Franklin Office Space

The town of Franklin is located in Norfolk County Massachusetts with I-495 passing through the center of the city allowing easy access to other surrounding towns and cities including Cape Cod. Boston is about 50 miles northeast via I-95 or US Route 1. MBTA’s commuter rail service runs to the city from Boston’s South Station. Located in the western and southern parts of the town is the state park with trails for dirt bikes and off highway vehicles. Other trails are designated for non-motorized use and are suitable for walking and hiking.

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Beaver Pond has many recreation areas with a children’s play ground, a pond side walking trail, a ball field and Chilson Beach, a resident’s only beach, monitored by guards at the entrance gate. The championship golf course at the town’s private, country club has pristine putting greens, is set among rolling hills, has a large dining room and a swimming pool with sun deck.

20 years ago the city’s population exploded and it was believed to be the fasted growing city in Massachusetts. Because of its great location, near to so many main highways and having its own commuter rail station, singles, couples and families flocked to the town. Every academic year the town also plays host to around 1,000 students that attend Dean College. All this population expansion led to the growth of retail, professional, and industrial companies locating to fulfill the needs of the growing populace. New strip malls, shopping centers and plazas and office blocks sprung up all over the area.

When opening a new office in a different city or town, leasing space can be the best solution for many relocating companies. Leasing gives them the flexibility to use their capital to create a bigger impact on the community by devising bigger advertising campaigns and defining their usefulness and originality. Most office space leases are for a minimum of one year with the chance to renew for a second year or multiple years. Some types of businesses never need to expand, so they take the opportunity to lock in their rent rate for several years. Every year new enterprising companies lease space for technological use, e.g. cell phone sales, computer or tablet repair, this enables them to move to a larger unit when their client base grows.

Leasing prices will differ according to the age, location and condition of the unit. Space to lease in an historic building will cost around $4,000 per month for 2,800 sq. ft. A unit in a three story office block with 1,440 sq. ft. will be around $2,160 per month or $25,920 per annum.

Larger companies like to buy office space. They prefer the stability of owning a unit; have the capital for a big deposit and good credit to obtain a mortgage. As with any type of real estate purchase, the monthly mortgage payments might be less than monthly leasing costs. Savvy business executives take all this into account when choosing the right location to buy a property for their expansion program.

Buying property in downtown Franklin will be more expensive than in the suburbs, but overall the business might get more exposure. Space downtown with 2,477 sq. ft might sell for $450,000 and even as much as $945,000, but this investment will allow the company to lease any part of the premises they don’t use. It is common business practice, to buy property larger than needed and lease the remainder.

After you have purchased the space and your business is well established, you might decide to lease part of the property not used by you. To list this extra space, contact a local realtor who deals with commercial/office leasing. They can advise on the usual leasing rates for your business’s neighborhood and contact clients looking for premises. Leasing and selling property is a waiting game. Sometimes the ideal company wants to buy or lease as soon as your realtor lists it. Other times waiting for the space to be bought or leased may take longer. No matter how long the procedure takes, listing property requires a specialist in the commercial real estate field to compile the correct paperwork and refer potential buyers to other professional services they might need.

The Benefits of Leasing and Purchasing Office Space in Franklin, MA

The Town of Franklin, which is actually a city, is a part of Norfolk County. It has neighborhoods that are friendly to families, including Washington Street and Pleasant Street. There are also areas where people can be close to schools that are just within walking distance. Additionally, it is in proximity to both Providence and Boston and this area has reasonably-priced real estate.

The average price of properties in this area is about $424,914, which is almost a six percent change from last year. It is probable that there will be an increase of at least three percent more by next year. On average, the median list price of properties in this town is $234 per square foot. In many neighborhoods, you will find this quite affordable, especially since the Boston Metro has an average of $276.

The real estate market is quite healthy in this town. Even rentals are thriving with prices still high because of the demand. The rent index here is $2,473, while the Boston Metro has an average of $2,419.

Neighborhoods, such as Wadsworth, Elm Street, and Lincoln Street, along with the city center and Pleasant Street where the Dean College, appreciate in just a few years. It can be significantly beneficial property owners because of the value increase.

Leasing Office Unit

The price of the leased space depends on various factors, including its exact location in the city. In Washington Street, an industrial building that offers one room for a business can ask for approximately $0.48 per square foot every month. However, the rate will always vary with the landlord who is searching for a lessee.

In the mentioned street, as well as the nearby neighborhoods, the industrial properties, which include warehouses, are typically the most affordable type. They are usually built in the 80s, but some may be older. Additionally, you will also find that there are other occupants in the building. It can be beneficial for your business since it can mean you can be around other companies. It will allow you to find more clients and even have the chance to partner with other firms.

The lease terms are typically negotiable, and it is even possible to get two rooms or more and relet it to other renters. You will surely find several state of the art facilities, especially if you select to lease a warehouse distribution property in the area. Many of these structures offer at least 30 feet in ceilings, which can be useful for tenants who need the height or those who are looking to rack higher. It can also be a smart option when it comes to minimizing the price per square foot.

Washington Street is just a mile from the I-431 and I-495, which makes convenient for those who want to conduct their business between the Forge Park and the Industrial Park, and nearby Grove Street as well as other busy areas in the city.

Buying a Space for Your Business in This Town

When purchasing a home for your business, it does not have to be a considerable challenge, especially when you already know where you would like to have it. Some neighborhoods in the city are an outstanding choice for startups, including Central Street and Union Street.

In the first one, the pricing here varies depending on the amenities of the building and the total land area. Land for sale can be quite affordable here, which is good news for those who want to start from scratch. A 1.39-acre piece of land here that has been recently sold had an asking price of $950K. Parcels of land are also a great investment, and everything is easy if the property is proposed to be used for retail or workplace functions.

Meanwhile, in Union Street, a commercial property can be a little more expensive than Central Street. Liberty Way is the neighborhood to go to if you want a more affordable place for your business, although the location for Union Street may be more suitable for firms looking to be in a busy area. Main Street is a little bit of both, with some workplaces for sale. Some are rated class B, and the rentable areas can provide up to 13,000 square feet.

How to Look for a Buyer or a Lessee

In case you want to lease or sell a property in Franklin, MA, one of the best ways to allow a buyer or a lessee to find you is to list with us. The process is so simple, and you can efficiently market the buildings or the units to your target audience.

You want to make sure that the property you are renting out or selling will be attractive to potential clients. You do not have to spend thousands of dollars for people to discover the unit. With accurate details and appealing photos of the structure, you will surely land a great deal with a buyer or a renter.

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