Harvard, MA Retail Space

Harvard is a relatively small town in eastern Massachusetts. It has a population of 6,500 residents. The town is residential and rural, with a historic downtown center and residential pockets. The town's communal atmosphere and tourist appeal entices retailers who depend on steady consumer demand for business. This attribute, combined with the fact that it is only 25 miles away from Boston, makes the town an important destination in the Greater Boston area. Its growing popularity means that people and businesses alike are looking to establish in Harvard, which is encouraging news for the local retail industry. The town is also served by prominent roadways, which adds to its accessibility and makes it easy to transport goods. Prices are favorable for renting and owning, which makes 2018 a perfect year to move in.

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Retail Space

Because the town is relatively small, it only has one official neighborhood, which is the town center. The town center acts as the business center of town with municipal buildings, offices, and small businesses. It is also a center of hospitality and socialization with restaurants, bars, and cafes. The core of the town center contains streets lined with quaint shops and some residential buildings, which are primarily multi-story apartment buildings. Beyond the town center, the town's landscape turns to fields and farms. There is some residential development outside of the downtown area, as well as numerous parks and preserved lands. Route 2 and I-495, which is one of the busiest highways in the region, run from west to east and from north to south through town, respectively. Commercial development, mostly in the form of strip malls and shopping centers, is prominent along Route 2, which makes it a popular place for established retailers looking for high volumes of traffic and visibility.

For some businesses, leasing property is ideal. Leasing is recommended for businesses who aren't sure if they want to stay in a single space for at least five years. Leasing also helps retailers determine what amenities and features they need or don't need, which helps them determine what kind of property is ideal for them in the future. With the changing nature of consumer spending habits, companies are also looking for flexibility in property, which lets them adapt to meet consumers' needs. The price for leasing space varies based on multiple factors, such as the building's class, its age, and its location in town. Newer buildings are typically more expensive to lease than older buildings with fewer amenities. These buildings, however, are rapidly being snatched up at reasonable rates and converted to modern uses. As of spring in 2018, retailers paid an average price of $15/SF each year to lease space. Rates can range as low as $10/SF/YR for buildings with a less prominent location, and reach or exceed $20/SF annually for buildings in a more visible location, or for buildings with premier amenities.

Alternatively, buying is another option. Buying is recommended for companies planning to stay for at least five to seven years, which is the average time it takes to break even. Buying also locks in rates, which shields companies from the variable cost of rent. Buying property also alleviates the burden of paying high interest rates, which are forecast to rise through the end of 2018. Lastly, buying property gives new owners the flexibility to customize their space as they wish without facing restrictions from landlords and owners. For general retail buildings here, one can typically expect to pay somewhere between $1.5 million and $2 million for property.

With retailers increasingly looking for property here, now is the perfect time for building owners and landlords to find tenants and owners. Some building owners are fixing up old and outdated buildings to meet the needs of modern tenants, while others are selling and leasing in “as-is” condition, which enables incoming tenants and owners to give their new space a personalized finish. If you are considering selling or leasing your property, contact our office for assistance. We have an experienced staff who can help you determine fair asking prices, create an eye-catching ad to entice the largest possible audience, and ensure your property is in good shape to show. Our staff is experienced in managing all kinds of commercial properties, which means that we're here to help you meet your goals, regardless of whether you are a first-time or an experienced property manager or owner.

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Retail Space