depend on a lot of factors, just like anywhere else in Boston. Be aware though that it can be quite expensive here in this neighborhood, especially for budding businesses. However, if you compare it with other accessible areas, it does seem like a great option. It is especially helpful for commercial stores whose target buyers or the clientele is more of the Asian population.

For instance, if you offer Chinese food, this neighborhood may be the best place for you to start a business. You will have better chances of obtaining higher revenue here than anywhere else. Even if your customers are not Asian but just love Chinese food, they will mostly turn to this area to find what they are looking for, which is useful for small businesses or the new ones.

Going back to the cost of rental units in this area, some of the factors that affect it include the type of unit, the total square foot of the site, and the exact location. Some units also have improvements and other features, including loading docks, additional employee and customer parking areas, and even networking enhancements like WiFi.

As much as possible, opt for a site that would offer you the most traffic, such on the highway or just near it and also beside other establishments. Note, however, that these factors increase the amount you will have to pay for the location.

Since 2015, the neighborhood’s commercial unit prices have been in a boom. It has become one of the vibrant areas in downtown Boston as many housing units started to emerge. So far, the commercial sales are up at least 3.2 percent and compared to the rest of the country, this place in Boston is up 2.6 percent. The growth may have been spurred by the rising confidence of the consumers, especially those in the Asian markets.

The surrounding neighborhoods are helping up the cost of the commercial properties in this area. If you are looking for a home for your business, be prepared to pay at least $30 per square foot. Just last year in 2017, some properties asked for at least $42 per square foot. Of course, other sites may have different prices as they largely depend on the owner or the seller of the properties. Their motivation is key to determining how much they would charge the person whose intention is to lease or to purchase a commercial unit.

As mentioned, there can be a few problems regarding the rental and purchase price for the startups. As a result, these new businesses are searching for ways to allow them to spend money on their budget. One way for them to save is through the use of shared or co-working commercial units, which give them a lot of savings. The idea is to have other people or businesses rent the area, which means that they will divide the rent among them.

Co-working units are a great idea for those who will do most of the transactions online. Some lessees do not need a physical unit or a brick and mortar location, so they are willing to take a minimal unit for their business – mostly for their online commercial shops.

Real Estate News

Since the inception of this Chinese town in Boston, it has become a gateway and hub for the locals and the foreigners alike to find cultural entertainment and businesses in downtown. It is the third largest town for Asians in the country, but there were problems in the real estate area here.

The residents had fears of displacement mainly because there was not enough affordable housing, especially back in 2015. There were also talks about safety, employment, and wellness issues in the neighborhood. Luckily, the problem has been addressed, and soon enough, more housing units became available. There are still a vast number of expensive homes, and they are located near the affordable ones. Nevertheless, the decision to improve the costs of housing and their availability has helped the community thrive until today.

However, the moving away of the mentioned establishment had some form of positive results. The commercial units they left allowed other businesses to enter the neighborhood. Additionally, new luxury developments encouraged more people, especially the professionals from other countries, began to choose the community as their home.

Currently, the area has one of the highest median rents in all the neighborhoods of the city. It is estimated that the rents reach an average of $3,381 per month. Also, the place was no longer a preferred location of just Asians but also the locals who want to be near their workplace as well as enjoy other conveniences. The movement started in 2000, and it grew from 2010 up until today.

The neighborhood is home to several historic buildings, including the Quincy School, which opened way back in 1847. It is just blocks away from new skyscrapers in the neighborhood. However, perhaps the most critical news recently is the opening of the much-awaited library in the area. In over 60 years, the community never had a public library. It came to an end just recently on the 3rd of February when the Mayor of Boston opened a new branch for the library in Boylston Street.

According to the news, the city invested almost $1 million for them to establish this library, which is now located in the China Trade Center. The same building houses the Urban College of Boston as well as the International Institute of New England. The library is recommended to stay at the same site for at least three years up to a maximum of five years. Its permanent location is still under construction, which will also be in the neighborhood.

The area had a public library until 1955, which was situated in Tyler Street. However, it was demolished at that time because of the Central Artery Project. In 2017, the Boston Mayor promised to bring back the library services to the area, and he was able to deliver his pledge on the mentioned date above.

According to the Mayor, there are so many residents in the neighborhood who waited for decades to have the library back. The unit marks the commitment of the city to ensure that the communities in Boston do have the support and the resources when they truly need them. The Boston Public Library for the neighborhood will be open from Monday to Thursday starting from 10 AM to 6 PM and on Fridays at 9 AM to 5 PM.

Where You Can Get More Information

The public housing stock helps in maintaining the residents and the businesses in the area. Families who reside in affordable units typically stay there for decades, so it can be challenging to find an open spot. The same happens with commercial units in the neighborhood. It can be hard to locate an actual area that you can either rent or buy for your business.

The good news is that we have the list for you. You only need to search for the retail spaces available for the neighborhood so that you can get up-to-the-minute listings for commercial and store sites that you would otherwise find difficult to locate online. The system the website uses is linked to a database where only the biggest and best real estate agencies in Boston use to post their listings.

If you would like to contact us and get the latest updates on the available commercial units for rent or purchase in the neighborhood, all you need to do is just sign up and become a member of the site. You can count on the fact that the system we use is regularly updated, which would include all the listings in the entire neighborhood in this part of Boston.

If you sign up, you will be able to search for properties that are for sale or lease depending on their availability. Rest assured that the listings that you will receive are up-to-date and accurate. Plus, if available, you can even have other information about the commercial units, including their addresses, description, and even photos or virtual tours.

Our system includes a list of all the areas in the neighborhood if they have openings for commercial properties for rent or purchases, including units found in Boylston Street, Surface Road, Kingston Street, and Beach Street. You will also see various listings ranging from restaurant units to gas stations to art galleries to clothing store sites.

Whatever it is you need, you will find it here with us. Whether you are in the market for unit for rent or you are willing to buy a property, which you would like to turn to a place for your business, we will help you explore the possibilities that this neighborhood can offer. You can find different options that will fit your budget and taste, as well as prime locations that will enable you to increase your customer base while you let your business and your revenue grow.

It is understandable that you get confused by the listings and the endless opportunities for building your new or existing business in this area. Most people will just look for a place site that fits their budget and sometimes their requirements such as a restaurant unit. It often leads to mix-ups, which is why we highly encourage you to sign up with us. When you do, you can avail yourself of the updated continuously commercial property listings in the area, and they are all available for free.

You will get all the list of the offerings, and you can even communicate with us if ever you need additional assistance for the commercial property.

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Retail Space