Littleton, MA Retail Space
Littleton is a small town in the Boston metropolitan region. It is part of Middlesex County and has a population of about 9,000 people. The quaint town, like many in New England, is known for its colonial architecture and swatches of preserved open land, both of which are features that add to its appeal as a place to live. The town also attracts a number of small businesses, who seek to fulfill consumer demand for goods, services, and luxury products. The town was once a predominantly farming community, but it transitioned to a residential community after World War II, as road construction and new public transportation stimulated the growth of pockets of residential development. While the core of the town continues to be dominated by boutique shops, cafes, restaurants, and small businesses committed to fulfilling residents' basic needs, the areas along the major roads have brought about the growth of the town's larger retail sector. With its many attractions and a healthy market, 2018 is as good of a time as any for small businesses and retailers to move into town.
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Retail Space
The town has two separate neighborhoods, which are the town's center and Littleton Common. As with many New England towns, the town center developed over the years as a center for economic development and community affairs. The smaller side streets and Main Street that have traditionally housed businesses and people still remain, and they continue to be an important part of the town's core. Just outside those streets, however, the town's layout changes to one of busier roadways and areas of commercial growth. Big box and chain stores are the norm outside of the town's center, and they regularly attract both prospective retailers and investors. Littleton Common has a predominantly suburban character. It forms the area outside the core of town, and extends to the outskirts of the town's borders. Littleton Common is recognized as an independent neighborhood by the census, and it has a population size of about 2,800 people.
When companies move to town, they must decide whether to lease or buy property. Leasing is generally a good option for businesses that meet certain conditions and criteria. Since leasing does not require the same volume of initial capital that purchasing does, it is a better way for businesses to get adequate space that might not have sufficient funds or a qualifying credit score (680 or higher) that is recommended for buying. Most financiers require businesses to have been established for at least two years to provide funding for a sale, which makes leasing an appealing option for emerging businesses. This is especially significant in the current Boston area economy, which welcomes start-ups and new businesses. In the first half of 2018, the average price of leasing space is $15/SF yearly, which is right about on average with lease prices across the Greater Boston area. However, it's much lower than the $55/SF/YR prices and higher found within Boston.
For companies that have been in business for at least two years, have a credit rating of 680 or higher, and who plan to stay in town for at least five to seven years, buying generally makes the most sense. Businesses with an established credit and good credit score may also be eligible for several loans, including SBA loans, which makes buying an even more appealing choice. Another reason why companies who can buy should consider it, say industry experts, is that property values are expected to climb in the next several years. This means that by the time they break even, businesses may very well be able to turn around and sell their properties for higher price than what they paid for them.
With market conditions ripe for development, 2018 is an ideal time to list your property for leasing or selling. If you're ready to post your land or building for sale or lease, get in touch with our office today. Our staff is familiar with the intricacies required to make a commercial sale or lease smooth, fast, and easy. We can provide assistance with all aspects of a property transaction, which reduces the legwork that you have to put into advertising your property and attracting prospective buyers. With an intimate knowledge of the business market and a grasp on projected future trends, let us be your go-to experts for your questions and needs.
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Retail Space