Lawrence, MA Retail Space
Lawrence is a city in Essex County, MA. It has a relatively large population size of 78,000. The city is about 45 minutes from Boston, which makes it an appealing place to live and visit for people in Boston. The city is also on the radar of retailers and businesses, as it is a prime area of commercial growth and development. Like many towns and cities in the region, this city has recently experienced tremendous growth and development. The many warehouses and industrial buildings use during the Industrial Revolution for activities such as shoe-making, textile production, and clothing production, are being restored for modern use. These buildings are considered prime real estate as space in the Greater Boston area dwindles. Rates for Class B and Class C buildings are also lower than both Class A buildings and buildings of all categories in Boston. Furthermore, businesses are drawn to Lawrence for the unique opportunity to meet consumer demands in one of the fastest growing cities on the East Coast. Vacancy rates have hovered between 10-15% around the busiest travel corridors, such as Route 495, I-90, and I-93. With high visibility and traffic volume in these busy areas, now is a better time than any for retailers to move in.
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Along with its prominent highways and commercial sectors, the city's different neighborhoods give retailers a variety of choices for location, ambiance, and customer base. There are 10 distinct neighborhoods throughout the city. The city's official districts include Walnut St., Prospect St., Broadway, Haverhill St., Spruce St., Winthrop Ave., Howard St., South Broadway, South Lawrence, and Riverside Dr. Howard St. and Winthrop Ave. are the two easternmost neighborhoods in the city. They are the most commercially developed, with I-495 running through both of them. The I-495 corridor is a hot spot for business growth, with vacancy rates above the average in the Greater Boston area (18%) and over 20 million SF of supply space in early 2018. South Lawrence borders I-495 and it has the city's commuter rail station, which adds to its appeal as a place to conduct business. The southern and western neighborhoods are primarily residential. South Broadway and Riverside Dr. both border the picturesque Merrimack River, which is an important area for aesthetic appeal and recreational opportunities. Haverhill St., which lies to the northwest, has a combination of residential neighborhoods and quiet streets lined with shops and small businesses.
Retailers coming to the area can decide whether to rent or buy property. Property prices are still favorable for tenants in 2018, which means that both leasing and buying can be sound choices. Leasing is a good option for companies that are not sure if they want to stay in the area for an extended period of time, and for those who think they may outgrow a single space. Fortunately, renting is quite easy in the spring of 2018, as investors are confident in the local market and therefore willing to consider financing. Citywide, lease prices are approximately $10/SF annually. Prices for leasing vary based on factors like the the size of the building, its visibility, and even neighboring businesses.
For retailers with a good credit score (at least 680), who plan to stay for at least five or six years, and who want the stability of a predictable monthly mortgage payment, buying property is recommended. Buying eliminates the risk of price volatility, as it shields companies from rising interest rates and rental prices. This is important to consider, as industry experts are advising that lease rates are expected to rise through at least the end of 2019. The average asking price for a general use property is around $330,000, which provides about 2,000 SF of space. For a specific use property, such as a convenience store, asking prices are generally higher. In 2018, the average price for a special use property is closer to $700,000.
With the market on the upswing and businesses eager to move in, 2018 is a great year for sellers too, as industry experts are noting that it is quite easy to sell or lease to prospective clients. If you are looking to sell or lease your commercial property, contact our staff for help, as we are familiar with the local market and all aspects of commercial property. From small buildings to open lots of land, we are well-versed in showcasing your property's best features to clients. We can also help with other aspects of real estate transactions, such as financing, showing the property, and creating effective advertisements that highlight the property's main selling points. From the initial listing to the final sale, it's our business to satisfy your needs.
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