Bedford, MA Commercial Real Estate for Sale and Lease
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What to Expect
With a population of around 13,000, this small Middlesex County town isn't big enough to have a huge array of commercial properties. Still, it's only 20 miles northwest of Boston, so there's typically at least some office space, retail space and industrial space available. With our database, you can identify promising commercial investment properties and other types of commercial space.
Finding Commercial Space in Bedford, MA
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This thriving town in Massachusetts has plenty of commercial potential and good deals for investors. It is located about 15 miles northwest of Boston. It is situated in Middlesex County and has a population size of just over 13,320, as of the 2010 census. The town is home to a number of residences, but it’s also a commercial friendly part of the Greater Boston area. The availability of public schools, access to key transportation into Boston and community feel of the area have made it a hot spot for residential and commercial growth. Home values are forecast to rise by over two percent in 2018, and homes are entering the market on a regular basis. The town’s proximity to major transportation centers, along with the steady influx of the local population, have made it an attractive one to consider for investors who are eyeing the opportunity to invest in long-term commercial real estate ventures. One of the town’s main assets is its proximity to Boston, which enjoys a vibrant and healthy economy. Little new development is happening in this town, but companies are finding that they are benefitting from moving into existing warehouses and industrial buildings and repurposing them for their own unique needs. The Greater Boston area is retaining its trend of having a vibrant healthcare and science business base, but technology and manufacturing companies are finding the areas around Boston to be promising places to suit their needs. The historic availability of vacant warehouse and industrial spaces have made this town poised for potential to house some of the largest and most prosperous technology, software and distribution companies looking to move into the area.
Bedford Commercial Investment Properties
With a thriving commercial and industrial sector, there is no shortage of opportunities for investors to take advantage of in this quaint and charming community. The social and economic landscape of this Boston suburb is full of potential for several reasons. For one, the town’s charming and historic center makes it a popular destination for residential homes and apartments. The availability of living spaces brings the local businesses and markets, which in turn bring visitors and tourists. There is plenty of green space around the town too, which makes it an attractive destination for consumers. The steady economy and flow of human traffic makes the town a prime spot to conduct business, as many companies have already discovered. From the town’s center, one can reach either Cambridge or Boston in under 30 minutes. Spaces along the Middlesex 3 and Route 128 corridors are particularly coveted for their visibility and accessibility for both human traffic and mechanized transportation. In 2017, the business area along Route 128 has shown tremendous potential for commercial clients looking to move to the area. Along the northern part of Route 128, there was over 7,500,000 square feet (SF) of space available for sale and rent in manufacturing, industrial and mixed-use facilities. There was about 21,343,450 SF of space available for tenants in the same category in the northwestern part of Route 128, and there was 21,661,430 SF of space available for commercial tenants along the Mass Pike section of Route 128. This amount breaks down into 1,335,780 SF of space available for subleasing in the northern corridor of Route 128, 3,155,445 SF for tenants to sublease along the northwestern part of Route 128 and about 2,604,050 SF of space available for sublease in the Mass Pike portion of Route 128. Vacancy rates across these sectors were 18 percent, 16.5 percent and 13.9 percent for the northern, northwest and Mass Pike sections of Route 128, respectively. Along Route 128 South, there was 16,581,647 SF of space available across all classes of buildings in the commercial sector. This includes Class A, Class B, and Class C warehousing, manufacturing and industrial buildings, as well as mixed and flexible use buildings. In the southern portion of Route 128 in the fourth quarter of 2017, there was just under 2,040,000 SF of space available for tenants to sublease. Vacancy rates in this part of Route 128 were the same as they were for the Mass Pike section, which translated to just under 14 percent. In addition to office buildings, factories, mixed use properties and multi-family living situations, there are parcels of vacant land available for potential development too. Economic and population growth are expected to continue in Boston in the coming years, which means that this town, and other Boston suburbs, are prime opportunities for investors.
In addition to healthcare, manufacturing, and industry are prime sectors in this area of Greater Boston. Many buildings advertise their capacity for light warehousing, heavy manufacturing and distribution. This brings plenty of potential for Boston, which expects to see a steady economic growth in the next few years. Consequently, this is expected to drive demand for consumer goods and products. Many commercial and industrial buildings here, like others in the Greater Boston area, have been repurposed from their historic uses to fulfill modern needs. They range considerably in size, with some expanding more than 100,000 SF. Some buildings are located on smaller lots, while others rest on multi-acre campuses, making them ideal sites for future delivery and shipping.
Bedford Office Space Market
Given the advent of healthcare facilities and technologically-inspired commerce in Boston, there are many opportunities for commercial establishments in these sectors to set up shop in town. Office spaces are coming on the market for private and mixed-use facilities. Medical offices, dental office and general corporate office suites are all in the mix. Some offer a prime location in heavily trafficked areas of town, while others offer a more quiet and private setting with acreage and easy access. These facilities range in size from about 20,000 SF to over 40,000 SF. Property owners and corporations may find some buildings for lease and others for sale. There is a nice mix of single offices for sale, which benefit local companies or national chains who only need to set up one office around Boston, and entire office complexes, which are ideal for medical investors.
The pricing for office space varies based on several factors. The location of the building, its age, any renovations, and the amount of office space and land available for sale all influence the pricing. On average, prices for commercial office space in this town is about $1.03 - $1.60/SF per month. Some buildings are dedicated exclusively as office spaces, while others can be converted into mixed use operations too.
