Milford Office Space

When choosing a location for your business, you need to select an area that fits all of your business needs. You need a good employment base as well as a good customer base, which means that you will want your business in a central location. Milford, which is a town in Worcester County, is a location worth considering. it is only 40 miles from Boston, and it is a town that is experiencing a lot of growth, which means that your business will most likely thrive in the area.

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Neighborhoods Worth Considering in the Area

There are five unique neighborhoods in this town, and each one is a great place for an office, but depending on your niche, you may prefer to have your office in one neighborhood over another. The neighborhoods in this town are:

• North Milford
• North Street / Fiske Mill Road
• Prospect Street
• Rocky Hill
• Town Center

In each of these areas, you will be able to find small and large spaces to accommodate your office. This includes shared office spaces and loft spaces that will help save you money on rent, utilities, and office essentials. Most of the businesses in this area are Class B, which means that the building is going to be about four stories or less.

Leasing Space for an Office in the Area

Leasing space for your business has quite a few benefits, especially if you are just starting your business and you expect it to grow in the next few years. When you lease, you are not locked into a long-term agreement, which means that when your business starts to outgrow your space, you will be able to upgrade to a space that is more appropriate for your needs. Any lease payment that you make on the unit is going to be tax deductible, and there is not a large investment cost when you first lease the space. Typically, you will need to put a security deposit down on any space that you lease, but the initial investment is still much lower than it is when you purchase a space.

In addition, when there are maintenance concerns or repairs that need to be done in the space, the responsibility of taking care of the issue falls to the owner of the building instead of you because you are leasing the space. This means that you will have more time to focus on your business. Another benefit of leasing property is that some owners will cover certain costs like water, electricity, internet, waste management, and more.

Buying Space for an Office in the Area

Buying space for your business is a great way to build equity, which means that you will be able to use it as collateral if you need to get a loan to expand your business, take care of maintenance concerns, or anything else. When you own the space, you will be able to make any changes that you like. However, maintenance, repair, and upgrade fees will fall to you. One way to offset this cost is to rent out the additional space in the building that you do not need. This steady rental income will help cover taxes, the mortgage, and the cost of maintaining the property.

When you purchase space for your business to function, your mortgage payment will remain the same until it is paid off, which makes it a more stable investment than leasing where the monthly rent can increase each time the lease is renewed.

Listing Office Space for Lease and Sale

If you decide to purchase space for your business, there is a good chance that your business will become successful, expand, and need more space. With that, you will have two different options. You can choose to lease the space to another business or you can decide to sell it completely and use the money from the sale to purchase a more appropriate space for your growing business. Having professional help deciding which option is best for you can be a great help. Boston City Properties has years of experience with commercial real estate in the Boston area, so give us a call at 617-247-1933 for help listing your property.

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