Nahant Office Space
The town of Nahant, Massachusetts, is a beautiful town that is almost entirely surrounded by water save for a single land bridge that connects it to the Massachusetts mainland. The town has mass transportation and a highway that traverses the entirety of town. The town has a population of almost 3,500 people, which means that it has a fairly robust population that can be tapped by a business owner. If you're looking to build an office in a new location or looking for a home for your startup, this town is an excellent choice.
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Neighborhoods Worth Considering in the Area
Finding a home for your office can be a somewhat daunting task. Any town that you're researching might have multiple neighborhoods to consider before you settle on a single location. Due to its smaller size, Nahant will let you sidestep this search because it only has a single neighborhood for its population of 3,500 people.
As a result, and with such a small area, an entrepreneur can select multiple locations for this business's home. The residents of the town are mostly trained to work in white-collar positions, which makes for a strong workforce for a startup or small office-based business.
Leasing Space for an Office in the Area
Are you considering leasing a property rather than purchasing it? Leasing a space for your office is very beneficial because you won't have to worry about:
- Down Payments – When you opt to rent and enter into a lease, you'll simply have to pay an initial deposit and maybe a broker's fee. This means that to start a lease, you won't really have to put down the huge initial investment of a traditional down payment. This will free you up to spend more money on getting your business up and running.
- Maintenance – When you own a property, you can certainly expect to manage the maintenance processes, and while you can hire a management company to manage these processes, the cost will land in your lap. With a leased property, the landlord will typically manage the maintenance of the building, which means that you can depend on the property having a good upkeep process.
- Commitments – When you're running a business, it's always good when you can quickly adjust to market trends. When you lease, you don't have as deep of a commitment, so if an opportunity presents itself, you can simply break the lease and move to the new location.
- Excess Expense – Purchasing property in prime neighborhoods can be very expensive. Fortunately, with a lease, you can gain access to more prime-level areas without spending excessively.
Buying Space for an Office in the Area
Purchasing your commercial office property is also a very viable option for business owners. Buying a space for your office is very beneficial because you won't have to worry about:
- Low Cash Flow – One of the prime advantages of owning space that can be used as offices is that you can rent out any extra space. If you're purchasing a multi-unit property, it's fairly easy to approach other small businesses with an opportunity for a leasable space. This allows you to run your business as you would, but also derive some capital from your lessees that can be used to help you capitalize on the building investment faster. You can even use net leases to help cover costs like property tax, insurance, maintenance, and utilities.
- Not Building Equity – When you lease, you're not really building equity for your future business expansion plans, so you really just end up funding the landlord's pockets. When you purchase, not only do you work towards a positive return, but you also build equity that you can borrow against when it's time to expand. Owned buildings can certainly be used as collateral and can be very useful when you're looking to fund your retirement.
- Variable Costs – In any rental situation, you can expect costs to increase, especially when the lease period has expired. Costs remain incredibly steady when you opt to own because many mortgages have the option to remain fixed over the years.
- Retirement – Property like this is the fastest appreciating form of real estate, so when it comes time to retire, you can sell and make a fairly large profit. With the money you make, you can fully fund your retirement.
Listing Office Space for Lease and Sale
It's not easy to find interested parties for your office space, and deciding whether to lease or sell your property can take a lot of careful consideration. At Boston City Properties, we can help you through the process. Having professional representation is very helpful, and we have the years of experience that you need to truly feel supported, so give us a call at 617-247-1933 today.
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