Salem Office Space
Cities can be a great location for a business, especially if they fall into a niche that is in high demand in the area. Salem, which is a city of 43,000 individuals, is located in Essex County, which is about 17 miles from Boston by car. This area is a major tourist attraction, especially during the month of October, because of the Salem Witch Trials that took place here. This is also a waterfront town, so that can be a big draw for a lot of businesses as well.
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Neighborhoods in the Area
When you are looking for a location for your business, there are quite a few things to consider to make sure that you choose an area that will work well for your business needs. This town is an area with a lot pre-World War II architecture, which means that a modern looking office building may not fit in here as well as something with a little bit of character from that time period. The neighborhoods in this area of Massachusetts are:
- Salem Neck
- North Part of Town
- South Part of Town
- Downtown
- The Point
- Witchcraft Heights
- Pickering Wharf
- McIntire Historic District
- Federal Street District
- Charter Street Historic District
- Leasing Space for an Office
Leasing is a great opportunity for small business owners that are looking for a location for their office. There are quite a few benefits that you will experience when you lease commercial property, but the biggest draw to this option is that you will not need to have a large sum of money for the initial investment. When you purchase space, you need a down payment of 10 to 25 percent, but when you lease space, you will only need a security deposit on top of the agreed upon monthly rate.
In addition, when you lease space, you typically share the space with another business, which means that expenses like maintenance, repairs, and upgrades for the building will not be your responsibility. The landlord is going to be in charge of any changes that take place in the building, which frees up your time and allows you to focus more on your business.
In addition, some owners will include things like waste management, utilities, office furniture, cleaning services, and an answering service, so look out for these add-ons when you search for a space. Since leasing is a short-term commitment, you will be able to move out of the space at any time. This gives you the option to upgrade to a larger space when you outgrow this one so that your business can continue to grow.
Buying Space for an Office
When you decide to purchase a space instead of leasing it, you should be sure that the space will work for your business because this type of investment may not be as easy to change if you need a bigger space or the area is not working out for your business. Of course, you can always change your location; it is just more of a process when you need to list the property to sell it.
That being said, purchasing space for your office has a lot of benefits that you will be able to enjoy. This type of investment helps you build equity, which gives you something to borrow against. This can be a great benefit, especially if you want to open up another location to expand your business. Once you make the down payment, the mortgage rate that you pay each month is a fixed rate, so you know what to expect, and the rates will never go up like they can with a lease. You can also rent out extra space in the building that you are not using to bring in extra income, which can help maintain the building, pay the mortgage, and make upgrades to the space as needed.
Listing Office Space
Does your space feel like it is becoming too cramped with all of your employees? If so, it may be time to consider moving into another space that is large enough to accommodate all of your business needs. When you do move, you will need to decide whether you want to lease out the property to a local business that is looking for space or sell it. Boston City Properties is a great option to consider when you are ready to list the space because we know the area, and we can help you find a buyer quickly so that you can use the profit from the sale for your new office space. Call 617-247-1933 today for representation and help listing your property.
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