Lynn and Its Growing Retail Space Market

For residents who have been living in Lynn for decades, the city used to be dull and lacking in improvements that would make the area appealing. The waterfront property may be a scene to behold, but it was just that and nothing else. The high-tension wires blocked the access of the people along the Lynnway. Potential projects were present in the past, but many of them did not materialize. It was just a place that had so much to offer but remained abandoned.

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However, the state and the city started to show their persistence. Today, it is filled with one development after another, and many opportunities await those who want to try how it is like to live in this town.

Just last August, the Market Basket gave way to almost 350 jobs to the residents of the city. Meanwhile, the upcoming spring season calls for new construction, which will come with even more units for interested residents to check.

Even businesses and investors have a unit in the community. Whether it is a mixed-use development or a commercial building, there are a few choices that can help make this city the right spot for a venture.

Retail Market Overview

Over the past five years, more and more developers are turning their attention to this city. According to the mayor, there is a substantial amount of opportunity and potential waiting to be grabbed in the town. It is high time for everyone, especially the officials to look for ways that will allow them to think big and outside the box.

The ferry service that takes the passengers to and from Boston is one of the attractions of the city to the developers. Because the location is in the ocean where it is 12 miles from the capital of the state, there is so much to do in this area. One of the most significant developments right now is the North Harbor apartments, which will take a vacant lot in the city and will build an apartment complex to feature 332 units. The construction of this project will begin either in April or May.

Meanwhile, business owners who are searching for a place that will house their company can turn to this city. After all, the building of over 300 apartment units means there will be more residents in the area. The addition of these people can have a positive impact on your business.

Additionally, just like with the developers, the ferry service is also attractive to those who will choose this city where their business will stay. The new construction that has been mentioned earlier will also include a boardwalk extension. It aims to connect the harbor and the Heritage State Park. As a result, the residents can easily walk from their front door straight to the landing of the ferry boats in just a matter of minutes. The convenience and the easy access offered to a unique form of transportation can encourage more people from Boston and other places to visit this city.

The enhancement of water transport can bring unlimited potential. The ferry ride from Boston to the city and vice versa often takes just 25 minutes. There are opportunities to link the economic engine of the town to the other regions in the state, including that of Boston.

The ferry service started in May of 2014, and the city officials are already working on expanding the boat rides so that they will not just operate during the summer months but the whole year round. They are in talks with the Massachusetts Department of Transportation (MassDOT). If approved, it can lead to more business encounters, customer visits, and transactions all over the city.

The mayor has also announced his eagerness to pursue an extension of the Blue Line of the MBTA to the city, which will mean an improved rail system for the commuters. Once again, this improvement can bring tons of benefits for both the customers and the business owners. There will soon be a bike path as well that will run through the city, although the officials are still looking for more budget and a developer that will help in taking care of the proposal.

There have already been significant developments all over the city, particularly when it comes to the commuter rail and it includes Gear Works. It is a $500 million project that took 65 acres of land after the developer purchased the former General Electric (GE) unit located at 1000 Western Avenue last May 2017.

The developer signed with the MassDOT authorities to open the commuter rail stop at River Works, which was once only accessible to the people who work at General Electric. Today, Gear Works residents can now access it, and it is possible that even the public will be able to do the same thing in the future. The developer has already pledged to generate some upgrades to the whole station and its platforms, along with the fund to get a new bus station. The project will also include a total of 80 parking units.

Gear Works is currently underway and will include a total of 1,262 apartment units and outdoor units that will be usable by all the residents of the property. At the same time, there will be ground floor store, which makes this development a mixed-use structure and is a perfect consideration for the business owners and investors as well.

Prices of Commercial Spaces in the City

Aside from being a beautiful waterfront property, another good reason why this city is an option you should not ignore is that it has very inexpensive commercial units. While the average unit price for the monthly rents is around $25 per square foot, you will be surprised to see that some properties are willing to charge the tenants for as low as $1.50 to $2 per square foot. You just need to find the available real estate that is up for lease in the area. We can help you with that if you sign up with us.

As an example, the property located at 69-73 Exchange Street offers one unit for store as a storefront subtype. It is in a building that measures 3,542 square feet, and the leasable area measures 0.03 acre or 1,306.8 square feet. The rental price per month is $1,960. Since it is primarily designed for store stores, you may no longer require some adjustments or modifications in the area. The landlord or the owner of the property allows the lessee to move in almost immediately.

Another example of prime commercial property in the city costs only $2 per month per square foot. It is an office unit and is located on the second floor of a three-story building in Lynnway. However, the lessee can use it as an investment or a place for his or her store store if applicable for the business. The building has been around since the 80s, but it has been recently renovated to ensure that the furnishings and other items in the property are updated.

In determining how much the commercial property will cost your business, there are a few things that should be considered. One of the most critical factors that have a say in the final rental or purchase price of a property is its proximity to the center of the city. You will find that the ones near the city center are becoming more and more expensive and at the same time, they come and go quite quickly. The high demand also dictates the price of the property.

