Mansfield, MA Business Space

This city of 23,184 residents is located in Bristol County. It has an area of 20.7 square miles, with over 98% of that being land. The community is situated between Boston, which lies 28 miles to the north, and Providence, Rhode Island, which is 19 miles to the south. Nearby communities are Foxborough, Sharon, Easton, Norton, and Plainville.

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Retail Space

A Great Place for Business Space

The town is a good location for purchasing or leasing business space. It has a good transportation infrastructure, which has an important impact on commercial property. The Massachusetts Bay Transportation Authority’s Providence commuter line serves the town with a station stop there. A 2007 study published in the Journal of Real Estate Finance and Economics found that the presence of a railway station near commercial property increases the value by 12.2% above other properties. Additionally, I-95 and I-495 pass through the town.

Neighborhoods in the Community

There are four neighborhoods in the community. The following is a brief description of each one:

Purdy Corner/Robinsonville

This neighborhood is located in the western area of town. It has the most expensive property prices of the community. It is a mostly suburban area, with most construction occurring between 1970 and 1999.

Ginty Corner

This section of town is located in the community’s southeastern area. Most property in the area has been built since 1970. Property prices are 8% lower than the Purdy Corner/Robinsonville neighborhood.

Whiteville

This is the northeastern corner of the town. Massachusetts Route 106 passes through the southern edge of the neighborhood. Most of the property in this area was constructed after 1940.

Town Center

This neighborhood is the oldest area of town and has the lowest average property prices, over 50% lower than the Purdy Corner/Robinsonville neighborhood. This is the historic district of town, with most of the property constructed before 1940.

Leasing Business Space

Though the town has a limited number of business spaces when compared to larger metro areas, there are still several types of properties from which to choose. On the market recently, local business space ranged from a 1,800 square-foot unit available in a newer development located near large chain retailers to a 5,193 square-foot space built in 2009 near a major retail development. Even though leasing business space near major developments might seem a poor business decision, experts in commercial property often recommend such a move. “While it may seem counterintuitive, consider buying commercial property located near (though not too near) one of your competitors — they may be aware of customer and traffic trends that you can also use to your advantage,” writes a veteran retail specialist.

Buying Business Space

The town has a wide variety of types of retail properties. On the recent local market, these have ranged from a 1,550 square-foot unit located in the heart of the Town Center neighborhood listed for $991,700 to a 2,790 square-foot mixed use building located in a transit-oriented area listed for $2,800,000. Purchasing business space in the community could be a good business strategy. It may help a business owner save money. “Purchasing a building provides stability and allows you to avoid rent increases, which helps create more accurate business projections,” observed a commercial property expert.

Listing Business Space

For the local business owner ready to retire and sell a retail property, it is important to value correctly the property to be listed. While this can be done by examining other business spaces on the market, this method is sometimes difficult and inexact. “It can be extremely difficult to find similar commercial properties for a true price comparison. Mixed use and large properties can make this task even more difficult, so this is why commercial property is best valued according to the building’s Net Operating Income (NOI),” recommends a market professional. This is best done by a qualified and experienced local agent that is familiar with this community and retail real estate.

A former resident summed up best the reason the town is a good place to purchase or lease business space for a business: “[This community] continues to expand its outlook on future businesses [and make] improvement within the school systems. It continues to thrive…I would choose to live here again….”

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Retail Space