Methuen Office Space
When you own and run a business, an urban environment often means more clients, opportunities, and accessibility. While Boston proper is a great city in which to run a business, its surrounding towns in the Boston Metro area can also be opportune. Methuen, which is a city in its own right, supports an impressive population of almost 50,000 people, so it's the perfect environment for a business owner to capitalize on. Additionally, the town is only about 29 miles from Boston itself, which means that you can take advantage of visitors and commuters from the city as well.
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Neighborhoods Worth Considering in the Area
This city is rather large, and as result, there is a wide variety of neighborhoods that you can select from when you're looking for a business home base. Here are just a few options:
- Lawrence Street / Phillips Street
- Forest Street / Hill Street
- Berkeley Street / Arlington Street
- Riverside Drive / Olive Avenue
- City Center
- Forest Street / Pelham Street
- Howe Street / Washington Street
- Marsh Corner
- Merrimack Street / Pleasant Valley Street
- Jackson Street / Pleasant Street
With so many office space options to select from in so many neighborhoods, it can be somewhat daunting to find a place that will fit your business. There are a few features of these neighborhoods that you should understand:
- The Town Has a Bit of Variance: If you're shooting for a suburban environment, an urban environment like this one has options. Several of the aforementioned neighborhoods are actually very suburban, which can be beneficial for many businesses.
- Most Neighborhoods Require Vehicles: Commuter rails and mass transit are mostly outside of town but are still accessible. That being said, most of the town residents commute to and from work, which means that several areas of town are optimally placed to take advantage of the commuter rush, which should be a consideration for your next business space.
- Commercial Rents are Cheaper Here than in Boston: This is a major consideration because a city like this can be cheaper to run a business than in Bean Town. Despite reduced accessibility to Boston's potential clientele, a city with a population of 50,000 people provides a lot of opportunities, and each of the neighborhoods has reasonably priced office real estate.
Leasing Space for an Office in the Area
Thinking about selecting a lease as an option when you're selecting your next office location? Leasing has a lot of advantages, and when you aren't purchasing your space, it makes it easier to seize opportunities in other areas that may have more possibilities. When you're leasing, you'll find that you'll have several different options that include:
- Full Service Lease – This model of a commercial lease, as the name implies, is all-inclusive. As a result, the landlord manages aspects of the building like maintenance, property tax, and insurance through your monthly rent payment. As a result, the full-service lease might be slightly more expensive than some of the other types of lease options. Janitorial service is important with this style of leasing, so before you sign, question the regularity of the maintenance schedule.
- Net Lease – If you're looking for a lower rent payment, then go for a net lease. That being said, tenants can pay for other aspects like maintenance, insurance, and property tax as a completely separate payment. The most popular form of a net lease is the triple net lease, also known as a net net net lease, which can also lump in operating expenses and utilities.
- Modified Gross Lease – This is a nice in-between option because it tends to benefit both the renter and the landlord. With this kind of leasing structure, if costs in taxes, insurance, or maintenance rise, the tenant doesn't necessarily see a monthly increase in their monthly fees. That being said, if the pendulum swings back and these costs decrease, the landlord sees the profit.
Buying Space for an Office in the Area
One of the best aspects of buying this kind of space for your business is the stability. When you're purchasing this type of real estate, you can have a set place to operate, you'll have a steady mortgage that won't go up over time, and you'll also have the opportunity to augment your cash flow as well by renting out any unused space. Let's take a look at this more in-depth:
- Stability – When you're running a business, having a stable operations base can be important. Even when you're running an office, it's useful for your clientele to be able to know how to reach you and your services, and having a stable base of operations is pretty advantageous.
- Mortgage Steadiness – When you rent, you expose yourself to the mutability of the market. In other words, when market conditions arise that increase the value of the neighborhood, it's almost inevitable that you'll see an increase in rent. With a purchased property, your mortgage will remain steady in most situations, which will make paying back the cost of your property relatively easy over time.
- Cash Flow – When you own your space, you can rent out extra space to other businesses. This is an excellent way to augment your cash flow, and additional money paid to you as rent can help you capitalize faster, which means a quicker return on investment.
Listing Office Space for Lease and Sale
Do you own real estate that you want to put up for lease or sale? These types of property can be very valuable, especially in an urban area like Methuen. No one is an expert at these types of arrangements at the start, which is why hiring a competent and experienced brokerage like Boston City Properties is a good idea. We have thousands of satisfied customers, and we can help you list your property and make some money. Give us a call at 617-247-1933.
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