Hull, MA Retail Space

Hull is a town in eastern Massachusetts. It has a permanent population size of around 10,200 residents. The town is part of Cape Cod, which is one of the most popular vacation destinations on the East Coast. Like other coastal towns, its population size swells during the summer months with the arrival of seasonal residents and visitors. Having both year-round and transient populations puts the town's businesses in a unique position to meet a diverse range of consumer needs, which ranges from basic needs to luxury items. Hull's business market is therefore conducive to the growth of small businesses, which makes retailers enthusiastic about the option for setting up business here. The town's setting on Boston Harbor is another plus, as the harbor is a critical area in the Greater Boston region for revitalization and growth. Boston Harbor draws people, which brings business to retailers.

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The town has three official neighborhoods, which are Nantasket Beach, Straits Pond, and the town center. The center of town is a hot spot for social activity. It is one of the most attractive and appealing places for small businesses and retailers, as it is already a destination for small shops and boutique stores. The town center also borders Boston Harbor. Commercial properties in the town center are in high demand, as they have the highest visibility and receive the highest volume of traffic among the town's three neighborhoods. The town center is also poised for future development, which is rapidly raising property values. Nantasket Beach, which is comparatively more residential, is also popular. Nantasket Beach has a mix of both a permanent population and seasonal residents, as its shore front area is prime territory for housing. This neighborhood has some small-scale commercial development too, mostly in the form of shops, which makes it another appealing choice for small businesses. This area is especially coveted by retailers, as it attracts the most amount of tourism traffic of all the neighborhoods. Property values are rising in this part of town. They are currently the second highest among all neighborhoods, falling only behind prices in the town center. Straits Pond, the third neighborhood, is primarily residential. This area of town has a high concentration of neighborhoods, and it has a few retail establishments mixed in between. Straits Pond is proximate to the busiest roads that serve the town, which are Route 3A and Route 228. Straits Pond is popular for its scenic areas and recreational opportunities. It borders conservation and preserved lands too, which makes it a go-to spot for year-round outdoor recreation, including maritime activities. Since two major roads pass through it, Straits Pond also has a sizable area of commercial development.

As one will find in many places, businesses here have the option to either lease or buy property. Each has its advantages, and the decision to choose one or the other comes down to finances and personal preferences. Leasing is advantageous for several reasons. For starters, it is a more economical option for businesses that don't want to make the full investment of buying property. Lease rates are better than they are closer to Boston, which also means that leasing makes sense for prospective tenants here. The added advantage of a lease is that businesses don't need to stay for a set time to recover their investment cost. In 2018, at a time when consumer shopping habits are rapidly changing, this is especially appealing, as it means that businesses can experiment with conducting business out of one space before deciding whether or not it is ultimately a good fit for them. The other benefit of leasing is that it often absolves tenants of paying additional fees incurred with using a property, such as property taxes. Some landlords will even include benefits like snow plowing, heating, and cooling in with the price of leasing, which is another expense that property owners would have to budget for. In 2018, the average price for leasing commercial property is around $15.70/SF annually.

For property owners with a good credit history and who can commit to staying for at least five years, buying might make more sense. Purchasing property is becoming an increasingly popular option for many businesses, as the market is currently strong, and property values are probably about the lowest in 2018 that they will be in at least the next year, and quite possibly longer. Some industry experts also caution that lease rates and interest rates on mortgages will escalate in the next few years, which might make it harder to finance property, and it might prevent some businesses from getting loans and mortgages that they need to make a purchase affordable. In 2018, the average price for a general retail building located in Nantasket Beach is about $1.6 million. Prices are likely to be slightly higher in the town center, but they are generally a bit lower in Straits Pond.

If you are looking to sell or lease property, contact our staff, as we are experienced in handling property sales and rentals. We can provide advertising tips to highlight your property's best features, help you advertise in the right places, get your property ready for inspection, and properly manage the closing sale.

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Retail Space