Medway, MA Business Space

This town is located in Norfolk County. It had a population of 13,000 in the U.S. 2010 Census. The community has a total area of 11.5 square miles and sits on the Charles River. Massachusetts Routes 109 and 126 are the main transportation routes that serve the town.

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A Great Place for Business Space

For prospective business owners, this community has many good features that make it an excellent choice in which to lease or purchase business space. First, the local economy is strong. The unemployment rate is 3.5%, which is lower than the national level. Annual job growth is 1.37% and experts forecast 39.23% job growth over the next ten years. “The overall health of the local and regional economy should be considered as it indirectly impacts local demand,” advises the University of Wisconsin-Extension’s Downtown Market Analysis program. Second, the town has a low crime rate, which is important for a successful business. Personal security is a main consideration for business owners. “If customers do not feel safe, they are not going to want to shop,” observed one business consultant.

The Neighborhoods of the Community

There are two main neighborhoods in the town. The following is a brief description of each:

Town Center

This is the historic section of town, which borders the Charles River. Most of the buildings in the neighborhood were constructed before 1940. The median real estate price is $409,602.

Camp Breezy Meadow

This is the northwestern area of town. It is the most expensive area for property with a median real estate price of $471,502. Most of the buildings in this section have been constructed since 1940.

Leasing Business Space

Though the town is relatively small, there is a wide variety of types of business space that have been on the market recently. The following is a description of some of these:

Rabbit Hill Place

This is a 5,000 square-foot two-story mixed-use building that was constructed in 1847. Along with office space, the building has a 1,770 square-foot business space on the street level. The space was offered with a modified gross lease and was located on Massachusetts Route 109.

Main Street Property

This 1,912 square-foot freestanding building was offered with a triple net lease and had an open floor plan. It was located on Massachusetts Route 109 which has a traffic volume of 9,209.

Tri Valley Common

This shopping center development was constructed in 2014. It includes some national chain anchor businesses. There is 36,000 square-feet of leasable space in the complex, with the minimum size being 1,000 square-foot and the maximum being 7,700 square-foot.

Buying Business Space

As with the space for lease, the business property available for purchase recently has varied in type. The following is a description of a few properties that have been on the market recently:

The Clark Partridge House

This Victorian home in the town’s historic district was renovated in 2003 and is a mix-use commercial property, with both office and business space. The 4,700 square-foot building has two 2,425 square-foot spaces. The property is listed for $349,000.

Main Street Property

This freestanding building is located on heavily-traveled Massachusetts 109. It is situated on a 0.5-acre lot and has 2,348 square-feet of space. The building was constructed in 1962 and has eight parking spaces.

Listing Business Space

The community is a good area for property owners to list business space. The favorable local business climate provides prospective sellers an opportunity for a potential profit. Experts recommend that owners develop a marketing approach that will make a good first impression on potential buyers. One way to accomplish this is through staging. “If you’d like to make it even easier for a potential buyer to see themselves in your building, hire a professional staging company to make the space look as good as possible,” advises one marketing professional. An experienced property agent who knows the local market is an asset in developing a successful marketing plan to sell a business space.

One resident’s description of the town summarizes why it is an excellent location for business space: “[This is an] awesome town with great schools and good options for food and community activities. [It is] close to major highways as well as wooded areas for hiking and parks/fields for whatever you want to do.”

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Retail Space