Hingham, MA Retail Space

Hingham is a picturesque town in Boston's South Shore region. The town has about 22,150 residents, and it's located in Plymouth County. Like other towns in the Boston region, it is primed for economic, population, and business growth. Furthermore, as Boston's population grows, there is an increasing need for living and working space outside of the city. Sales and rental rates are also rapidly rising in Boston, which makes the lower rates of the surrounding towns attractive to businesses. With a exponentially rising demand to produce consumer goods as well, this town is poised to be a prime area for business growth in 2018 and the coming years. Retailers of all sizes have opportunity here, as there is a healthy mix of space available both in the town center and outside of the town center along the developed commercial corridors. Another major advantage for businesses here is that the town attracts steady tourist traffic and it is near Boston Harbor, which is praised for its unprecedented population growth and business potential. Adding to the town's advantage for retailers is that it is within easy reach of Boston via roads and the MBTA commuter rail. With the winning combination of a healthy economy, access to Boston, and good property prices, industry experts say 2018 is the time to buy and lease in Hingham.

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Retail Space

This town is divided into four official neighborhoods, which are: Cole Corner, Crow Point, and Liberty Plain. The fourth neighborhood is the downtown district. The center of town is quaint and picturesque. It is filled with original buildings and historic attractions. Its modern retail landscape includes restaurants, cafes, and bakeries, along with boutique fitness centers, clothing shops, and jewelry store. Local service-oriented businesses reside downtown too, including law firms, banks, and medical offices. It's easy to reach Route 228 and Route 3A from the town center. Both are major roadways with commercial development. Cole Corner is the smallest of the four neighborhoods. It contains a mix of residential neighborhoods and commercial development. Liberty Plain is the largest and southernmost neighborhood. With a state park, commercial corridors, and residential communities, it is one of the most diverse neighborhoods in this town.

For businesses wanting to come to town, one decision to make is whether to buy or lease. New businesses are finding that it sometimes makes more sense to lease than to own property. Leasing requires considerably less financial investment. In a 15-year period, leasing costs only 85% as much as buying. Unlike buying, leasing comes with the option for a short-term stay, even as little as a year. Some landlords also offer enticing deals, such as letting tenants sublet unused space. Rental rates are currently about $20/SF/YR. Rates can drop as low as $10/SF/YR, or exceed $30 per SF each year for a high-profile building or prestigious building.

Alternatively, buying is also an option. An advantage to buying space is that it gives owners a fixed cost. Buying is ideal for companies with a credit score of at least 680, who have been established for two years, and who plan to stay for 5-7 years. Rental rates and interest rates are both expected to rise in the coming years, which is an extra incentive for businesses to purchase space instead of rent. Purchasing also gives companies more freedom to alter the space as they wish, such as renting out space to other tenants.

With businesses increasingly interested in the town, now is also an ideal time to list property for sale or lease. If you are a landlord or building owner, contact our staff for assistance, as we are ready to make your property transaction a success. With a long track record of experience in the commercial industry, we have an insider's knowledge on the market, which allows us to help you find a good asking price, negotiate a final sale price, and showcase your property's best qualities. We can also help you with the financial aspect of managing property, which includes making the decision about whether it is best to rent or sell.

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Retail Space