Beverly, MA Commercial Real Estate for Sale and Lease
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What to Expect
The North Shore city of Beverly has a population of around 40,000. Located in Essex County, it is home to a wide variety of commercial properties, including office space, manufacturing and industrial space, retail space and more. Whether you are looking to invest in commercial real estate or need a property for your business, you'll find what you need fast with our help.
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This town is a thriving Massachusetts metropolis. As of the 2010 census, it had a population of just over 35,000 residents. Incorporated in 1668, it is a charming and historic town that is situated less than 30 miles from Boston. It was originally part of Salem, Massachusetts and the Nuamkeag Territory, which was established centuries ago by Native Americans living in the area. The town was officially established by Europeans. It was reportedly settled in 1626, but not officially established until 1668 due to religious differences among competing leaders. Because of its proximity to Boston, it is an attractive living place for those wanting to live outside the city and be able to commute easily to their jobs on a daily basis.
Beverly Commercial Investment Properties
The advent of quality public schools, boutique retailers and commercial establishments makes this town a prime spot to live and conduct business. Historically, the town has had an eclectic mix of resorts and residences. It has also been an important commercial and manufacturing center serving the Greater Boston area. Remnants of the town’s manufacturing days remain in its historic warehouses and now defunct manufacturing facilities. Open spaces and dedicated greenways make it a popular place for recreation, which is a much-desired factor of life for those working on Boston. The town is situated 26 miles from Boston, which means that it offers a unique (and highly desirable) combination of convenient access to the city but enough distance that it feels like an escape from daily life. In addition to a first-class public school system, the town is situated with direct access to the highly trafficked Route 128, which is poised for growth. In the fourth quarter of 2017, there was over 17,000 SF of space available along the north and northwest corridors of Route 128. There was about 3,040,000 SF of subletting space. Vacancies were roughly six percent in the northwest and nine percent in the north. In addition to having proximity to major transportation routes, the town is commuter friendly and home to notable conveniences like a golf course and a private airport, which makes it an easy and convenient place to live and visit. With the combination of residential stability and prime opportunity for commercial operations and retailers, this town shows tremendous potential and promise for commercial investment properties.
Here, as is the trend with other areas around Boston, there is renewed interest in revitalizing and repurposing those antiquated warehouses that have otherwise gone unused and been forgotten. The town’s historic manufacturing and production history makes it a prime place for larger businesses and corporations looking to set up shop and start working, as the local population has previously been employed by such prominent establishments and is always looking for the opportunity to work close to home.
One factor that also concerns the health of the commercial sector is the residential sector. As of 2017, median home values have been just under $400,000 across all home sizes and in all areas of the town. Home sales are projected to increase by about three percent in the coming year, which means that there is good reason for commercial enterprises and retailers to seriously consider setting up shop to meet the local residents’ basic consumer needs and fulfill their career requirements.
Beverly Office Space Market
From national corporations to local printing presses, media outlets and other types of companies, there are many options to choose from in this town in terms of specialty space, location, size and pricing. Some sites are zoned for specific uses, such as industrial properties. These properties may take the form of garages and auto repair shops or manufacturing facilities. Office spaces are generally considered places where administrative work is carried out, but it is not uncommon to see mixed use spaces where buildings offer combined industrial space (suitable for machines and heavy equipment, and perhaps loading docks) as well as office spaces for administrative support. These types of multi-use buildings are usually located away from the town center. They enjoy a prominent location near major transportation hubs, which is critical for the transportation of goods and products from the site to other places within the state and nationwide. With a convenient location to shipping terminals in the Atlantic Ocean and proximity to the Boston Logan International Airport, commercial enterprises are also poised to become involved in international shipping and transportation.
