Holliston, MA Retail Space
Holliston lies west of Boston in Middlesex County. Its population size is around 13,500 people. The town is part of the Boston metropolitan area, which is one of the fastest growing regions in the United States. The economic and population growth around Boston is also advantageous for businesses, as it means that there will be a steady need to meet consumer demand in the future. With vacancy rates ranging from 10-20%, retailers are finding plenty of opportunity to lease and buy space, and investors are willing to finance projects knowing that Boston's economy is quite strong. Adding to the town's appeal is the fact that it is close to Boston, which makes for an easy commute for people who work in the city. Access to Boston is provided through Route 128 and Route 495, which are both heavily developed commercial corridors and shipping routes. Along with these areas of commercial development, the town has a classic town center with boutique shops, eateries, and antique stores. These small businesses are collectively an important part of the economy, and they routinely draw visitors to town, too.
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There are five official neighborhoods in the town. They are: Braggville, East Holliston, the town center, Metcalf, and Mudville. Braggville is the neighborhood farthest to the south. It shares a border with the neighboring town of Millis. Braggville is close to Route 495, which makes it a prime area for commercial development. The town center shares a border with Braggville and East Holliston. The town center contains the town's municipal heart, and it has the highest concentration of small businesses and shops. East Holliston lies just to the west of the town center. This neighborhood is largely residential, but it has pockets of commercial development, too. It is home to several parks and small ponds, which makes it a destination for outdoor recreational activities. Route 126, which is an increasingly strategic area for business growth, traverses the neighborhood from north to south. Metcalf and Mudville are the two smallest neighborhoods in the town. They both have a mix of residences and businesses, which makes them good places to live and work.
For companies who aren't sure if they want to make the commitment to purchase property right away, leasing makes the most sense. Leasing allows tenants to get a taste of what it's like to conduct business in the town without incurring the full cost of ownership. After 15 years, the cost of leasing is about 85% of the cost of buying. Lease terms vary based on the landlord, but they generally last between one and five years. Leasing is a great way to get a feel for the area, including determining what the traffic volume is like, what the expense is for living in a particular place, and if the leased spot is in the ideal location. The average lease rate in 2018 is around $22/SF each year, but tenants will find lease prices that range anywhere from $10/SF annually for a general use building to over $30/SF annually for a special-purpose building.
For other businesses, buying property makes the most sense. Companies that are at least two years old, have a minimum credit score of 680, and who intend to stay for no less than five years are good candidates for owning. Buying is especially encouraged in 2018 for several reasons. For one, both the town's economy and Boston's economy are strong. This is giving investors confidence that the market will remain stable in the years to come. Buying also sets a fixed cost for owners. This is especially significant in 2018, as property prices and lease rates are expected to rise over the next several years. Average sale prices are around $350,000 for a building sized between 3,000 and 4,000 SF. Buying also gives owners the option of using all the space they purchase or leasing unused portions out to other tenants.
Prospective owners and renters generally have a good idea of what they're looking for in a property, which makes it especially important for sellers to meet those needs. Whether you are looking to list a property for the first time or have experience selling or leasing in the past, feel free to contact our office, as we can help you make a fast and efficient sale or lease. Our staff is very familiar with the local market and trends, which allows us to work with you to decide when the best time is to sell or lease. We can also evaluate your property and help you create an advertisement that highlights the property's best features. If you're new to leasing and selling, we'll work with you each step of the way to ensure a rewarding outcome that instills confidence.
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