Andover, MA Commercial Real Estate for Sale and Lease
Get the lowdown about commercial real estate in Andover, MA, with Boston City Properties. We'll give you free access to our vast, continually updated online database of searchable real estate listings so you can quickly find properties that suit your needs. We also have real estate experts in the area who are available to provide additional assistance.
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What to Expect
The town of Andover is located in Essex County and is about 22 miles north of Boston. With a population of around 33,000, it's big enough to have a lot to offer in terms of commercial space. Wading through the options can be daunting, but our searchable database makes it much easier.
How to Find Commercial Space in Andover, MA
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Commercial Investments in Andover: Are They Worth It?
This medium-sized town in Massachusetts has one of the most expensive homes in the state and all over the country for many years now. It has always been a good place for families to live in but because of the high property values, many investors are flocking in as well.
There is a high rate of ownership of homes in this town, and slowly, more and more people are turning to buying commercial property investments. One of the reasons why this town is a great selection out of all the areas in Massachusetts is that its public transportation is heavily used despite its small size. People take the train for their daily commute. It does help that the highways are not congested, and there is not much pollution.
Although the town is not known for its nightlife, it has a number of options for businesses looking for a new home. Before you dive in, make sure that you know about some of the areas in this town. For instance, the most expensive neighborhoods here are Haggets or the Massachusetts School of Law and Ballardvale.
If you would like to save, you should definitely avoid the Lowell Junction and the By Pass Road or S Main Street and West Parish. Additionally, Shawsheen Village (or Shawsheen Heights) and the Town Center are some of the most expensive areas for renting and purchasing properties, though Shawsheen is currently the highest appreciating neighborhood in this town since 2000.
The median home value here is more than $677,245 with most of the home prices ranging from a little over $578,000 to $868,000. Renting is also common with the average market rent of $2,068 per month. Single-family homes dominate the area, but you can also find apartment complexes and townhomes as well as small apartment buildings.
With the high prices and values of homes, the town is one of the prime locations for active businesses. Let us also not forget that it is just 23.6 miles from Boston via I-93, which is approximately 30 to 34 minutes from the capital of the state. Due to the easy access to the city, it may not be difficult to find customers who will keep coming to the location of your office or retail store.
Before you choose and sign a lease or purchase a space for your office or shop, you may want to consider a few things first, including maintenance of the property and the visibility of the area to the customers. If possible, go for a unit that can be seen from the main road. If this is not possible, it should have an advertising sign that would point to your business. More importantly, it should draw in customers so that you know you have invested correctly.
Parking is also essential as well as accessibility for disabled persons. It always helps if the building you plan to lease or purchase has sufficient and reasonable parking spaces for disabled drivers. All 50 states, including Massachusetts, have a law that there should be a designated parking space for the handicap. If the place you intend to use for your business has none of such accommodations, you should definitely ask the landlord why not and whether or not there are plans to have them.
Office Space for Rent or Sale in Andover MA
There are a number of office spaces for lease in this town and among them is at 2 Elm Square. The available unit has a total measurement of 1,093 square feet, which you can have for $1,822 per month. The rentable space is located on the third floor of the building.
If you are looking for a little bit roomier space, there is another unit for lease in the same building with 1,818 square feet of space. It is much more expensive than the first one mentioned since it asks for $3,030 per month. Also at the third floor of the building is the 2,320 square feet unit that you can lease for $3,867 per month.
These units are just minutes from the train station over at Haverhill Line and are located right at the heart of downtown at the intersection of Main and Elm Streets.
Speaking of Main Street, there is one available office space for rent courtesy of Clear and Now Holistic Healing Center. It is a fulltime office lease within this center where you can get an unfurnished office together with an in-room closet. Rent for this small space is only $500, which already includes a small kitchen and a waiting room.
Their particular unit is on the second floor of the building. The tenant is granted with street parking for free as well as public lots and meters for parking. The room you rent can be painted at the expense of the sublet. Other amenities include central air conditioning and heat. If there are other utilities, you do not have to worry about them because they are included in your rent.
The agreement also includes 60 days prior notice for leaving. The whole building is quiet and is supportive, which makes it ideal for healing professionals looking for an office space. You can also have options to work with other practitioners who are at the center, including experts in wellness coaching, therapy, and acupuncture.
