Needham, MA Business Space

This town is located in Norfolk County. It had a population of 28,886 in the 2010 U.S. Census. The total area of the town is 12.7 square miles, with 0.1 square miles comprised of water. The town is situated on the northwestern bank of the Charles River.

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A Great Place for Business Space

The community has a long had a good local economy. In the mid-19th century, it became an important clothing producer with the foundation of Carter’s children’s apparel company. Several other successful businesses grew in the area and added to the prosperity. These early companies are no longer located in the town, but the economy has continued strong. One major reason for that is the great transportation infrastructure of the town. I-95 passes through the eastern side of the community. This has made the community an ideal area in which to lease or purchase business space.

The Neighborhoods of the Community

There are five neighborhoods in this community. The following is a brief description of each one:

Needham Heights

This is the northern section of town. It is the least-expensive area in terms of property. The median real estate price is $777,180. Many of the buildings in this neighborhood were constructed between 1940 and 1969.

Town Center

This neighborhood is located in the middle of town. The median real estate price is $855,916. Most of the buildings were constructed from 1940 to 1969.

Birds Hill

This is a neighborhood in the eastern area of town. The median real estate price is $857,781. Most of the buildings were constructed before 1970, with several dating to the pre-1940 period.

Needham Junction

This is the western area of town. It has a median real estate price of $928,851. Most of the construction in this area took place between 1940 and 1969. The Charles River flows along the neighborhood’s southern edge.

Charles River Station/Charles River Village

This is the south/central area of the community. It has the highest property prices in the town, with a median real estate price of $1,090,142. This is the historic district of the community, with most construction having occurred before 1940. The Charles River flows along the southern edge of this neighborhood.

Leasing Business Space

A wide variety of business space is available in the town, from storefront space to freestanding building space. On the recent market, there have been nine business spaces offered, ranging from a 1,805 square-foot space in a small shopping center for $19.50 a square-foot per year to a 2,048 square-foot storefront space for $42.00 a square-foot per year.

Buying Business Space

The market for business space in the community is very tight, indicating the strength of the local economy. The following is an example of some of the spaces that have been offered recently in the area:

Highland Avenue Property

This 15,609 square-foot freestanding building was located at Highland Plaza. The one-story building had high visibility and good traffic volume.

Strip Mall Property

This 800 square-foot space was located in the center of town and had great visibility and good foot traffic. Traffic volume on the nearby streets ranged from 5,400 to 9,465.

Neighborhood Center Property

This 657 square-foot property was located in Charles River Station/Charles River Village neighborhood.

Listing Business Space

While there is a great opportunity in this community for the owner of business space to sell property, there may be some challenges in this tight market. The greatest hurdle may be determining the value of property. Normally, a seller can research comparable properties to find the value of the property to be sold. Yet, in a tight market there may not be any comparable properties that have sold recently. In that situation, experts recommend that sellers value and market their property with the capitalization rate – the percentage of income the buyer can expect to make annually. As one property professional explains, “It can be extremely difficult to find similar commercial properties for a true price comparison. …the capitalization rate of your property can be used as an easy way to compare your asset with others available on the market.”

The best location to lease or purchase business space is a community with positive qualities that promote a strong local economy. This town is just such a place. As one resident observed, “Living in [this community] has been great for me and my family. There are so many opportunities within this community… [it] is welcoming, inclusive, and fun to be in.”

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