Financial District Retail Space - For Rent & Sale

With consumer confidence on the rise, household incomes steadily increasing and a growing population of young, upwardly mobile residents, Boston is a terrific place to own a business. The city's Financial District is awash in prime retail and commercial space, but pinpointing sites that suit your company's needs and budget can be tricky. Fortunately, help is at your fingertips. By signing up for free access to Boston City Properties' handy Financial District retail space listings, you'll be off and running in no time. As an added bonus, we employ talented, experienced retail space leasing and sales experts who can aid you in your search.

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Retail Space

Why should you consider leasing or buying retail space in the Financial District? First, the neighborhood is skyrocketing in popularity lately. Mixed-use developments are spurring amazing retail growth in the area; Millennium Tower is just one example among many. The fact is that people flock to the Financial District for all kinds of reasons, but shopping is chief among them. By purchasing or leasing prime retail space in this neighborhood, you will give your business what it needs to thrive now and in the future.

Locate Retail Space in the Financial District with Boston City Properties

Regardless of how well-versed you are in purchasing or leasing retail space, a little extra help is sure to come in handy. You'll get it -- and a lot more -- by teaming up with Boston City Properties. First, sign up to gain access to our up-to-the-minute listings, which include retail and commercial space in and around the Financial District. From there, get in touch with our team for pointers regarding lease types and other crucial information. Suddenly, what seemed like an uphill battle will seem like a walk on easy street. We are ready to help now, so get in touch or sign up today.

The Boston Financial District is one of the city’s significant submarkets that also include Back Bay and Seaport. Often, the district is grouped with Downtown Crossing. Just like with the rest of the state’s capital, this part of the city is undergoing massive changes. It is one of the places that have an impact on the real estate of Boston’s commercial areas.

Market Overview

Most other business districts in the country are seeing the influence and popularity of online shopping to the consumers. Due to the boom, brick and mortar shops closed by the hundreds over the past three years or so. However, this area, along with many other places in Boston, is not that profoundly affected.

Many of the consumers in the city and other nearby places still desire to socialize and experience how it is like to shop at physical stores. It is such good news for the city’s business districts. A considerable segment of customers wants to hold, touch, and try the merchandise before they make a purchase. As a result, this particular area has seen some vast improvements over the years, including in its commercial aspect.

One solid proof lies in the number of commercial units in the neighborhood. Several of them are used by store shops to provide a place for people to conveniently purchase or at least try on an item before they leave the store.

Aside from these store shops, many other types of commercial units are available in the district, including restaurants, art galleries, and even for entertainment venues. With online retailing remaining stable over the past few years, the retailers with brick and mortar shops are thinking of ways to remodel their business. Despite the growth of online shopping, it does not signal the end of physical stores. In fact, there is a surge in multi-channel retailing in this area.

Today, stores are also participating in e-commerce. At the same time, it is common to see them acting as wholesalers, which allow them to supplement their store sales. Additionally, a portion of online retailers has started opening physical locations in Boston to help market and serve their customers. In the coming years, it is expected that even the giant retailers will join the multiple channel retailing technique. They will downsize their store units, but they will remain open to accommodate those customers who prefer to shop at physical shops.

As the online retailers as well as the other business owners who want to have their stores in the neighborhood, many developers saw the demand for commercial units. It led to an increase in the areas, which is evident in the number of mixed-use buildings that have been recently constructed. These structures aim to house growing businesses and established ones to help them cater the needs of their customers.

You can see commercial units located at the ground floor areas of apartments or condominiums. Many malls are open to provide spots for rent to entrepreneurs to sell their items. One example is the Millennium Tower, which has been one of the most significant developments in the neighborhood. It has contributed thousands of square feet of commercial property not only to the district but also to the entire Boston area.

This district is ideally situated in a social location that allows consumers to interact with one another. Plus, there are many stores and entertainment options in the area, which help it become a preferred setting for businesses.

