Westborough Office Space

Why Leasing and Buying Office Space Is a Great Idea

Businesses can enjoy a strong customer base within this community. For your company to succeed, it needs a storefront to attract clients and customers. Within this community, businesses can find a number of different leases available. There are also complexes and small offices available for sale. No matter what businesses are looking for, they can find it within this community.

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Discover the Area

Situated within Worcester County, this community is 21.6 square miles in size. It is located only 12 miles east of the town of Worcester. To the east, residents will find Boston just 28 miles away. This town is bordered by Upton on the south and Northborough to the north. While Southborough is found to the north east, the community of Hopkinton is placed to the southeastern side of town. Shrewsbury is located to the west of town. On the southwestern side of the community, residents will find the town of Grafton.

In the last year, the median price for a home has dropped by 11 percent. Right now, residents can expect to pay $350,000 for a property. The average price per square foot actually increased during the last year to reach $241. With prices expected to increase in the next few years, right now is an ideal time for investors to check out properties in the marketplace.

Leasing Spaces in the City

Like the rest of Massachusetts, there are three main classifications of properties in the area. Businesses can lease units in Class A, Class B or Class C properties. The type of property depends on the company's budget and business needs. While a Class A building has the best amenities and high-end features, it also generally has the highest prices. A Class B building generally offers more flexible leases and a better price, but these units are generally located in less convenient areas or have slightly older buildings.

For the cheapest option, businesses can check out Class C buildings and co-working spaces. A Class C building is generally not in the center of town, and it may be in an older building. Because of this, it tends to have a lower price. For a start-up company, a co-working office or shared business space is also a good alternative. These spaces are generally furnished with office equipment and furniture already, so the business just has to sign a lease to start working.

Buying Properties

While there are many properties available for lease, some companies would rather buy their own building. For businesses that have the right budget, this is a useful option. When you buy a property, you are able to renovate it to your exact needs. You do not have to worry about the rent suddenly increasing or a sudden change in the property management team.

If you own the space, you also have other options for earning money. When the building has extra units available, you can rent out these extra spaces to other businesses and generate a passive income. This passive income can help you cover the costs of the commercial mortgage and utilities. In some cases, you are even able to earn a profit through renting the property. At the same time, you can also lower your tax bill each year through different business deductions like depreciation. If you do decide to close your business in the future, you can sell the property and earn a property. Over the years, your mortgage payments will also help you to develop equity in the property.

Listing Properties for Lease and for Sale

If you currently own a property, leasing or selling the complex can help you bring in extra funds. While selling the property will bring in a lump-sum payment, you can also rent out the units to bring in an ongoing income stream. The option you choose depends on your company's financial situation and how much work you want to do. If you list the building for rent, then you will have to manage the property, find tenants and perform ongoing maintenance. When you choose to sell the property instead, you are able to release your liability in the complex and receive an upfront payment.

No matter what you want to do with your property, Boston City Properties can help. Our team of real estate professionals can help you list your property for lease or for sale. To find out how we can help your business out, call or email us today.

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