Advertising your business is also encouraged, and you can do that with the center through events and newsletters among others. You can also work independently if you like.
Another office for lease in this town is located at 15 New England Business Center. It is an office building that was built just in 1998 with a lot size of 798,986 square feet. The total space that can be rented is 32,137 square feet, which can be divided into at least 5,072 square feet. For this building, there are three spaces for offices that are available. One offers 21,777 square feet of space, which is ideal for those with large businesses.
The other two come with 5,072 square feet and 5,288 square feet. All these units are situated at the New England Business Center, which comprises of three buildings in a 237,000 square feet office park. It encompasses more than 40 acres of land and provides the renters with views of the natural wooded surroundings and of course, the Merrimack River.
The park is right at the junction of I-93 and River Road. It is ideally situated just minutes from Route 128 and I-495, with proximity to Boston and Southern New Hampshire.
Brickstone Square also has office spaces for lease in this town, including one that is made for a child care center or a health club. Therefore, the area is a great idea for businesses that are family friendly. The Brickstone Square complex is relatively new but already comes with class A amenities.
The office spaces come in different varieties, including an office suite, co-working space, interior office, and window office. It is up to you which among these types suit your taste, your budget, and your business. The most popular these days is a window type of office, which is a private space where you can enjoy the views of the town.
An interior office is similar to the window office but without the views. However, it is often the most affordable type. Meanwhile, an office suite may also be cost-effective, depending on your needs. For instance, if you often require a meeting room, it is much better to rent an office suite in town because it combines an office space and a meeting or conference area with just one rent price per month. Typically, an office suite has at least two desks and one table where executives can meet and converse with one another.
Co-working is quite common in the town in which it is a desk space that exists in a shared office environment. Often, it comes with a policy known as first come, first serve for the desks.
Renting or Purchasing Retail Space in Andover MA
For retail spaces, this town also has several choices available. One was at 28 Chestnut Street, which is now off the market because it was recently grabbed by a tenant who leased the 1,750 square feet space in the free-standing building. Sublease is ongoing and will expire in May 2021. This retail unit is located in downtown with 45 off-street parking spaces which are granted to the tenant for free. It is just one block away from Main Street.
Another retail space in town is at 435 Winthrop Avenue, which is also for lease. Its subtype is a strip center, along with medical office and free-standing building. There are other tenants on the site namely Vitamin Shoppe, Verizon Wireless, and Boston Market. Other retailers in the area also include Kohl’s, Chipotle, PetCo, Panera Bread, and Staples among other national tenants.
The building is relatively new as it was just constructed last 2016. Perhaps the biggest reason why this site attracts many lessees is that it is located at a lighted corner right on a very busy road. Some of the amenities include a high trafficked retail storefront, great surrounding demographics, and end cap with signage.
The retail spaces in this town do not end here as there are more in the area, including the one at 28 Chestnut Street. It is also for lease with a rentable space of 1,750 square feet. It is in a 27,760 square feet lot and a building size of 12,576 square feet.
When this retail space was still available, it was open for renting immediately. Today, it is leased by a business owner who is enjoying a well-maintained area of downtown. There are plenty of parking spaces, along with two handicap bathrooms. The location is ideal for businesses because of its visibility on the road, including different businesses in town.
The town is an excellent choice for local employers, which is why there are several tenants in the area including Raytheon, Compaq, Gillette, and Philips Electronics. Currently, there is more than 250 acres of land that is available for commercial development. Another great thing about this location is that it is a commutable distance from the capital city of the state, which is one of the top finance centers in the world. Boston is also among the best higher education hubs and is home to different industries, such as life sciences, tourism, and publishing.
Before you start roaming around town to scout possible locations for your business, you should first know how much you can afford. As mentioned, many of the properties in this area are expensive. Therefore, it would be helpful for you if you determine your budget before you scout potential areas, either for your office or retail store.
Having a budget will narrow down your choices and even prevent you from choosing just one place just because it looks attractive. Always remember that the amount of the lease you will be paying every month will take a big chunk out of your whole budget for your business, so make sure you can stick to a figure that you know you are comfortable with.
Some multifamily properties in this town are affordable, and you can turn them into your office, particularly if it is a mixed-use building. It can help you save, and you can also use a portion of your funds for other activities, including advertisements to entice more customers to your business.
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