Hopkinton, MA Retail Space
Hopkinton is a town in Middlesex County, MA. It has a population size of around 15,000 individuals. The town is known for its historic attractions. It is also the starting place for the Boston Marathon, which brings an influx of visitors each year. The town also has a vibrant hospitality industry due to its association with the Boston Marathon. The town shares a border with six other towns and cities. Hopkinton is also a vibrant area based on its own assets, which include recreational areas, a quaint town center, and historic buildings. It is also located less than 30 miles west of Boston and is part of the Greater Boston metropolitan area. With its growing population and small business-friendly attitude, the town is a prime area for retailers to conduct business, as prices in 2018 are favorable for leasing and purchasing property. Rates are lower than in Boston but the town benefits from the need to fill regional consumer demand, which makes it attractive for businesses. Along with needing to meet consumer demand, many businesses are drawn to the town for its proximity to multiple major highways, including Interstate 495, which is a prime area for commercial development and a strategic shipping route for consumer goods. Interstate 90 is another primary road that serves the town, and Route 9 is a major route that runs east to west. Adding to the town's residential and commercial value is its multiple forms of public transportation, including an MBTA commuter rail.
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Retail Space
The town is relatively small, and therefore it only has one official neighborhood, which is called Hopkinton Village. Hopkinton Village contains a number of small businesses, and it also has a core residential section. The village contains Main Street and bordering side streets, which are characterized by historic buildings, boutique shops, and residential apartment buildings. The village center generally attracts small businesses and retailers, but larger retailers also find potential in shopping plazas along the town's more highly developed corridors, such as I-90 and I-495. From the village, it is easy to reach the major thoroughfares. It is also easy to access recreational areas, which makes the town a desirable place to live and visit. Beyond the village's borders, the landscape changes to a more rural character with open tracts, farms, and bodies of water.
Given the tremendous potential for business growth and development, 2018 is a perfect time to move in and start taking advantage of the opportunity to meet consumer demand. Leasing is a popular choice for many companies, especially those that are new to the area, as it lets them get a feel for operating in town before committing to stay indefinitely, as purchasing property does. Lease prices for property in town vary, but retailers generally pay around $12 per SF each year. This is considerably lower than the average rate of $35-$50 SF/YR in Boston. Along with property designated solely for retail use, some retailers are also finding that they can make use of multi-use or flexible-use spaces, too. Flexible use spaces allow companies to a building with another tenant, which can work in the favor of both parties to cut leasing costs as many expenses, such as utilities, are shared.
Owning property is another good option for many business owners. Businesses are advised to consider buying property in 2018 if possible, as purchasing locks in a set price. With property values, rental prices, and mortgage interest rates expected to rise, now is the time to make a move. Space is also available in 2018, but it is expected to become an increasingly scarce commodity. In 2018, customers are finding suitable space available in various areas of town, including along the busy Main Street and in areas designated for commercial and business development.
If you are on the other side of the equation, which is that of a building owner or landlord, this is the right time to get an expert on your side, as he or she can work with you each step of the way to market your property for sale or lease. An agent will advise you of a fair asking price, which makes your property marketable. An expert can also offer insight on market trends and answer any questions you have. Contact our staff today with your questions and selling needs!
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Retail Space