Hanson, MA Retail Space
Hanson is a town with about 10,750 residents. It is located in Plymouth County and is part of the South Shore region. The town is a vibrant community with a primarily residential character. Its economic endeavors include farming and quarrying. Cranberry bogs, which were once a main source of economic income, still provide some revenue and lure visitors. Hanson is the birthplace of Ocean Spray, which ultimately moved its headquarters to neighboring Plymouth. The town's residential character creates a conducive environment for small shops and retail stores, which provide the goods and services that both the town's permanent and transient populations desire. In addition to having the potential to meet consumer demand, the town is also a perfect place to lease or buy retail property in 2018 because of its proximity to Boston and heavily traveled corridors. Boston lies just 18 miles south of town, and it is accessible by multiple roadways, including Route 27 and state routes 15 and 58. Public transportation, which exists primarily in the form of the MBTA commuter rail, also offers rapid access to Boston.
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There are four official neighborhoods in this town: South Hanson, Burrage, Monposett, and Brentwood. South Hanson was formerly the town center. It has some of the town's oldest and most historic buildings, and it was once the site of the former Ocean Spray Cranberry headquarters. Today, South Hanson remains a strategic commercial center. Along with its abundance of usable buildings, an MBTA commuter rail station in the neighborhood makes it a natural destination for commuters. The southernmost neighborhood in the town is Monponsett. In contrast to South Hanson, Monponsett is characterized by preserved lands and natural areas, including two large lakes that form its southern border. Monposett is a primarily residential neighborhood with a separate zip code and post office. Burrage is the town's westernmost neighborhood. Like South Hanson, it is primarily commercial and industrial. Brentwood, the northernmost neighborhood, is mostly residential.
Retailers in town can choose to either lease or own. Prices are good for leasing property now, but lease rates are expected to rise steadily through the end of 2018. Industry experts also warn that interest rates are projected to rise in tandem with rental rates, which makes spring 2018 a good time to sign a contract. An incentive for many to lease soon is that investors are confident in the local and regional economy, which means that they are willing to offer financial support. Opportunities to lease abound in a variety of settings, including single units, retail centers, and converted warehouses. Leasing general use space in a building close to the center of town has an average price of $21.50 SF per year.
Instead of leasing space, some retailers are choosing to own property instead. This trend is growing as the retail sector continues to see a shift in shopping trends. Retailers are trying to keep up with rising consumer demand, which means that they need to be adaptable and have room to expand in the coming years. Therefore, buying property, which lets companies be more flexible, is an increasingly attractive option. Some companies are also finding that as owners they can lease out space to other tenants, which provides financial benefits. Average purchase prices are about $650,000 in 2018 for a Class B building. Land is also a popular option for companies that want a build-to-suit property. A 2-2.5 acre lot of land costs about $350,000 on average. Zoning may place some restrictions on permissible uses, but businesses generally find that securing land is a cheap way to get a custom place and have room to expansion.
Given the high demand for business space, 2018 is a perfect time to list property for sale and lease. Demand for property in Boston is extending to the outlying towns, which means that space will become an increasingly scare and valuable commodity as businesses look to meet consumer demand throughout the Greater Boston area. If you are ready to sell or rent property, now is the time to contact our office. Our expert staff handles all aspects of the commercial market. We know where to advertise and how to list your property for the fastest response, and we can answer any questions you or your clients have.
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