West Newbury Office Space

Why Leasing and Buying Office Space Is a Great Idea

For your business to do its best, it needs a storefront to attract potential customers. Within this neighborhood, companies can enjoy a convenient location and a growing residential population. Because of its proximity to Boston, many commuters drive through the city's roadways. For companies that rely on vehicle traffic and foot traffic, this represents a convenient opportunity.

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While prices have already started to increase slightly in the area, they are still low enough for businesses to invest in the marketplace. Companies can also rent out units for a lower start-up cost as they test their business strategies. From a good location to favorable prices, this area is a top spot for businesses and investors.

Discover the Area

Located within Essex County, this community is considered a part of the North Shore of Massachusetts. Located only 13 miles away from Lawrence, this town is placed 34 miles to the east of Boston. It is bounded by Amesbury and Merrimac on the north. Newbury forms the southeastern border. While Haverhill makes up the western boundary, Groveland can be found on the southwest. Newburyport is located to the eastern side of town. The Artichoke River separates this community from Newburyport.

The median price for a home in the area is currently at $568,133. This is just 0.3 percent higher than last year. Since prices are expected to rise by 2.1 percent in the coming year, right now is a good time for investors to enter the marketplace before prices rise even more.

Leasing Spaces in the City

Many companies initially start by leasing spaces in this area. Leasing requires less upfront money than buying a space. Often, you can find offices in the area that offer added amenities within the cost of the lease. Some complexes include the cost of utilities, a receptionist or a conference room. The most luxurious units in the area can be found in Class A buildings, but there are also good options available in Class B and Class C structures. If you are just starting out, you may want to investigate the different co-working spaces and shared business workplaces in the area.

Buying Properties

Buying a property can be a viable alternative to leasing. With a lease, you normally have to pay rent each month. If you need to change the building's structure, you have to get the owner's permission. When the area becomes more popular and in demand, the landlord can increase the prices drastically. If you own the property, you can escape from these problems and take control of your company's future.

When you own a property, you are responsible for repairs and ongoing costs for the property. Luckily, you can defray some of these costs through tax deductions and rental income. If your complex is large enough, you can rent out the additional units to other businesses. You can deduct costs like your mortgage interest, depreciation and property taxes at tax time. When you do decide to move your business or retire, you can sell the property and enjoy a return on your investment. Plus, owning the complex gives your business a lasting stability and a long-term location.

Listing Properties for Lease and for Sale

Selling and leasing properties can be a viable income-earning strategy. With rising prices, this area is a top spot for renting out commercial properties of all types. From business professionals to clothing shops, there are a number of companies that are looking for rental options in the area. By attracting potential tenants, you can make your property start earning money for you. This passive income stream can be used to cover your overhead costs or to pay down your commercial mortgage.

When the real estate market is doing well, it makes sense to sell your investment properties. As the market increases right now, more investors are looking for real estate buyers. After years of maintaining your complex, you can sell the property and enjoy all of the equity that you have developed.

While navigating the real estate market is not always easy, help is available. Our team of real estate experts can help you figure out the best way to attract buyers and renters to your property. If you need help listing your property, call Boston City Properties today to find out how we can help you.

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