Halifax, MA Retail Space
Halifax, a quaint Massachusetts town, is located in Plymouth County. It has about 7,500 full-time residents. The town is small and has a close-knit community feel. Like many New England towns, it has a defined downtown area, which is the geographical center of town, that has shops, restaurants, eateries, and basic services like hair studios and nail salons. Beyond the town center, the landscape quickly becomes more rural and agricultural. Farms, meadows, cranberry bogs, and recreational areas dot the landscape. In addition to providing aesthetic appeal, they are considered important assets by the town's residents and visitors. These coveted spaces are also attributed to the town's steady population growth. The influx of people is adding to the town's residential character, and it is creating demand for a defined retail sector, which makes now a great time for retailers to get their foot in the door. Leasing and buying are both popular options, as prices are still good compared to other towns and cities in the Greater Boston area. Along with the town's own stable population, the town is drawing an increasing number of visitors as the population in Boston and the fringe towns continues to rise, too. This fact is also significant, as it means smaller businesses, including boutique retailers, are more confident about having reliable consumer demand in the foreseeable future.
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There is one official neighborhood in Halifax, which is the town center. The areas outside of town are divided geographically by several bodies of water, including two large ponds. The town center has several pockets of residential development, including distinct neighborhoods. It is also a social center with local businesses and services. The center of town is also the center of commerce and transportation. From here, it is easy to reach the major roadways that pass through the area, including Route 58, Route 106, and Route 36. Public transportation is available through the local MBTA commuter rail that reaches Boston.
For companies that are not yet ready to make the commitment to buy property, or who don't have the financial capital to do so, leasing is often a preferred option. Leasing space is appealing because it has a lower upfront cost than buying, and it allows businesses to occupy a space for a finite period of time without having to make the commitment to stay in the area for an extended period of time. In areas like this town, where the downtown area is undergoing a period of growth, development, and transition, leasing space also lets retailers determine whether or not the amount of space they currently occupy is sufficient, or whether they will need more or less space down the road if they stay in the area. As of 2018, retailers are finding space in several forms, including freestanding buildings, along the main downtown streets, and in shopping centers and developed corridors along the busier roadways. It costs an average of $1.50 per SF each month to lease space near the town center. The average building size ranges from 2,600 SF to 3,500 SF.
In some cases, buying makes more sense than leasing. Buying quite often ends up being a better deal than leasing for businesses that have funding available or who can secure financial assistance from an investor. Buying property requires more payment up front, but it also guarantees predictable pricing. Businesses that buy property also have more freedom to use the property as they wish, which includes making alterations, expansions, and even leasing out space to renters. Currently, retailers are finding that the market contains single spaces and entire buildings for sale closer to the town's center. Along the developed corridors, it is not uncommon to find lots for sale, either in standalone buildings or in commercial centers. Pricing is also influenced by the class of the building, which is either Class A, Class B, or Class C. For a Class B building, which is one of the most popular classes, a typical asking price is about $850,000 for a freestanding building. Class A buildings are often a bit more expensive, as they are outfitted with the latest luxury amenities, while Class C buildings cost less to buy.
With more and more companies looking to lease and buy space in town each day, 2018 is prime time for sellers and landlords looking to lease out or sell space. Companies are willing to pay increasingly higher prices for both leasing and owning property. Demand for space is also rising. Combined with the fact that space is starting to become scarcer, this means that owners are selling and leasing properties at faster rates than ever before. If you're looking to lease or sell property, contact our office for assistance, as our knowledgeable staff can guide you through the process to ensure a happy outcome for you and the incoming renter or owner.
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