Harwich, MA Retail Space
Harwich is a shore town in eastern Massachusetts. It is located in Barnstable County and has just over 12,200 permanent residents. The town is a popular vacation destination in the Cape Cod National Seashore area. Like many coastal towns, its population increases during the summer months, sometimes by a third or more. Its destination appeal naturally attracts retailers and small business owners, as a steady stream of human traffic offers prime opportunities for business. Furthermore, the town is near multiple busy roadways that serve Cape Cod and beyond. It also has three harbors, which makes it a strategic destination for maritime operations. The harbor areas are also becoming hot spots for growth and development, which makes them have significant potential for area businesses. Businesses coming into town will find that lease and sales prices are low compared to those in the Greater Boston area, which makes properties here even more appealing. Retailers are at a special advantage with the opportunity to meet a diverse range of needs, ranging from basic necessities to boutique products.
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The town has seven official neighborhoods, which are referred to as “villages.” They are called West Harwich, East Harwich, South Harwich, North Harwich, Harwich Port, Pleasant Lake, and downtown Each village has its own distinct personality. The town center is the main business area of the town. It is filled with shops, restaurants, and service-oriented businesses like law firms, banks, and medical offices. The downtown area is also the municipal center of Harwich. Events take place throughout the year here, which makes it an even more appealing place for retailers to establish shops. West Harwich is dominated by original architecture and historic sites. It has the town's largest antique center, which has over 40 different antique dealers. North Harwich and West Harwich are primarily commercial. They contain multiple shopping centers and malls, which draws larger retailers looking for prominence and visibility.
As they establish themselves here, businesses can choose to lease or buy. Leasing allows businesses to try out a space and location to determine if it's a good fit first, without having to make the financial sacrifice of buying property up front. Leasing is also an attractive option because of its finite time period and lower initial cost than buying. In early 2018, lease rates are still attractive to prospective renters, as they fall below what business owners pay for comparable spaces in Boston and the surrounding areas. The going lease rate is around $16.80 SF per year, which is much lower than the $50 SF/YR average in Boston.
For companies that have existed for at least two years and have a good credit score, buying makes the most sense. There are several distinct advantages to buying property instead of renting, including having a predictable payment. Furthermore, the market is rapidly growing in 2018. Combined with falling vacancy rates, this means property values are expected to rise in the coming years, creating a landlord's market. Rental rates, sales prices, and interest rates on mortgages are all forecast to increase. Another advantage of buying is it provides the freedom to sublet or lease the property, which produces additional revenue.
If you are thinking of selling or renting property, 2018 is the time to do so. Demand is already high for space, and it's projected to escalate as space becomes more scarce. Asking prices and property values are also expected to rise while vacancy rates drop, which means that now is the time to entice prospective owners and renters with affordable rates. Sellers can highlight the fact that investors are generously funding companies moving into the Greater Boston area, which translates to a quick and easy sale. Rental rates rose by about 3-5% between 2017 and 2018, and they're expected to rise more in the next 12-16 months. As a landlord, you have the golden opportunity to rent out single space in a building, or even the entire building, to make a decent profit. If you're ready to list your building, the first step is to contact our staff for advise, as we are happy to create a custom solution that suits your unique needs. We can also explain the advantages of selling versus leasing out your property and determine a fair asking price based on the building's attributes.
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