Norwell Office Space
With a higher cost of living than many of the towns in the Boston Metro area, the town of Norwell, Massachusetts, is an excellent option for anyone looking to establish a business office in the area. Norwell has a fairly small population of 11,052 residents, but since the town has a populace that primarily works in white-collar jobs, this is a town that has a lot of potential for business owners looking to establish an office that's close to Boston.
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Neighborhoods in the Area
As a small town, there are only two primary neighborhoods in Norwell. These include:
- Kings Landing
- Town Center
Many of the offices that are available for sale or lease have a tendency to be available in Class C-style properties. That being said, there are industrial properties available in Kings Landing and the town center as well. If you're looking for a price range, you can expect properties that can house offices to go anywhere from two to six million.
Leasing Space for an Office
When business owners start out, there's usually a period where that business owner will mull over whether it's better to rent or purchase a space for their office. As it turns out, the answer is really subjective; some owners will find better results buying and others will find better results renting. For now, let's take a look at the benefits of leasing.
When you're leasing a property for an office, you're typically going to have a longer lease period than if you were leasing residential property. In fact, it's not uncommon for a renter to rent for a lease period of five to 10 years. This type of arrangement is excellent for your customers because they will always know where to seek out your business. This is also a great way to have a stabilized rent rate; when you have a lease for 10 years, you won't have to deal with rent increases until the lease period has expired.
You'll also have an easier time taking advantages of spikes in the market. As a business owner, you need to remain fairly adaptable, so if a new area of town starts to experience an upswing in business, you can simply break your lease and move. This ensures that you'll be able to move with the market, which can increase your money making potential.
Finally, your initial investment in a leased property typically won't be huge. When you're investing in a purchased office commercial opportunity, you can expect to have to place a down payment of at least 10 to 30 percent, which can be prohibitive. With a leased property, you'll typically only have to pay a security deposit to the landlord, which frees up capital for other business needs.
Buying Space for an Office
As you can see, leasing is definitely a good option for a business owner. That being said, purchasing your space is fairly beneficial as well. While leasing definitely can have a fairly stable payment amount when you lock in a long-term lease, when that lease is over, you can see a large increase in rent. With a purchase of this type, you have a fixed financing plan that will ensure that you're paying back the same rate on your mortgage for the length of the loan term. This is very advantageous because, over time, your income will increase, and you'll be able to capitalize on the property at a faster rate.
Additionally, when you're purchasing a Class A, B, or C property, you can always generate cash flow by renting out space inside of your office property. There are always startups and small businesses that need space of this type, and the extra rent income can help you pay off maintenance fees, tax, and even your monthly mortgage.
When you're looking to expand, you can always borrow against an owned property, which means that you'll have an easier time opening new office locations. Also, not only is your equity going to build, but when you're renting out space for other businesses, this is an excellent investment portfolio builder as well.
Listing Office Space
Are you looking to retire? When you own your own space of this type, you can opt to sell or lease it away when it's time to retire. This is an excellent way to either build a ready-made nest egg for your retirement or to secure a steady month-to-month cash flow for yourself. Before you can make money for this, you'll need to list the property, which is where a real estate brokerage like Boston City Properties can really help you. We have years of experience with properties of this type, and we have licensed real estate specialists on-staff that really understand the market, so give us a call at 617-247-1933 today.
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