Manchester, MA Retail Space
This town is located in Essex County on Cape Ann. It had a population of 5,136 in the 2010 U.S. Census. The community has a total area of 18.3 square miles, with over 49% being water. Situated on the North Shore of Massachusetts Bay, the town has seven beaches that attract many tourists to the area. Boston is 24 miles southwest of the city.
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Retail Space
A Great Place for Business Space
The community has many features that make it an ideal location for buying or leasing business property. First, the scenic beauty of the beaches brings many tourists to the area each year. In the latest state report, tourists spent $876 million annually in Essex County where the town is located. This resulted in over 6,000 jobs in the area.
Second, the distinctive character of the community provides a positive environment for local business ventures. Small boutiques that specialize in souvenirs, original interior-design products, and hand-crafted clothing have flourished in the popular resort area. As one business expert writes, “…Trends such as ‘small business Saturday’ and ‘shop local’ are taking hold in communities across the country as shoppers search for those unique products unavailable from Amazon.” This factor makes business space a good investment in the town.
Finally, good transportation infrastructure makes the town a wise place for leasing or buying commercial property. For example, the Massachusetts Bay Transportation Authority’s Newburyport/Rockport commuter rail line connects the town to Boston. This makes the community and its beaches accessible to a large number of walking tourists from the metro area—one of the important ingredients needed for prime business property. “…Foot traffic and demographic makeup of the area are among the most important considerations when choosing where to set up shop,” advised a veteran marketing expert.
Neighborhoods in the Community
Though the town is relatively a small community, there are three neighborhoods: Downtown and Great Pasture, and West Manchester. The Downtown area is known for its historic district and nearness to the waterfront. It features restaurants and small shops throughout the streets. The Great Pasture neighborhood is located south of the Downtown area on a peninsula that is surrounded by Massachusetts Bay on three sides. The western neighborhood is located west of the Downtown area, and borders the nearby community of Beverly Farms.
Leasing Business Space
In the recent local market, commercial property for lease featured a variety of options. Properties ranged from a space in a multi-tenant building constructed in 1977 that leased for $425 a month to an 1,100 square-foot $1000 a month. A positive feature of the commercial property in the town is the nearness of the commuter rail system. All properties on the recent market were within walking distance of the MBTA’s commuter rail station.
Buying Business Space
The world of commercial property is very different from residential property. For example, most commercial lenders require a 30% down payment when closing a commercial space transaction. Business experts recommend that prospective buyers of commercial property do their homework. “Use the Internet, read the classified ads and hire ‘bird dogs’ to find you the best properties. Real estate bird dogs can help you find valuable investment leads…” writes a market expert.
Listing Business Space
The community’s strong local business economy along with a limited supply of commercial property makes this an area of financial opportunity for owners of commercial property who wish to sell – if they understand the special differences of business space. “Commercial real estate comes with a lot of nuance when it comes to commercial use and zoning. In order to…serve your clients you’ll need to be up to date. Talk to your local zoning officer about individual properties and any upcoming changes,” advises the National Association of Realtors. The savvy owner will seek a local property agent that understands the world of business property and this community.
This town has the right mix of small-town charm and appeal to make it a good place to invest in commercial property. As one resident observed, “This is a beautiful town that has everything I love. Gorgeous beaches, sidewalks, charming shops and friendly faces.”
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Retail Space