Hanover, MA Retail Space

Hanover is a lively town with just under 14,000 residents. It is located in Plymouth County, which is in the southeastern part of Massachusetts. The town was incorporated in 1727, and it was once part of the neighboring town of Scituate. However, it eventually split and formed its own identity. The town was once a hot spot for agricultural activities and industry. Today, it is primarily a residential community. It is also a center of growth and development for retailers and small businesses that are finding that they can satisfy residents' needs for services and products with a physical presence here. The proximity of strategic roadways brings regular traffic from Boston, which makes the area an even more enticing place for retailers to set up business. A steady demand for products and services is half the battle for most retailers. With that demand already established, companies are finding that 2018 is an ideal time to lease or buy space. Another benefit is that prices for property are still quite good compared to higher rates in and around Boston. The combination of steady demand and good prices also attracts investors, who are more willing to fund projects and properties in stable markets. Another advantage for businesses coming to this town is that they are only 20 minutes away from Boston.

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There are three official neighborhoods in Hanover, which are the downtown area, North Hanover, and West Hanover. The town center contains municipal buildings, small shops, and professional offices like law firms, solo medical practitioners, group practices, and dental offices. Prices are higher to rent and buy in the town center, and spaces are generally smaller than one will find on the perimeters of the downtown area where there are larger lots and more land. The town center has a combination of living space, working space, and recreational areas like parks and playgrounds, which makes it an appealing place to live and spend time. North Hanover is a neighborhood north of the town center. Route 123 and Route 3 both pass through this section of town, which makes it a desirable place for businesses who need access to transportation routes. The northern neighborhood also contains the Hanover Mall, which is a golden opportunity for retailers to establish themselves. The mall is a vital resource for residents, and it is also one of the largest shopping centers in this part of the state. The westernmost neighborhood has changed very little from its industrial past. Warehouse and manufacturing buildings once supported the town's economy, and today they are seeing a surge of revitalization as they're being repurposed by a wide variety of entities. The western part of town borders Rockland. In addition to its pockets of commercial and industrial development, the westernmost neighborhood also has several parks and recreational areas, which has led to the development of pockets of residential growth.

With its proximity to Boston, attention from investors, and attractive prices, 2018 is a perfect time to lease in this town. Retailers are finding that, although space in the Greater Boston area is starting to become more scarce, they are still able to find spaces and buildings that suit their needs. Many companies are choosing to occupy Class B buildings, which offer the potential for a custom finish. Leasing is advantageous for companies who want to see if the area is a good fit for them first before making a more permanent commitment to owning property. For a general use property, an average lease price is around $35 SF per year, which provides tenants with around 4,500 SF of space.

Buying is another viable option for companies looking to move to and in the area. Buying is an increasingly possible option for many business owners, as financiers are willing to invest in properties around Boston due to the good health and stability of the regional economy. Prospective owners are finding that they can acquire individual spaces, entire buildings, and land on the outskirts of town. Some properties are deemed suitable for general use, which is ideal for companies that want a custom finish. Others are best for specific uses, such as restaurants, medical practices, and bars.

If you're considering listing a property for lease or sale, now is a perfect time to make that move. Demand is high, which means that property owners and landlords can command higher prices than they have in the past. Lease rates for business space have risen by nearly 10% from spring 2017 to spring 2018, and lease rates are expected to continue rising through the end of the year. Asking prices for property sales are also higher, especially for Class B buildings, which have fewer luxury features than Class A buildings but still provide occupants with flexible, versatile, and usable space.

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