Foxboro Office Space
The town of Foxboro is located in Norfolk County 22 miles southwest of the city of Boston in Massachusetts. An outdoor entertainment center and shopping complex called Patriot’s Place was built there in 2009 and is adjacent to Gillette Stadium, the home of the New England Patriots. For commuters, there is easy access to Boston via I-95 and I-495. Operated by MBTA, a commuter rail service began in August 2017 from Gillette Stadium to South Station in Boston for a temporary, trial period. (GATRA) Greater Attleboro Taunton Regional Authority operates a shuttle service for town residents, which departs from the town’s commuter parking lot in County Street, and goes to Mansfield’s MBTA service.
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Most of the F. Gilbert Hills State Forest is located in the town and is very popular for hiking, biking, horseback riding and in winter, cross country skiing. People also visit it to observe nature as well as watch wildlife and gaze at mysterious stone structures believed to be connected to the native Algonquin tribe who inhabited the area before the town was founded. The town has other conservation areas, the Harold B. Clark Town Forest, great for dog walking and mountain biking and the Neponset Reservoir another first rate place for spotting wildlife, boating and kayaking. For golfers, the Foxboro Country Club offers a practice range, two putting greens, a lounge, dining areas and a newly renovated clubhouse where members can hold special events.
With the town having many sporting connections, new businesses are relocating to the area every year. Smaller companies want moderate sized spaces, while larger companies may want several units or one entire building. Leasing property is a good way to get the feel of a new community. Most leases are for a minimum of one year, which gives tenants time to assess their situation and decide if they want to move to another region of the town or if they need larger accommodation. Leasing property takes away the headache of paying for any major repairs that occur during your lease period.
To lease a modest 850 sq. ft. space on a nice plaza will cost around $900 per month while 1,500 sq. ft. in an office block, right in the middle of downtown, will cost around $3,000 per month. Some property owners include water in the rent, but all tenants generally pay their own electricity. Different sized units come on the market on a daily basis, so contact a local realtor who deals with commercial office space, and they will supply you with the most up to date information on available properties. For the professional person setting up a new service, some companies even lease furnished units to take away the hassle of moving.
Many companies decide to buy a property, part of which they will use themselves, and part that they can lease to inject more cash flow into the business. The property for sale market changes frequently, too. A large 20,000 sq. ft. office block, previously used as a medical facility would cost around $3,250,000. Don’t let this price scare you. Very few companies want a building of that size. A modest 1,200 sq. ft. office unit at the north end of town will sell for a more realistic figure of $450,000.
Relocating or starting a business in a different town is stressful. CEO’s don’t have time to travel and search for property when they are diversifying, so by employing a local, commercial realtor, he can filter out places not of interest and do most of the work for you.
If you have a property to lease, this process entails many different credit and background checks to ensure you get the right tenant. A local realtor will evaluate any prospective tenants, have them fill out an application form with their company details, perform these tedious tasks and arrange viewing dates and times. A realtor is an invaluable part of leasing or selling office space. Before they list a property for lease or sale, a realtor takes photographs and compiles a detailed description of the location, the condition of the property, which zoning district it is in and the rent or sale price. Supplying all this information on their website or displaying it in their office window greatly helps clients view and find the ideal property they are searching for.
Facts about Buying vs. Renting Office Space in Foxboro, MA
Foxboro is one of the excellent options for business in Norfolk County in Massachusetts. If you have decided to start a professional trade in this area, you will see that you have plenty of selections where you can put up your office. This town is just a little over 20 miles from Boston, which makes it ideal for those who may need to go to the capital city for work or other purposes.
Why Choose This Town as Your Business’ Home
Aside from the mentioned reason that has something to do with the distance to the capital city of the state, this town has many other things to offer for companies searching for a place that they can call home. It does not matter whether your business has something to do with medicine, researching, finance, or any industry because you will find a property that will keep your business productive and your employees comfortable at all times.
This town is a place not only for football enthusiasts but also reasonable pricing for the properties here, both commercial and residential. The value index is around $441,695, and the median price per square foot is $249, which makes it a more affordable area than the Boston Metro.
Compared to renting though, the rent index at the Boston Metro is lower with $2,419 vs. the town’s $2,590. Nevertheless, the market remains healthy as ever, which is why it makes sense to purchase or lease a property for your business here in this area.
To Lease or Buy a Space?
Both buying and leasing have positive sides. If you have decided into purchasing a unit for your business, it may probably be because you can lock in your mortgage for the long term. As a result, your company will only have to deal with clear and fixed rates that you need to pay monthly.
Another reason why many professionals choose to buy a property instead of just renting has something to do with the costs of becoming an owner of a commercial unit. It allows them to have tax deductions through mortgage interest, along with property taxes and others.
One more benefit of being an owner and running a commercial property is the advantage of adding another income source through renting out the extra room in the building that you do not use for your business. Even better, when you own a property in this town, the appreciation value is at least three percent. You have the opportunity to sell it in the future in case you no longer want to run your business. You can, therefore, use the money you receive from the sale and fund your retirement.
On the other hand, some people choose to lease because it gives them the flexibility to grow their business. Since they are not confined to one area, they can transfer to any city in Massachusetts, such as Boston, which they believe can provide them with a better opportunity.
Also, those who may have started small and their business continues to grow, but they chose a location with restrictions, such as the size of the available land area, they may find themselves forced to sell the property in just a few years.
Unlike renting, buying a commercial unit will cost more upfront because of the substantial down payment that has to be met to finalize the deal. Additionally, other expenses have to be paid, including those associated with maintenance, appraisal, and possible improvement of the property.
For these reasons, many businesspeople choose to go for leasing. They can also afford units in an area that they cannot pay for if they opt to buy. For instance, prime locations, such as the town center, can be challenging to have enough money for, especially the down payment. Many sellers want the buyer to provide about 30% (or more) of the total cost of the property for the initial fee. There are usually no issues with the down payment when you lease because you only have to pay for the rent.
Some businesses are dependent on excellent location and image. The town offers many options, but purchasing a property means that you cannot transfer anywhere. Leasing is an affordable choice, especially if you need to be in a neighborhood that thrives in retail and restaurants.
Tips for Listing Your Commercial Property in the Area
If you ever plan to sell or rent out a unit in this town, you have to be smart, especially in advertising it. You want to make sure that the ad will drive interest to the property, so you should first highlight the benefits. You can talk about the reasons why the renters or the buyers should choose your building over the others. It is useful if you use adjectives that will describe the place and not just some generic words or phrases.
With the growing need for a commercial property in Foxboro, you will eventually find the person with whom you will have a prosperous transaction.
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