Lakeville, MA Retail Space

Lakeville, Massachusetts is a vibrant town in Plymouth County. It has an approximate population size of 11,400 residents. The town is divided into two separate areas, which are Lakeville and North Lakeville. The town's name is derived from the fact that it has a large number of lakes within its borders. These lakes give shape to the town's geographical borders and boundaries. They also provide essential land for cranberry bogs, which is why Ocean Spray, a leading cranberry product company and a major regional employer, has headquarters here. Much of the open spaces in the town have also been set aside for recreational use, which draws both residents and visitors. The town is considered a prime area for business development for several reasons. It is located 20 miles from New Bedford, which is a gateway to the popular islands of Martha's Vineyard and Nantucket. It also serves two major metropolitan areas, which are Providence, Rhode Island and Boston. The town is 30 miles away from Providence and 40 miles from Boston, which makes it accessible for commuters and visitors. Many businesses have been taking advantage of this strategic setting recently, which has led to an increased demand for commercial space in the area. Not only is the town close to these two key cities, it also has direct access to both of them through vital roadways and public transportation. With a place that's in easy reach of some of the East Coast's top metropolitan areas and the Atlantic Ocean, it's easy to see why retailers are choosing to rent and purchase property here in record numbers.

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Along with the downtown region, the town has two other neighborhoods, which are North Lakeville and Canedys Corner. North Lakeville has its own zip code and post office. However, it is geographically connected to the town, and it shares a border with the town center. Of the three neighborhoods, Canedys Corner has the highest property prices for both commercial and residential property. Canedys Corner contains a number of historical attractions, quaint shops, and neighborhoods. With Route 140 running through its center, it is also a key place for commercial development. Strip malls, shopping centers, and corporate parks dot this neighborhood's landscape. The charming downtown center has boutique shops, restaurants and cafes, and bars. North Lakeville is dotted with picturesque lakes and preserved land. It is primarily residential but has some commercial development, too.

Leasing is an increasingly popular option for many businesses, especially those facing common “unknown” considerations like if a space will be the right size, in the right location, and if it will be affordable. Most leases carry a term of one and five years. This flexibility is appealing to many businesses. Another incentive to lease is that a growing trend among many landlords is to divide space to lease out in large buildings, such as warehouses and former industrial buildings, to multiple tenants. This arrangement reduces the cost for the tenants, who share common expenses like utilities and landscaping.

Buying is recommended for companies planning to stay in the area for five years or more. In general, it takes five years to recover the cost of the initial investment. Small business with a credit score of at least 680 and who plan to own at least a majority of the property may also be candidates for SBA loans. More companies are taking the risk of buying in 2018, as it guarantees the predictability of a fixed payment for the property. Investors are also confident in the market and willing to finance long-term investments. In 2018, an average price for a retail building is about $370,000. Prices can go up to the multi-million price point, however, for buildings in key locations, with high visibility, or with premier features.

If you're looking to list, 2018 is a prime time to put your property on the market. Asking prices are higher now than they have been in recent years for buying and renting. This is great news for property owners, as it means there is a good possibility for a fast sale or rent. Before you put your property on the market, get in touch with our office, as our experienced staff can help you with all aspects of your property management and answer any questions that you might have. We will help you with all parts of selling property, including figuring out how and where to advertise, preparing your property for inspections and tours, and closing the sale.

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