Medfield, MA Business Space

This town is located in Norfolk County and had a population of 12,024 in the 2010 U.S. Census. It has a total area of 14.6 square miles, with over 99% of that being land. The town is 17 miles southwest of Boston.

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A Great Place for Business Space

Though the town is not a major metro area, it still is a good place to lease or purchase business space for a few important reasons. First, it is a community that has not boarded up its downtown area for big-box retailers in suburbia. “Main Street is pure Americana, with family-owned businesses and restaurants lining it on both sides, making it the perfect place for a weekend stroll,” writes Jon Mael for the Boston Globe. Second, it is an affluent community. The median family income is $144,263, almost twice the U.S. median income of $72,707.

The Neighborhoods of the Community

Massachusetts Route 109 passes through the middle of the town and divides it into two neighborhoods. The following is a brief description of each one:

Town Center

This is the northern section of town. Its western border is the Charles River. This is the most expensive area of town in terms of property, with a median real estate price of $722,092.

High Street/Granite Street

This neighborhood comprises the southern area of the community. The median real estate price is $703,906.

Leasing Business Space

The market for business space has been tight locally. This may be a positive sign of the town’s economic strength. The following is a brief description of types of business space available in the community:

Historic Building Business Space

This 500 square-foot space is located in the historic train station in the center of town. The 19,340 square-foot free standing building was built in 1900 and has several other business spaces filled with such businesses as a nail salon, pizzeria, a dry cleaner, and a hair salon. The Walk Score is 74, which means the space is very walkable. The space is offered with a three-year lease at $19.08 a square-foot per year. There are 50 parking spaces shared by all the tenants.

Storefront Business Space

This space is located in a shopping center in the Town Center neighborhood. The development was built in 1980 and has 60,000 square-feet of gross leasable area. The complex is situated at the busy intersection of Massachusetts Routes 109 and 27. The specific space offered is a 783 square-foot unit for a rental rate of $23.00 a square-foot per year.

Buying Business Space

Purchasing commercial property in a tight market like this community can be challenging. Yet, experts warn that the wrong approach is to give up. “…You can be victimized by the market if the lease rolls over when the market is tight and, as a result, you have higher rental costs,” warned one market expert. Property professionals recommend prospective buyers take a proactive approach in such an environment. “Get out from behind that computer screen and start driving around your market looking for signage. There are many business space listings that are being leased or sold “by owner” or if they are marketed by a commercial real estate firm they could be so new they have not yet made it to online listing services,” advised one veteran commercial agent.

Listing Business Space

For property owners ready to list business space in this community, a few important steps may increase their profit. First, the timing of the listing can increase the property’s value. “The best time for selling your commercial property is right after the lease has been renewed,” explained a veteran property agent. This is because the prospective buyer is assured of a long-term income stream. Second, the seller should enlist professional help to make sure the property’s appearance online is flattering. “Today, you’ll hardly see a buyer who previously hasn’t taken a couple of minutes to check out your on-line ad,” observed one market professional.

The town’s positive business climate that makes it a great choice for the leasing or purchase of business space is best summed up by a current resident’s description: “Medfield is a safe, friendly, and quiet suburban town with a welcoming local downtown area.”

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Retail Space