Kingston, MA Retail Space

Kingston is a town in Plymouth County, which is on the eastern side of Massachusetts. Like many shore towns, Kingston attracts a large number of seasonal visitors. The town has a permanent population size of about 13,500 people. Its population size grows significantly in the summertime, however, when seasonal residents come to stay. The town is primarily residential, with a charming downtown center that has shops and eateries that cater to both passersby and residents. The town's charm and proximity to the coast make it a great place for retailers, as they can take advantage of the natural traffic flow. This is particularly true for small businesses and retail shops, such as clothing stores and cafes. The town was once a prime center for maritime economic activities, such as shipbuilding and whaling. Although these industries no longer drive the economy, the town is still renowned for its fresh seafood, which makes it an especially good spot for seafood restaurants.

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The town has two main neighborhoods, which are Silver Lake and the town center. Silver Lake lies to the north, and it has a mixture of residential development and commercial centers. Three of the largest roadways in the area pass through Silver Lake, which are Route 27, Route 53, and Route 3. Several rivers run through the neighborhood too, and the perimeter of its eastern border reaches the Atlantic Ocean. The presence of Route 3 in the Silver Lake is particularly appealing for businesses, as Route 3 is also where the town's MBTA commuter rail is located. The center of town contains many small businesses and consumer-oriented services like law offices, dentists, and banks. The downtown district is also a mecca for restaurants, bars, and cultural attractions. The center of town ranges from the geographical town center to the southern border. The famous Silver Lake lies in this neighborhood, which has historically attracted visitors, and in turn enabled business growth. Silver Lake is renowned for its recreational opportunities, fishing, camping, and residential communities. The town center also includes several important roadways, including Route 44, Route 80, and Route 106.

Like many towns, prospective businesses have the choice of either leasing or buying space. Leasing is a viable option for most businesses, as it requires less initial financial investment than buying. Leasing is recommended for emerging companies, those with a lower credit score, and those who don't know how long they want to stay. The good news for companies looking to rent in 2018 is that although lease rates are rising, they are still favorable for business development. In the spring of 2018, an average lease price for a Class B building is $18/SF in a year. In comparison, a Class B building leases for $45-$55 in downtown Boston. Prices will be slightly higher for Class A buildings, which feature luxury amenities, but they are also lower for Class C buildings, which are less finished and have the potential for customization.

Buying property is another option. Buying makes sense for businesses that have the financial strength to make the upfront payment. Many businesses are also finding it easy to get loans in the Greater Boston area, which is a tremendous incentive. As companies are finding, the local and regional markets are quite strong in 2018, which inevitably means that property prices are going to rise. Lease rates and mortgage interest rates are forecast to rise too, which means that buying now, which can ensure the stability of a predictable monthly mortgage payment, is an even wiser decision, as it guarantees a price. Buying property is also recommended for companies planning to stay for at least five years, and ideally seven, as it takes that long to recapture that investment. For a 3,800 SF building, the average sale price is around $380,000.

Just as 2018 is a prime time to lease or buy, it's also an ideal time to put property on the market. Demand for space is high, and that trend will continue as more companies search for affordable space to rent and own outside of Boston. Coastal towns, which also receive traffic from Cape tourism, are also at a unique advantage to attract large volumes of people. If you are looking to sell or lease your property, don't hesitate to contact our office. We have a staff of experts who are familiar with the local market conditions and who are experienced in commercial sales. They can help you establish a fair price for your property and market it the property to strategic customers, which in turn will lead to a faster and easier sale or rental.

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