Lynnway is perhaps the area with the most foot traffic generators with at least half of the city’s commuters traveling here every day. The nearby generators of traffic, whether pedestrian or vehicular, can be a factor in determining the price of the commercial property. If there are also anchor store companies and public transit stops, you can bet that the rates will be high compared to the areas where there is not much traffic.

If the building is newly constructed, the commercial property will typically cost more than the average in the city. The condition of the area will also tell you whether you will have to pay more or not for the spot. If you find that there are anchor businesses near the site or there are national chains, it can mean that there is increasing pedestrian traffic in that area. This part of the city is also experiencing a surge in the size of the trade area, and it helps if you sign a long-term lease to benefit from the contract.

Tenants that come from national chains will enjoy lower price per square rents because it is a fact that their presence will enhance the potential rent that can be achieved from the other adjacent units in the area. For instance, if you will be in the same building as a national supermarket chain, you should not be surprised if your monthly rental rate is more than the per square foot of the tenants in that famous store. Additionally, the national chains are skilled at negotiating much lower rents as they continue to extend their stay in return for managing their leaseholder enhancements.

Finally, the size of the commercial unit will also affect the rental price of the property. In total, the rent and even the purchase cost of the more prominent area will be more expensive than the smaller unit. However, if you compare these two based on their price per square foot, you will discover that the smaller one is more expensive than the bigger unit.

In this city, it is not always the case, especially if you rent or purchase in a neighborhood where there is a little vacancy. The size of the property does influence the rent in some way, but the laws of supply and demand will also come into play. In a neighborhood where the vast units are more common than the smaller ones, you will find that the smaller units are more valuable based on their per square foot charge.

Meanwhile, there are neighborhoods in the city where the small units are more dominant. In this case, the property owner who has a large unit and can have the capacity to accommodate a national chain lessee will charge almost the same rate per square foot as the smaller unit. It is also possible that the latter will demand a higher price.

Most of the commercial units in the city are small with two-thirds of them below 2,000 square feet. Approximately 10% or less of the areas are bigger than 5,000 square feet. In this case, the commercial units that fall between the size categories can pose a leasing challenge, and it may be difficult to get a figure as to how much they will offer an entrepreneur. Therefore, we encourage you to find all the listings that will give you an insight regarding the cost of the units in the city and we can provide that help for you.

As you look for the unit to rent or purchase for your business or investment, do not forget about the terms of the lease that can also affect the price of the property. There are areas in the city that has stabilized, and there is not a lot of redevelopment going on. In this case, you can negotiate a lower rental price if you choose to lease the unit for a long time.

Meanwhile, if you go to the city center where much of the developments are happening, and the private sectors are building their offices and store structures, the rents are low for those that will take the property for short term. Some landlords are willing to lease the commercial property month to month, which allows them to take advantage of the expected upswing in the rental market. If you plan to go for longer term rentals, you should be prepared to pay more.

How to Get All the Listings of Commercial Units in the City

It is not easy to find commercial property in this area if you are not familiar with it. Perhaps you have heard about the great benefits to your business if you choose this place as your location. Perhaps you just prefer being on a waterfront property. Regardless of your reason, you need to get the updated list of the available commercial units in Lynn.

The good news is that you have come to the right place. You do not have to go anywhere because we will bring you the latest list that will always be updated every day so that you can find the right location for your store or office.

You have a lot of choices available, including the Shopping Center that bears the name of the city. It is one of the major commercial spots for businesses and even the investors. It is located in a dense neighborhood in the city where high traffic and many consumers are walking around the area. The Shopping Center has a high volume of customers on a daily basis because of the national chains in the building. Some of the notable tenants include Planet Fitness, Rite Aid, and McDonald's.

The Shopping Center is located on Boston Street, which is a major thoroughfare that traverses the downtown area of the city. It also offers two entrances right at the streets of Boston and Ford. The building also provides 215 parking units, and currently, there are available spots for store businesses in its 50,000 square foot property.

However, not all the entrepreneurs can take advantage of the unit. Consequently, there are other mixed-use development projects in the area that will bring new life to the city. You cannot benefit from them if you do not know whether or not there are open units that you can either rent or purchase. We will help you with this problem, and the solution is straightforward. You just have to sign up as a member of our website, and we will give you the list of the available units, along with their pertinent details.

Whether you are a seasoned investor or you are new to the city and are planning to set up a local store, we can give you just what you need: the assistance to locate the right spot for your business. The store industry is indeed a robust sector to penetrate. You will need to exploit all the possible resources you can gather so that you will land the best site for your business.

With the choices in front of you, it will become a bit easier to figure out which unit to invest in, rent, or purchase. When you have your business goals ready, your plans for your store, and your target market, you will be able to track down the suitable commercial property for your company here in Lynn. Armed with the know-how and the list of available units, you can start your search right away. You can also contact us if you have questions about a specific property.

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