Norfolk Office Space

With a population of 11,500-plus people, there's a business market in Norfolk, MA, that can be very profitable for an entrepreneur. The town is a suburban one but has fairly easy transportation to Boston via the MBTA commuter rail or via car, which takes about 40 minutes. This is a town of artists, so businesses that can use designers and visual art can certainly profit off of being located within the town's borders.

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Neighborhoods Worth Considering in the Area

When you're setting up a new office, it's a good idea to kind of "scout out" a town to determine the best neighborhoods for your type of business. Fortunately, this is a fairly easy task in Norfolk; it only really has two major neighborhoods to choose from:

• Town Center – It's in the center of town where you'll find the most retail outlets and offices, so this is a fairly obvious option for anyone looking to move into one of these types of commercial options. This neighborhood is also often very highly frequented, so you can take advantage of foot traffic.
• Highland Lake – Properties of all types are relatively cheap here as compared to the state average, so it could be a good idea to rent or lease office commercial space in this neighborhood. When taking a look at the residents, many work in clerical and assistant positions, which can be useful for a business owner.

Leasing Space for an Office in the Area

Wondering where to start your search for leasable space in this area? If you follow these steps, you should easily be able to find something that you can use for years:

• Be Patient – To be honest, this may take some time and that's okay. Just remember to not rush into anything; the most attractive properties can easily be too good to be true, so think on a property and pay it a visit before locking in a selection. Remember, this can be a long-term decision, so take the time to really consider the property's viability.
• Practicality is Crucial – We all have dreams, and maybe you have an idea of the perfect location for your commercial space, but don't let your ideas blind you to a more practical and profitable space. Many business owners will neglect affordability and end up really operating out of a space that's just too much of a financial drain.
• Execute Due Diligence – Investigate and research just about everything. How's the landlord? You can always take a look at other spaces that the landlord manages in order to really see how they operate. Additionally, you should just go over everything in the area with a fine-tooth comb so that nothing surprises you down the line.

Buying Space for an Office in the Area

Purchasing this type of space can be fairly amazing, especially if you're the type that wants stability and control. That being said, here are a few tips for finding and managing this type of property:

• Seek Fixed Financing – One of the benefits of this type of office space is its ability to be very stable. When seeking financing, seek out a financing structure that's stable. This is useful because, as time goes by, the amount you're paying the lender will become increasingly less stressful. When this happens, you can start making bigger payments, which means that you'll have a faster rate of capitalization.
• Be Ready to Negotiate – This is just part and parcel of the process. Sellers are always going to want to optimize their profit on the sale, so be ready to try and negotiate. Never settle on what the property is listed for; usually, most sellers are prepared to go significantly lower than the asking price. Not sure how to go about this? Hire a commercial real estate agent.
• Consider Cash Flow Options – Whenever you invest in property, it's a good idea to think on your capitalization rate so that you can have an idea when you'll be fully paid off and profiting from your purchase. When you're doing this, consider the possibility of taking on a few leasers; the extra rent can help you capitalize much faster.

Listing Office Space for Lease and Sale

Finding lessees and buyers can be somewhat daunting in a town like this one can be somewhat difficult. Fortunately, Boston City Properties is adept at finding buyers and leasers for our clients, so give us a call at 617-247-1933. We have professional and licensed agents on-staff that can make the process significantly easier so that you can make steady cash flow or a quick property sale.

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