Ipswich, MA Retail Space
Ipswich is a town in Essex County. It is on the eastern side of the state, and it is a coastal community with about 13,200 year-round residents. It is a residential town year-round, but it has a large surge of visitors and seasonal residents during the summer. The town's residential areas are separated geographically by parcels of open land and natural resources, including state reservations, ponds, and beaches. The town's boutique charm and proximity to the Atlantic Ocean make it a popular destination for people, which is one great reason why businesses are wanting to call Ipswich home, either by leasing or buying property, in 2018. The town's small-town feel is especially conducive to the growth and development of small businesses and retailers. The hospitality and food industries are especially well represented in this town, as hotels cater to transient visitors looking to stay overnight. With its proximity to the shore, the town's restaurants specialize in serving freshly caught seafood. The town has plenty of attractions and appeal on its own, but another asset is that it is accessible from Boston via the commuter rail and highways. The town is located along several major roadways that enable the transportation of both people and products, including Route 1A and Route 133. It is also adjacent to several airports, including the Boston Logan International Airport.
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The town is divided by several major geographical features, which naturally define its neighborhoods. There are three designated neighborhoods here, which are Little Neck, Linebrook, and the downtown area. Little Neck forms the town's eastern shoreline. It is a popular place to live for both year-round and seasonal residents. Little Neck is home to several important conservation areas too, which provide scenic beauty and support recreational activities. The town center, as the name implies, lies at the heart of town. Like many New England towns, the town center is an area of social activity and commerce. There are many small businesses in this part of town, as the atmosphere and property prices are both welcoming to local businesses. The center of town is one of the most desirable places for storefront-type businesses like restaurants and retailers, as they often rely on steady volumes of foot traffic for growth. The town center also contains a number of historical attractions, including the homes of past prominent residents. Linebrook lies to the west of the town's center. It is about equal in size to Little Neck. In contrast to Little Neck, however, Linebrook is primarily a commercial center. Route 1, a major roadway, traverses Linebrook in a north-south direction. In addition to its commercial corridor, Linebrook contains several large state parks, which are some of the most popular spots in the region for hiking, swimming, and other outdoor activities.
Businesses coming to town have the option of either leasing space or purchasing property. Leasing is a common choice for many new businesses, as it doesn't require a set credit score or time commitment. Having the flexibility of leasing is especially appealing as landlords are offering variable use arrangements, such as charging tenants for utilities only on days that they use those services. A typical price that one might expect to pay for leasing across the town is just under $14 per SF each year. In a commercial setting, the cost of leasing is only 85% of the cost of buying after 15 years.
Alternatively, some companies might find that buying property makes the most sense. This is especially true for companies that have a strong credit score and the financial capacity to make an up-front purchase. Companies are also choosing to purchase large volumes of space and have room to expand in the coming years. With Boston's market increasingly expanding, industry experts are assuring prospective owners that 2018 is an ideal time to make a move. Another advantage to buying property is that it offsets the risk of higher prices from rising interest rates and lease rates, which is expected to happen over the next few years. In spring 2018, companies are paying a price in the range of $830,000 to just over $1 million for general use buildings. Land is also available, and it is a good option for companies wanting to have a build-to-suit custom property.
Just as 2018 is a great time for businesses to move into the area, it is also a perfect time to post property for sale or lease. If you are looking to put your property on the market, be sure to get in touch with our office first. Our knowledgeable staff has many years' worth of expertise in the market, which includes both the residential and commercial sides. We are happy to help you with any and all aspects of marketing your property, starting with placing the initial advertisement to preparing your property for mandatory inspections to eventually finalizing the closing sale.
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