Lynnfield, MA Retail Space
This charming town is part of Essex County. It is home to about 11,600 residents. Lynnfield is divided into two separate villages, but it is governed as one unit. The town is a quintessential New England town complete with beautifully preserved buildings, ornate architecture, and a historically rich past. It is appealing for visitors and residents for its small-town feel and close-knit community. Adding to the town's appeal is the fact that it is located close to Boston, which puts it on the map of commuters and others who frequently travel to Boston. Lynnfield is also a popular destination for visitors from Boston, which also adds to its propensity to attract businesses. The town is part of the North Shore area surrounding Boston, which is an area rife with commercial development and potential. Businesses are coming to the area in increasingly larger numbers, as they are finding that they can meet the need for growing regional consumer demand and also send surplus products to other areas using Boston's major transportation and shipping routes. Along with its access to Boston, the town holds universal appeal with community-oriented events, shopping opportunities at boutique stores, and an abundance of service-oriented businesses. Additionally, the construction of nearby roadways, including Route 1, has also enabled the town's urbanization and potential to develop a commercial sector with anchor tenants and brand-name retailers.
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The town is divided into two separate villages, which are South Lynnfield and North Lynnfield. North Lynnfield contains the town's geographic center. It is a more residential area than South Lynnfield, and it also has the highest number of small businesses and shops. North Lynnfield has a separate zip code from South Lynnfield. This neighborhood extends north to Route 62. Its landscape is formed largely of open space, fields, and farms. South Lynnfield, in contrast, is more of a center for commercial development. This is due largely to the presence of I-95, which is one of the most vibrant and rapidly developing commercial areas in the Greater Boston region. Along this major roadway, commercial centers, strip malls, and shopping plazas appear constantly. The area is also a hot spot for businesses. In 2018, technology companies and start-ups are joining traditional businesses like medical and research companies along this stretch of road. There was about 2 million SF of business space available in the first quarter of 2018 in this area, and vacancy rates are slowly dropping from their 2017 averages of 18-22%.
Retailers who are considering the town must make several decisions, including whether it makes the most sense to lease space or buy it. Leasing is suggested for newer companies and for retailers who are not sure if they want to stay in a single location for at least five years. Generally, companies who have been established for less than two years have not had a chance to build up the credit history that they need to secure favorable loans. They are better off leasing, which also has a number of benefits, namely flexibility. Leasing lets retailers answer some key questions, such as if the size and location is right, or if they would be better off somewhere else in town. Leasing has a shorter period of time than buying does, and it frees companies of additional expenses like taxes. In the first half of 2018, the average retail lease price is $16 per SF/YR.
Conversely, buying is a good option for companies that have existed for two years or more and who have a good credit score, which is considered to be 680 or higher for a favorable loan. Having a good credit built up makes it much easier to get a loan and secure funding from an investor. The advantage of doing so is that property prices and interest rates on mortgages are forecast to rise at least through the end of 2019, which is not surprising considering Boston's rapidly strengthening economy. Sales prices are subject to a variety of factors, including the building's age, location, and nearby tenants or property owners.
While the market is certainly conducive to incoming business growth, it's also a prime time to put property on the market. Those looking to sell property should get in touch with us, as we are here to offer assistance. From deciding when to put your property on the market to establishing a fair asking price, we will walk you through all aspects of selling and leasing to help you make a fast and satisfactory transaction and have happy clients, too.
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