Lexington, MA Retail Space

Lexington is a relatively large town of nearly 31,400 people. It is situated in Middlesex County and is part of the Boston metropolitan area. The town is appealing for its historic attractions as well as its modern culture. Since its incorporation in 1713, the town has always had a distinct and vibrant town center. The town center has traditionally contained small businesses and essential services, and that trend continues today. Small businesses have always considered the town to be one of the top in the Greater Boston area for a solid consumer base, and businesses continue to flock to the town for its welcoming environment, especially smaller businesses and retailers. Along with small businesses, the town's economy was historically supported by agriculture. Although it has fewer working farms now, its bucolic and rural character continues to make it an attractive place to live for many people. Some tracts of land have been converted to commercial centers, which is another appealing feature for retailers looking for space in shopping malls and retail centers close to Route 128, which is one of the town's busiest roads and a vital area for commercial growth. Route 128 is credited with enabling the rise of the town's human and business population during the 1960s and 1970s. Today, Route 128 remains a prime location for business opportunity, and it also provides a direct connection to Boston.

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The town is divided into multiple divisions called villages, which are its census-designated neighborhoods. The neighborhoods include North Lexington, East Lexington, Countryside, Walnut St., Adams St., and the town center. North Lexington is one of the largest neighborhoods in town. It is located just south of Adams St., which is the northernmost village in the town. Interstate 95 passes through the center of North Lexington, which has led to the establishment of a commercial center. The town's airport is located just west of the neighborhood, which provides transportation and shipment of goods. Adams St. is another commercially developed village. It is at the junction of I-95 and Route 3, both of which are strategic commercial hubs for the region. Countryside is the easternmost village in the town. It has a more residential and rural landscape with minimal commercial development. East Lexington has a number of historic farms, which have since been turned into residential housing units. The town center contains quaint shops, stores, and historic attractions.

Businesses coming into the area have several options, which include leasing for period of time and purchasing space, whether it's land or a building. There are advantages to both, and the decision is ultimately a personal choice based on various factors. Leasing is generally recommended for retailers who aren't sure of their future space requirements, their ability to fund a property, and how long they will want to stay in the area. Leasing also has several advantages, including having a shorter commitment period (generally one to five years). It also alleviates renters of costs associated with ownership, such as property taxes and monthly fees. Lease prices across the town are about $30 per SF annually, but costs may rise to $80/SF each year for a newly constructed luxury building or one in a prominent location.

On the other hand, businesses sometimes find that they are better off buying property. This is true for businesses with credit scores of 680 or higher, and for those who plan to stay for seven years or more. Becoming a property owner frees companies of some restrictions and constraints that leasing imposes, such as how they can use the property and to what extent they can develop. As of 2018, it takes roughly seven years to recover the cost of buying property. This means that incoming businesses should plan to stay in the area for at least that amount of time. A popular option in many towns in the Greater Boston area is for companies to purchase large buildings, such as warehouses and old mills, and sublet unused space to multiple tenants. All tenants share utilities and common expenses.

If you are looking to advertise your property for sale or lease, 2018 is a perfect time to do so. The market is hot right now for commercial development, and that trend looks to continue as more businesses move to the Boston metropolitan region. When you are ready to put your land or building up for sale or lease, get in touch with our office, as our staff has a deep knowledge of the local market, and they can help you with all aspects of getting your property into the right hands, including advertising in the right places, showing the property, ensuring the property is up to all official codes and standards, and putting the right spin on marketing your property to prospective buyers and tenants.

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