Millis, MA Business Space
This is a town located in Norfolk County. It had a population of 7,891 in the 2010 U.S. Census. The total area of the community is 12.3 square miles, with 0.1 square miles being made up of water. Nearby communities include Norfolk, Sherborn, Holliston, Medfield, and Medway. Boston is 19 miles northeast of the town. The main highways that pass through the town are Massachusetts 109 and 115.
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Retail Space
A Great Place for Business Space
The community has enjoyed a strong local economy since its founding in 1885. In those early years, it was a railway hub. This spurred economic growth in the town. Many thriving businesses developed in the town – the most notable was the Herman Shoe company. Even though these early businesses are past, the town still is a good place for entrepreneurs to set up shop because of the area’s thriving tourism industry. Norfolk County is the third-ranked area in the state for tourism, with visitors spending $1.12 billion a year. Tourism accounts for 10,600 jobs in the region. With all these tourists bringing all their money to the area, it makes it a great location to lease or purchase business space.
The Neighborhoods of the Community
The town is divided into two neighborhoods by Massachusetts Route 115. The following is a brief description of each one:
East
This area of town east of the highway is bordered by the Charles River on the eastern edge. South End Pond is located in the northern area of the neighborhood. It is connected to the Charles River by the Bogestow Brook and is a popular canoeing, kayaking, and ice-fishing location. Walker Pond is in the southern section of the neighborhood.
West
The western side of town is drained by the Bogestow Brook as it flows northwest through the neighborhood. The southern part of this area is where the main business district is located, just west of Massachusetts Route 115 on Main Street.
Leasing Business Space
The following is a brief survey of business spaces available on the local market recently:
Main Street Business Space
This 1,500 square-foot space is located in a 9,000 square-foot building that is in the West neighborhood. It was offered for a rental rate of $1.23 a square-foot per month.
Centennial Place Space
This development was constructed in 2014 and has a total space of 160,000 square-feet. The 1,450 square-foot space was offered with a NNN lease. The Main Street location had a traffic volume of 17,237 in 2015.
Main Street Stand Alone/Mixed-Use Space
This 2,202 square-foot space was in a freestanding building located on Massachusetts Route 109. The lease type offered was an NNN.
Buying Business Space
There is a wide variety of business spaces that have been on the market recently. The following is an example of the type of property listed for purchase locally:
Main Street Property
This 5,900 square-foot building was constructed in 1875 and has 3,034 square-feet of storefront business space. It is situated on a 0.93-acre lot. The Walk Score is 30, which means it is car-dependent. The property is located on Massachusetts Route 109, which had a traffic volume of 17,237 in 2015. The list price was $699,900.
Listing Business Property
The limited supply of business space available in the area favors sellers when they list property. Yet, a market with a tight inventory can be challenging when it comes to setting a property price. This is due to the difficulty in finding comparable properties to justify the asking price. It is important for a seller to be able to show prospective buyers the reasonableness of the property’s listed price. The best way to do this in such a market is through the capitalization rates of local properties. “The capitalization rate of your property can be used as an easy way to compare your asset with others available on the market,” advised one property expert.
A community must have many features to give it a strong foundation for a good economy. This town has exactly that. One resident expressed it well: “[This] is a great town…with many good roads so it is easy to get from one place to another. It is quiet [and there is] no crime.”
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Retail Space