Peabody Office Space
Sometimes, the city can seem like the best location for a business, but there are plenty of cities outside of Boston that are in the state worth considering. Located only about 15 miles from Boston, Peabody, Massachusetts, is an area that is experiencing quite a bit of growth, mainly because it is located so close to Boston, and it is easy to reach via car, train, or bus, which means that employees and residents can reach your office from surrounding cities and towns.
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Neighborhoods in the Area
When you are looking for a new location for your office, there are quite a few things that you will need to consider. Not only is the city important, but you will also need to decide which neighborhood in the area is going to be the best option so that your business thrives. You need to find an area that is populated with professionals. You want to find a location in an area where crime is low so that you know that your investment is secure. You also want to find an area where your services are needed, which will ensure that your business grows.
In Peabody, there are nine different neighborhoods that you can consider for your business. Each one is a great location to build a business, but you need to decide which one is best for your specific niche. The neighborhoods in this city are:
- Birch Street / Russell Street
- West Part of the City
- South Part of the City
- Margin Street
- Jubilee Drive
- Lynn Street / Coolidge Avenue
- Proctor
- Main Street / Washington Street
- City Center
- Leasing Space for an Office
Leasing space is a great idea for a smaller business or one that is just starting up. This is an option that you can choose that gives you more flexibility and less of an initial commitment to make. Instead of a down payment that is 10 to 25 percent of the total purchase cost, you will only be required to provide a small security deposit on the space.
In addition, the owner of the property will handle repairs, maintenance, and remodels, so you will be able to spend your time focusing on your business and its growth rather than the state of the building. In fact, many owners will cover utilities, the cleaning of the building, high-speed internet, and an answering service for the building. This takes care of some of the initial needs and costs of running your business. In addition, if your business outgrows the space, you will be able to move to another space with ease.
Buying Space for an Office
If you prefer to secure a space for your office that you can call your own and determine what happens on the property, then purchasing space is going to be the better option for your business. This option means that you can make any upgrades that you want on the property, and you can decide who is able to use the space. When you own more space than your business requires, you can turn the building into a shared space that other local businesses can use for their space as well. This will help you make a little extra money to pay your mortgage, and it will also provide you with funds that you can save for when repairs need to be done on the building.
Owning space also helps you build equity, which means that if you ever need to take out a loan, the property can be used as collateral. Your mortgage will always stay a fixed amount unless you refinance the property, and any interest payments that you make on the space will be tax deductible.
Listing Office Space
Most office spaces are not permanent, especially if you are expecting your business to grow over time. Unfortunately, that means that if you purchased the space that you are using as an office, and you outgrow it, you are going to need to find a new space that accommodates your needs. So, what do you do with the old space? Well, you can either lease it out to another local business, or you can sell it. Call Boston City Properties today at 617-247-1933 so that we can help you determine which option is best for your needs and list the space for other businesses to find.
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