Lowell, MA Retail Space

Lowell is a progressive city in Middlesex County with about 110,000 residents. By population count, it is the fourth largest city in the state and the second largest in the Boston metropolitan region. The city has historically been an important part of the Greater Boston metropolitan region, and it continues to be a destination of culture and shopping today. The city has a mix of suburban areas and business centers, which makes it a perfect place to consider for retailers looking to move into the Boston area. In fact, the city has led the way in terms of retail and commercial development over the past decade, which has made it a pioneer for businesses coming to the area. The increasingly large volume of businesses in the city's borders has made it known as a destination for shopping and consumer goods, which adds to its appeal for other businesses.

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Retail Space

The city is formed of a network of neighborhoods. There are eight official neighborhoods in the city. They are: Highlands, Pawtucketville, Centralville, Belvidere, Acre, Back Central, South Lowell, and the downtown district. Centralville is one of the largest neighborhoods in the city, and it forms the northeastern border. Like the other neighborhoods, it has its own zip code. Centralville is a primarily residential community. The Highlands is the most densely populated neighborhood in the city, and it is also defined by a predominantly residential character. The Highlands forms the city's southwestern border. The northern part of the neighborhood is more commercialized than the others. It also has a high concentration of apartment buildings, as it is located closer to the town center. Belvidere is also mostly a residential neighborhood. The town center is the commercial heart of the city, and Back Central is the most heavily developed commercial neighborhood. Pawtucketville is rich in history, and it contains some of the city's most popular historic attractions and original architecture.

For businesses coming to the area, the two biggest decisions to make are where to set up business and whether to lease or buy. Leasing is a good option for companies that are new (less than two years old) and don't have recommended credit scores needed to buy. Retailers who aren't sure of the best location in town or who think they might need more space in the next few years also find leasing to be a good first step. Retailers who aren't confident that they will want to stay in the area for at least five to seven years, which is the estimated time it takes to recapture the cost of buying property, should also consider leasing. Fortunately, there are many opportunities for leasing in the city. In the first half of 2018, lease rates were around $20 per SF each year, while they can drop as low as $10/SF/YR or rise above $35-$40 per SF/YR. Lease rates are higher in high profile areas and in buildings with more amenities.

Companies that have been established for at least two years and have a good credit score (which is 680 or above for most mortgages) should consider purchasing property. Established businesses that can demonstrate financial competency and responsibility may be eligible for a variety of loans, which add to the viability of purchasing property. Experts also advise that companies who can afford to do so should consider buying to lock in the cost of the property, including securing predictable monthly mortgage payments. This is especially true in 2018, as property prices are forecast to rise in the foreseeable future, which means that interest rates and lease prices are expected to follow suit.

Opportunity abounds for entities moving to the city, which also means that it is a perfect time to sell or lease property. Demand is high, and with vacancy rates steadily falling in Boston for property, companies are increasingly looking to occupy space in other towns and cities in the Greater Boston area. This works to the advantage of landlords and building owners, as it means they are able to command higher asking prices now than they have in the past few years. If you're looking to put property on the market, get in touch with our office first. We have the knowledge and experience needed for a fast and efficient sale, with the end goal to have a satisfactory outcome for both you and your clients. Give us a call and we'll explain the help we can provide, such as listing, getting the property ready for show, and highlighting its best amenities and selling points.

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Retail Space