Leominster, MA Retail Space
Leominster is a city in Worcester County. It is the county's second largest city based on size and population, which is around 42,000 residents. The city is located near Boston and Worcester, which are two of the largest and most prominent nearby cities. The town is historically important to the area, from the days of its founding through the industrial era, when its factories, warehouses, and manufacturing buildings produced a large amount of the region's consumer goods. Today, with the need to meet consumer demand still present, the city is a haven for commercial growth. Businesses of all sizes are finding opportunity to move in, which is credited to a combination of space availability as well as a continually rising demand for consumer products within the city's boundaries and beyond, especially in Boston. The construction of two major roads, which are Route 2 and I-190, have transformed the city into a commercial and suburban center, as they have enabled the movement of goods and people. Large shopping centers, malls, and other prominent structures like the Twin City Plaza have also attracted businesses to the area and made it one of the premier retail destinations in the vicinity. Furthermore, inexpensive land and buildings have attracted people, businesses, and investors to the city as well.
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The city is separated into seven villages, or neighborhoods. They are: French Hill, North Leominster, Rice Hill, Bowery, West Side, Morse Hollow, and the Flats. Each neighborhood has its own distinct history and character. French Hill is one of the most famous neighborhoods in the city. French Hill is so named because of its geographical location on a large hill overlooking the city and its large French-American population. French Hill is primarily a residential neighborhood with multi-story apartments. It is also appealing to smaller retailers, as it charming streets are destinations for boutique shopping. North Leominster has its own post office, some municipal buildings, and the MBTA commuter rail station, which has turned it into a busy commercial area with stores, restaurants, and retail establishments. The western neighborhoods are characterized by hilly, undulating terrain, while the eastern side is flatter and commercially developed, which is attributed to the fact that the river flowing through the eastern part of the city once supplied the surrounding warehouses and manufacturing buildings with water and power.
When deciding whether or not to move to the city and when, retailers must decide whether to lease or buy a building. Leasing is usually the preferred option for companies that are new to the area or who aren't sure how long they will remain in the city, as it's the more flexible option. Leases usually range from one to five years. The advantage of leasing is that it requires less of a time commitment than owning property does. Leasing also alleviates some costs associated with owning property, primarily land taxes and expenses like the utilities. In 2018, lease prices have risen by 1% from the same time period (spring) since 2017 in the Boston area. Currently, the average lease price hovers around $11/SF annually. However, prices can also drop as low as $8/SF a year and rise above $30/SF yearly.
For companies who need room to grow or who want to be in the area for at least five years, owning property may be the best choice. It takes about five years to recover the cost of an upfront property purchase. In a vibrant market, such as the Greater Boston market, owners may break even on their investment after five years. In spring 2018, the average price of a building is $250,000. However, prices can be lower or higher based on the type of building, its class, and other factors like its location and nearby businesses.
Just as 2018 is a good time to buy or lease property, it is also a prime time to sell or lease. Rates are favorable for buyers and renters, and although vacancy rates are falling, enough space is still available for tenants and owners to choose property and a location that best meets their needs. If you are ready to put your property on the market for sale or lease, you have come to the right place. Our knowledgeable and experienced staff, who are familiar with the commercial market, are ready to help you with all aspects of a property transaction to ensure you have a smooth sale or quick rental. We're ready to assist with all parts of the sale process, including setting up a proper advertisement that highlights the property's best features, preparing it for inspections and photographs, and closing the sale.
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Retail Space