Recognizing the value of small businesses and start-ups to the community, the town offers business tax credits to qualifying recipients. This is a major incentive for businesses to set roots in the area, as they are no longer burdened by the lack of finances. Credits and incentives are given to companies who are looking to move into the town as well as those who are planning to make renovations or expand their operations. Many tax credits are available through the Economic Development Incentive Program, or EDIP, which makes a Tax Increment Financing and State Investment Tax Credit available for businesses that provide jobs for members of the community and show a willingness to invest in the community’s long-term improvement. Tax benefits may be realized for anywhere from five years to two decades. At the least, companies can get a five percent tax deduction. At most, they can get 100 percent of their taxes excused. For the State Investment Tax Credit (ITC), businesses must show that they are creating jobs for residents, and that at least a quarter of their sales are generated outside of the state. This is particularly advantageous for large-scale national warehousing companies looking to move to the area. Between the availability of plots of land and buildings dedicated to manufacturing and warehousing, there is tremendous potential in this area. Manufacturers eyeing this tax credit should note that there is a cap, at the most, of 10 percent. The amount of tax relief given to manufacturers varies by the community in which the business is located. There is also a manufacturer’s investment tax credit that can be applied to tangible, depreciable assets for companies within the state that focus on manufacturing. Ideal for science and healthcare businesses looking to move into the area, there is also a research and development tax credit that can be tacked on to a state investment tax credit. The research and development tax credit offers a 10 to 15 percent tax break for costs related to university-level research. Another tax incentive that is drawing businesses to the area is the state abandoned building tax deduction. As many large-scale corporations, distribution centers, warehouses and other commercial entities are finding, there is significant potential, both in terms of space and location, in old warehouses and brick buildings that have fallen out of use. Entities looking to move into such spaces may be able to get rewarded for their efforts with a tax deduction of up to 10 percent each year just for using an abandoned building. This deduction applies to costs associated with retrofitting and improving a building that has been left vacant for the past two years or longer. Another major incentive is the Emerging Technology Fund, which offers up to $2.5 million to help start-up technology companies set up shop in town and start their business in earnest. This incentive is particularly beneficial in the coming years, as the Greater Boston area has been trending towards a more technology-based economy. Qualifying companies in this category will benefit from a series of financing offers, which are allocated and managed by MassDevelopment, which is Massachusetts’ economic development branch. Some financial incentives available through this tax credit are loans to finance the requisite equipment needed to conduct business, export assistance to promote trade beyond state borders and financial guarantees to help growing manufacturers flourish without having to worry about the hindrance of inadequate finances.
Bedford Retail Space Market
The retail space market here is just as lively as the commercial real estate market. The pleasant downtown area, which is dotted with pretty, historic buildings and attractive green space, makes the town a welcoming place for residents and visitors. That, in turn, makes retailers eager to set up shop. There are many restaurants already established in town, and there are retail spaces available with liquor licenses, private parking lots and a convenient location, which ultimately creates a suitable and popular environment for patrons. As one might expect from a serene and primarily residential community, there’s always a need for traditional businesses like clothing outfitters, eateries, bars and pubs, printing shops, banks and medical facilities. The retail landscape here features space suitable for medical use, media, restaurants and bars, food markets and more. One example of space that a business might find is the Bedford Marketplace, which has anchor tenants like Bank of America and a number of popular local establishments like the Red Heat Tavern, Lincoln Liquors and Learning Express.
Like the commercial market, the real estate trend looks promising for owners, investors and those looking to lease in the retail space market in the near future. Some retail spaces are set in quieter locations in town, while others enjoy prominent settings in heavily trafficked areas. Some of the options that people might find here are quaint retail spaces located on the first or second floor of designated retail or mixed-use office and retail buildings. These one-office opportunities are ideal for small boutique stores that need a combination of visibility and office space. The pricing for retail space in this town varies, as it does for office space. Location, size and proximity to other conveniences is a major factor in pricing. One might expect to pay an average of $1.03-$1.34 per SF, per month, for a retail space lease. Renters will find variations in building sizes and amenities, such as heating, air conditioning and parking. Some advertise their proximity to key transportation junctions, such as Route 128 and Route 62. As with other types of real estate in the area, some investors are choosing to outright purchase properties, and some are opting to lease instead.
As with commercial enterprises, retailers may be able to take advantage of several tax credits, which makes moving to this town realistic and appealing. There are also incentives available for existing companies, which entices them to stay, and makes the cost of doing business lower. As with commercial properties, incentives for retailers in the area are designed to assist both established entities, which in turn coaxes them to stay, and newer companies looking to move to the town. One major incentive is the Workforce Training Fund Grant, which provides tax benefits to organizations that are willing to onboard and train new employees or help existing employees advance their skills. This grant awards up to $100,000 to help fund the cost of training for new employees. There is also a Hiring Incentive Grant available, which awards companies up to $2,000 for hiring unemployed workers who are qualified for the work that the retailer offers. This grant applies to both established companies and new retailers in the area. Some other tax credits and loans that retailers should be aware of are the CDC or 504 Loan, which offers a loan at a low interest rate to companies that are embarking on capital projects or want to make physical and aesthetic improvements to their lands, such as comprehensive landscaping and street-side improvements, which can be a combination of picturesque landscaping and updating or adding man-made items like sidewalks, paving blocks, driveways and other conveniences for patrons. Lastly, a tax credit is available for small businesses who would like to hire disabled employees for the purpose of making their companies ADA compliant. This credit is called the Disabled Access Tax Credit. It is controlled by the Internal Revenue Service (IRS), which provides incentives for businesses and individuals with disabilities to work. To be eligible, companies must have either earned $1 million or less in the previous tax year or have had no more than 30 employees in the previous tax year.
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