The vacancy rate of commercial units continues to dwindle. Therefore, it signals that there should be more areas to rent or purchase for various companies. Customers are beginning to flock to the area since many businesses are now aware of how to place their stores to obtain more foot traffic. Gone are the days when the first floor units were taken by offices and other uses that have a weak walk-in trade. While some parts of Boston still have this problem, the district is evolving and learning to become competent in luring more customers to the building.

Aside from the mentioned types of commercial units, it should be noted that there is also a rise in the number of the collaborative places for work in the neighborhood. Alternative offices are becoming quite famous because of the young professionals choosing to co-work with other people. This type of unit is a substitute to the traditional lease and also comes with added services bundled into the price of the monthly rent. According to statistics, the number of such units in the city has doubled since 2009.

How Much are the Commercial Units in the Neighborhood?

Since there is such a high demand for commercial property, you already know it can be a bit expensive to rent or buy in this area. However, there are still many affordable options, which are primarily helpful to startups and entrepreneurs.

One of the prominent factors that dictate the price of the monthly rent or the total cost of a building is the type of business that will move into the place. Tech businesses, for instance, are now migrating within the city as they chase vacancy and value. Both this neighborhood and Downtown Crossing are steadily turning into tech clusters.

There are also large companies that relocate to the city, and it is benefiting from this move, along with its neighborhoods. There may be lack of the right size of available unit for these big players in the industry, such as Goodwin Proctor and PWC, but it led them to build their own unit. These businesses, along with others, are aiming to maximize efficiency. Some fewer employees work full-time these days so companies can reach a higher density, especially compared to the past years. The trend now appears that there will be less office unit for the employees but more for store.

These improvements and happenings all lead to the creation of several mixed-use developments in the area. The retailers want to be close to the customers as much as possible, so they rethink their location and size requirements. The ground floors of new housing developments, as well as office complexes, now have store shops.

The recent projects have thousands of square feet just for store, which many shops and businesses grab. While this neighborhood may not be the most well-known area for shopping, it has commercial units to offer. The prices can vary significantly even between the adjacent districts and buildings within one location. It is because several factors go into approximating the rents and purchase prices for commercial units in this neighborhood. These include the type of lease, proximity to the heart of the district and generators of foot traffic, and the conditions of the building. The other businesses that are in the area can also affect the price, as well as the size, whether or not the property has been redeveloped recently, and its total usable unit.

In this neighborhood, the contract represents a combination of modified gross lease and triple net rates, which of course affect the rental prices. The rents can range anywhere from $10 to $150 per square foot depending on the factors mentioned above. On average, the rental cost is $75 per square foot. Although it can be quite high for those who are just starting up, the rate is much lower, especially when compared to other areas, such as Back Bay where rents can be more than $150 per square foot.

Downtown Crossing also has a high range, starting from $80 to $100 per square foot. In the neighborhood, the rates can also be as high as $150 per square foot, but only if there are significant structural enhancements that recently took place or by the time, it was developed. If it is a mixed-use development, the rent may be a little higher than one that is solely for store or commercial unit. Additionally, if there are successful openings of restaurants and store stores in the area, it can increase the prices of the rental.

News about Commercial and Others

In 2012, many people said that the district was hollowing out despite it being the center for commercial trade in the city. The office towers still rose, particularly those from the edge of the Shawmut Peninsula, which did contribute to making the town look modern.

However, during that time, the vacancy rates were almost at a 15-year high with 14% of the store and office units vacant. It translated to about five million square feet of unit that did not have any tenants. Without these law firms, financial houses, and store shops, businesses and customers started looking for other livelier neighborhoods. They went to Back Bay and South Boston instead.

After five years, it was no longer the case. Although many companies have stayed in the other neighborhoods, several other businesses have made this place their new home. The trend back then reversed a little as the district started its revitalization process under the guidance of the authorities in the city.

From downtown to the Quincy Market to the redevelopment of some spots, such as 75 State Street and 100 Federal Street, the district was bound to catch the attention of investors and developers. Public parking garages were sold and restored to make sure businesses will consider the area as their home.