In this town, as is standard for commercial spaces, there are several categories of buildings to choose from. The buildings break down into Class A, Class B and Class C. Class A establishments have the greatest visibility and the best locations of all commercial facilities in the area. They’re often equipped with state-of-the-art heating and cooling systems. They may have advanced energy systems like renewable energy, and they may have undertaken green initiatives or be LEED-certified as well. In this town, commercial properties range greatly in size from just over 800 SF to large offices of 2,000 SF or more and entire buildings that cover up to 90,000 SF. Commercial properties have averaged vacancy rates of around eight to 10 percent. Space is plentiful, and availability is high, meaning that companies are able to find the space they need for a good price. Quality properties are driving rates higher, while tenants are also finding it easy to repurpose older buildings. The most enviable commercial sites have high visibility with frequent foot traffic, high volumes of car traffic, and the potential to be a part of a community that in revitalized areas, such as Rantoul Street. Some commercial realtors offer properties suited for specific uses, such as auto repair, which are often situated away from the main downtown area. Commercial spaces come in a wide range of lot sizes, which can be anywhere from under one acre to multiple acres in size. Rental rates for offices of all sizes are increasing, with an average increase in rates of more than 10 percent since 2016. Office-based corporations do not usually need the land and excess space that comes with warehouses and campuses, unless they are large, multi-national corporations. In contrast, commercial warehouses and global corporations like Amazon can directly benefit from having sufficient space to accommodate trucks, loading docks and a large number of employees, who in turn require assets like on-site parking and places to enjoy lunch. Some commercial spaces are advertised as general use properties (which is most common with Class B and Class C properties), while others are designated for specific uses, such as medical office spaces, breweries and auto repair shops. It is not uncommon to find mixed use properties, such as properties that are willing to house both commercial enterprises and retailers, or retailers and residents.
In addition to commercial buildings, there are also plenty of opportunities in this town for commercial clients to set up shop on lots and parcels, regardless of whether they are currently used or have remained vacant for years. Commercial properties range from acreage in less than one acre to multiple acres. Smaller lots are usually the ones located closest to the town center. They are usually better suited for companies that require office space but don’t necessarily have a manufacturing or production component. Industrial properties, on the other hand, may benefit from acquiring larger tracts of land with more space to accommodate shipping and transportation. Properties located along the North Shore are generally more beneficial, and in turn more competitive, for companies that need space for manufacturing and production. In the North Shore, there was about 2,065,000 SF of space open for office and lab use in the categories of Class A and Class B. The vacancy rates were 9.6 percent, and there was just over 14,000 SF available for sublease. Some commercial spaces have luxury amenities like onsite parking and attached parking garages, which usually raises the price but also makes them much more attractive properties for employees and clients.
Beverly Retail Space Market
The retail market in this town is just as hot as the commercial sector. Growth in the retail sector looks promising, as the growing population demands basic needs like clothing, food and coffee, computer repairs, laundromats and more. Retailers will find potential to set up shop downtown as well as in shopping centers and strip malls located just outside of the town center. Retail properties range in size from about a tenth of an acre to over two acres or more in size. Retail spaces, like commercial spaces, can be altered for specific purposes or outfitted for more general uses. They are also categorized by quality of property, which is anywhere from premier Class A property to lower level Class B and Class C properties. Landlords may give tenants the option of adding on space or expanding when they rent or buy a property. An example of a Class C property in town is one that is available for just under $500,000. It is considered an “as-is” property that has been zoned for retail use as a restaurant, and it has potential for a bar too. This property is a two-story building with many windows and a prominent location. It is near several areas of new growth and development around the downtown area, which means that there is considerable potential for large volumes of traffic. The site is advertised as a turnkey unit that has not previously been occupied. Updated for modern needs, the site is handicap accessible and it has recently been rewired and equipped with modern plumbing. Air conditioning and heating are included in the rental price, which sweetens the deal. An example of a Class B property on the market is one in located in a modern condominium unit on Cabot Street. It offers individual units that have approximately 991 SF of space. This property is modern, with a construction date dating back only to 1995. It has been well maintained and equipped with now standard safety features. It is also handicap accessible and has been occupied by the owner. This unit is situated in a semi-walkable location. It is relatively close to nearby transportation centers and has a prominent location on a main traffic corridor. The unit has three floors. The building in which it is located is occupied by several other retail tenants as well, along with residential tenants. The unit is bright and spacious, with a layout that includes a large reception area, four private offices, a conference room and two separate rooms for utility and storage. It has plenty of bright artificial lighting, and it is also brightened by natural sunlight filtering through large windows. The building has been recently carpeted and repainted, and it is ready for new tenants to move in. It’s a prime spot for law firms, medical offices and dental offices in the suite. There is an elevator on site, and the office is handicap accessible. Prospective tenants should note that rental prices for office spaces have risen over eight percent in the past year, and they are expected to continue increasing.
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Commercial Property List