Provincetown Office Space

When it comes to the real estate market, Provincetown, MA is considered a "very hot" market, and while this mostly refers to the residential market, the commercial market is also steadily growing in this Cape Cod town. Despite the fact that this town's primary business caters to vacationers, there's plenty of options for entrepreneurs that are looking for commercial office opportunities as well. In fact, despite the fact that the town has a population of only 2,985 people, its population skyrockets in the summer months to over 60,000, which means there is a lot of opportunity for business.

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Neighborhoods in the Area

When you're taking a look at a town for commercial space opportunities, it's a good idea to look at its constituent neighborhoods so that you can get an idea about which areas can help you drum up enough business. Provincetown, as a small coastal town on the Cape, is known for only really having a single neighborhood. In fact, the entire town only has a total area of 17.5 square miles.

That being said, the town does have opportunities for commercial space along its southern shore. Businesses like medical offices and storefront offices tend to prosper here, but there are plenty of opportunities for other office-based businesses.

Leasing Space for an Office

Leasing a space in a coastal town like this has its share of advantages. First, unlike the purchasing option, you won't have to pay a large down payment when you're leasing a commercial property. This can free up some capital that you can use to invest in your office. While it is true that you may have to pay some brokerage fees and maybe a security deposit, these costs are minuscule compared to the 10 to 30 percent down payment that a full purchase would require.

These properties also afford a bit of flexibility as well. When new commercial space opportunities present themselves, current owners may have to opt to sell their existing property in order to have the capital to invest in a new location. For leasers, exiting a lease is fairly simple and will require only the sacrifice of the security deposit; this makes it very easy to change locations to another area of town that may have some profitable opportunities.

Additionally, a lease also has a tendency to come with several amenities that sweeten the deal. For example, utilities and maintenance can be covered in the lease agreement, which makes a lease a major money saver for a small business. Other amenities can also be thrown into a lease agreement like the usage of conference rooms, free internet, and janitorial services as well, which is why it's a good idea to do a bit of searching before you settle on a specific rental commercial space.

Buying Space for an Office

For those that seek a bit more stability in their commercial accommodations, purchasing an office area is a great idea. While you will have to pay a significant down payment, purchasing your office's accommodations also can make the month-to-month process easier. This is because of the fact that you can select a fixed financing plan that will ensure that you'll be paying the same amount every month for the life of the loan. As a result of this, as the loan progresses, it'll be easier and easier to get to the eventual point of capitalization.

In addition to this, you can also supplement the payback process by renting out commercial space to other business owners. This will generate cash flow that you can use to pay back your mortgage faster, manage the maintenance of the building, or even help make things like property tax and insurance less burdensome.

Finally, purchasing property like this also provides a good retirement hedge. Commercial property is one of the fastest appreciating types of real estate and since it appreciates so quickly, eventually selling the property on the market or just renting it out is a great way to make money down the line. Choosing these options will either provide you with a month-to-month cash flow or it will provide you with a lump sum to live off of.

Listing Office Space

When you have a property to sell or lease, listing it and finding a buyer or renter can be somewhat daunting. Fortunately, finding the right brokerage can streamline the process greatly, and in the state of Massachusetts, there is no brokerage that's as capable of helping your listing find interested parties as Boston City Properties. We have a skilled staff of licensed real estate professionals that have helped thousands of clients with their commercial space. Give us a call at 617-247-1933 so that we can help you today.

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