Companies are looking to set up their shops in the area because of the improvement in neighborhood amenities. Today, there are bars, boutiques, and restaurants, which are steadily attracting an urbane workforce.

Quite recently, One Post Office Square is set to have its first redevelopment as its renovation may start anytime soon. Class A landlords are looking to upgrade their properties to meet the needs of the tenants. As a result, the project will help them achieve their goals as the building will feature more than 830,000 square feet of unit that can be rented. Part of it will be turned into a commercial property. The building was constructed in 1981, measures 402 feet, and has 41 stories. It has a floor plate of over 18,200 square feet.

The proposed transformation once approved, will start changing the face of the building so that it will come with a more attractive glass façade. It will also have terraces and a roof deck along with a lighted glass lantern at its rooftop. The lower levels will have a three-story pavilion made of glass as well. One of the highlights of the transformation is the addition of more than 52,000 square feet of unit that will be dedicated to store. Restaurants will also take the lower levels of the building as they have a pledged unit for them of 8,800 square feet in total.

The existing garage, which is located on Oliver Street, will also be replaced with 18 stories more and this part of the project will contain additional unit for offices and automated parking. It will soon be another skyscraper to watch out for, given that there is already the Winthrop Square skyscraper that is bound to finish shortly.

Speaking of Winthrop Square, the building had its fair share of controversies and hindrances, especially just last year when it faced size reduction. Flight paths and shadows were the main issues, which allowed the project to remain in the headlines. As one of the newest towers in the district, many people are waiting for more information about the skyscraper, which was much-talked about to get a reduction of at least four stories to lessen its impact to the surrounding areas.

Finding the Right Location for Your Business

If you are searching for a commercial property for your business, you want to make sure you have all the list of the available slots to fill, especially if you plan to rent. The units come and go very fast, particularly those that are looking to have a tenant.

For those who have already looked into the district, the go-to location is mostly 100 State Street where commercial property is plenty and meets the high demand. However, it only has 1,668 square feet of commercial property in its ground floor area, along with 100 square feet for the storage. It is an 11-story building with more than 27,000 square feet for offices. The building has a great location, which is why businesses want to grab the opportunity to rent here.

However, it can take years before commercial property becomes available in this area. Key tenants include Visionworks, and right now, unit is fully leased. You may want to look at another site for your business, but it can be quite a considerable challenge. In this case, you need help so that you can get all the list of the available commercial units in one website.

The solution is right here: you only have to sign up with us, and you will get free access to the spots that are either for sale or rent in Boston’s Financial District. You do not want to lose time and the opportunity to open your shop at the most convenient location for your business. When you sign up with our website, you gain instant access to the commercial property listings, and you can compile them so that you can make an intelligent decision later.

We have a team of experts that will assist you in case you have some questions, especially regarding a particular property. Whether it will help you get as much foot traffic as possible or it is nearby good transit options, we can give you more information about the unit.

You do not have to limit yourself with options because you will have all the listings right in front of you. The confidence of the consumers is on the rise, and household incomes are increasing at a steady pace. It is no wonder that Boston is the target of many businesses to call their home. The district has commercial and commercial units, which should make relocating or setting up your shop easy.

However, it becomes a considerable challenge to pinpoint the exact site that suits your needs and budgets, along with your vision for your company. Help is here, and it is right at your fingertips. We encourage you to sign up with us to get the latest about the commercial property listings. Soon, you will be off and running because you will undoubtedly find what you are looking for here.

The neighborhood is becoming more popular quite recently. More businesses are moving to the area, and mixed-use developments spur the store growth of this district. For example, the Millennium Tower has attracted companies, small businesses, customers, and workforce. People are flocking to the community and they have their own reasons to do it. One of them is shopping, and the name of the neighborhood seems to call their attention.

If you purchase or rent a commercial property in the neighborhood, you have the potential to push your business to thrive today and in the future. With lots of choices available, you want to locate the best for your needs. Just complete the form and sign up now to see the list and get the latest updates on this Boston neighborhood.

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Retail Space