North Andover Office Space
With a population that's quickly approaching the 30,000-mark, the Essex County town of North Andover, MA, is a steadily growing town that's very useful for business owners looking for office space. Competition in this town for commercial space is fairly active, but Boston City Properties can help you find the space you need to in this Boston suburb.
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Neighborhoods Worth Considering in the Area
When it comes to neighborhoods, the town of North Andover has six that include:
- Marble Ridge Station / Stevens Crossing
- Boxford Station
- Turnpike Street / Johnson Street
- Town Center
- Suttons Mills
- Merrimack College
Each of these neighborhoods has its own advantages when you're considering renting or buying commercial space, and there are even areas of town that are slightly more urban that tend to have more office buildings to choose from. That being said, like with anything, it's a good idea to execute a certain amount of due diligence before you choose a specific neighborhood, and this is especially the case when you're purchasing your space.
Leasing Space for an Office in the Area
Before you opt to lease your space, you should be sure to understand the overall process. Here are a few steps that you can take:
- Do the Required Research – Each neighborhood is going to have something to offer your business, which is why it's a good idea to take a look at properties throughout the various neighborhoods so that you have a good idea of the market. Once you settle on a building, check out current and recent tenants so that you can have an idea about the overall experience.
- Be Ready to Make Do – You don't always have to have an optimal building. While a top-tier option could be nice, you'll definitely have to pay well for this type of property. Rather than spend a lot, set a minimum expenditure in addition to a maximum one, and consider more modest accommodations.
- Keep Your Budget in Sight – A clear budget is fairly important in these situations. Remember, when leasing, your monthly budget should also include things like utilities, and in cases where you're signing a net lease agreement, factors such as property tax, insurance, and maintenance fees as well.
- Try to Select a Good Lease Length – Commercial leases tend to err on the longer side of things, but only sign a lease that works for your needs. Most landlords are flexible, so only sign a lease that works well for you.
Buying Space for an Office in the Area
Purchasing property of this type can be advantageous for you and your business, and not only does a property build your portfolio, but it also is a major equity builder as well. Here are a few things to consider as you explore the market:
- Get Records – When you're making a purchase, it's absolutely essential to get records from the sellers so that you can see utilities, rental payments from any other tenants, taxes, insurance, and maintenance costs. This will give you a better idea of capitalization rates, profitability, and running costs.
- Get the Right Financing – If you're planning on owning, it's a good idea to seek out financing that's fixed so that your costs are fixed as well. This type of financing has a tendency to become easier to manage as time goes on, and when this happens, you can increase your rate of capitalization by paying back more money on your mortgage per month.
- Be Ready to Negotiate – Just about every seller will go under their asking price if you're ready to negotiate. For first-time purchasers, it could be a good idea to engage a broker and a lawyer for the negotiations state so that you can get the best possible deal.
- Visit the Property – This is a step that's sometimes neglected, but it's always a good idea to lay eyes on what you're considering purchasing so that you can be 100 percent that it fits with your ideals. Also, you never know when you'll notice something that can actually lower the asking price.
Listing Office Space for Lease and Sale
When you're ready to sell or lease your commercial space, it's a good idea to seek out a good broker that has access to a wealth of potential individuals who may be interested in your property. At Boston City Properties, we have years of experience and extensive contacts so that we can help you make a deal quickly. Give us a call at 617-247-1933, and we can start helping you today.
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