Billerica, MA Commercial Real Estate for Sale and Lease

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What to Expect

This mid-sized town is located about 20 miles north-northwest of Boston. Located in Middlesex County, it has a population of around 40,000. Commercial space here runs the gamut and includes office space, retail space and industrial space. If you are hunting for investment properties or are curious about businesses for sale, our listings are sure to help.

Commercial Properties in Billerica, MA

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This classic New England town is part of Middlesex County. It was established in the 1630s and was settled by Native Americans before the arrival of European explorers. The town has a population of over 40,000 residents. It covers an area of just over 26 square miles. Of that amount, over 25.5 square miles are land, and less than one square mile includes water. The town is located about 20 miles northwest of Boston. It is within easy commuting distance of the city and enjoys access to the Northwest Expressway, which is a major transportation artery that connects the two cities. Several smaller neighborhoods and villages comprise the town, which shares borders with Chelmsford, Lowell, Tewksbury, Bedford and Carlisle.

Billerica Commercial Investment Properties

With opportunities open for businesses and commercial ventures of all kinds, this town is poised to be a center of growth for commercial activities. New development has been at a historic low rate in 2017, and in parts of 2016 as well. The expansion of e-commerce giants like Amazon and eBay is driving the need for fulfilling local shipping orders, which makes proximity to key transportation routes (like Route 3) and a dedicated workforce to fill those orders essential. Investors are finding tremendous opportunity to finance large-scale commercial, warehousing, and industrial projects as the continued stability of the healthcare and science fields produces a steady, reliable economy, and the continued growth of the e-commerce sector is bringing new jobs and business opportunities. The Greater Boston area has no shortage of opportunities for warehouse and manufacturing companies, as it has an unusually large volume of existing old warehouses and industrial buildings that can be repurposed for modern needs. There are still plenty of open spaces for businesses to take advantage of in moving to the area. Class B building sales and leases have outperformed Class A sales and leases in 2017, which means that tenants are looking to move into properties that they can customize for their unique needs. The willingness of these tenants to invest is a good sign for investors, who see that they are planning to be in the area for a long time and hope to expand their operations. As evidenced by steady sales and rentals in the commercial market in this town, the commercial market is ripe for development, and investors are encouraged to take advantage of the upward trending market conditions. This applies for commercial properties across the board, including offices, warehouses, manufacturing/industrial buildings and flexible or mixed use spaces. In 2017, 43 percent of vacancies were filled by manufacturing companies, while flexible use buildings were not far behind at 21 percent of the market. There is a growing demand for warehousing operations too, which took 18 percent of the market. As demand rises and vacancies are filled, rental rates are soaring. They have risen over 10 percent alone from 2016 to 2017. Continued growth and demand means investors are more confident about offering financial support to companies in the commercial sector who are willing to move into the area.

Among its most appealing attractions are proximity to Boston, easy access to major transportation centers and comparatively lower prices than many major areas outside of Boston in the commercial, retail, and industrial sectors. Adding to the town’s appeal is the fact that it has an exceptionally well educated and highly trained workforce. The town is also home to advanced infrastructure, and there is plenty of potential for repurposing, restoring and reusing antiquated warehouses and other structures that are falling out of use and otherwise sitting vacant. The diverse commercial and industrial property landscape in this town ranges from small, humble industrial workspaces and office space to larger corporate offices and retail centers. The cost of sales and rentals here is lower than it is in other areas in the Greater Boston area, which makes it poised for conducting business in the coming years. There is a mix of commercial spaces available, which enables prospective tenants to find the one that best suits their needs. Some of the options are straight office spaces, which are sought after by dentists, lawyers, physical therapists and other professionals, and mixed-use buildings. Flexible and mixed use spaces are ideal for businesses that perform a variety of services in house, or who prefer to have all of their operations housed under one roof. This is particularly true for manufacturing companies that need (usually sizeable) space to carry out their industrial labor functions, and also need room for their offices and even corporate headquarters. Flexible use spaces are ideal for companies that may want to grow in the future or extend their business practices to include other components. Many flexible use and industrial spaces in the town are located near major transportation routes, such as Route 3, Interstate 495 and Route 128. Collectively, Route 128’s northern corridors and Route 495 North have contributed over 45,600,000 SF of space in the third quarter of 2017 alone. This includes 2,927,461 SF of direct space and 1,684,494 SF of subleased space. Vacancy rates are just over 10 percent. As with any location, commercial properties here range in price and capacity. Some have been completely and fully renovated and bring cutting-edge technologies to clients. These move-in ready, Class A buildings are perfect for companies with a larger budget and who need to keep up with client demand and production. Most state-of-the-art buildings fall into the category of Class A. They are the premium buildings and usually require no renovation and restoration. Many single-purpose buildings fall into the category of Class A, although a few are classified as Class B. Class B buildings may need some renovations and improvements. They’re generally equipped with basic amenities like heating and air conditioning, but they do not usually have the high-end luxury features that Class A buildings possess.

Billerica Office Space Market

A relatively large population means that there are always demands for nearby, easily accessible conveniences like dentists, doctors and printing shops. With the opportunity to rent, lease and own, the office real estate market is quite favorable for businesses wanting to set up one or more offices in this town. There are a variety of site sizes and locations to choose from to ensure the right fit for each company. Retailers looking to rent office space or mixed-use spaces should be aware that rental rates have risen by 10.4 percent in those categories since 2016.

As one would expect, the availability of buildings available on the market changes regularly. However, there are is a steady demand for office-based services, which means that the outlook for the office space market looks promising. Historically, Boston and its surrounding suburbs have been a center for life sciences, medicine and education. These sectors are still represented, and businesses in those categories looking for office space will find that many office spaces have been designated exclusively for those uses. Emerging trends in the Greater Boston area include a move towards start-up companies and technological companies. These companies will benefit from the number of Class B and flexible use spaces on the market. Many companies will find that landlords offer spaces for sale, lease or ownership with the potential for expansion.

One the high end of the market, business owners can expect to find premium, visible, and often aesthetically pleasing office spaces and suites. Many come with added amenities like private parking, conference and meeting centers and an onsite property management staff. One example of a Class A office space on the market is the Concord Road Corporate Center, which has over 353,000 SF of top office space available. This building is equipped with modern, cutting-edge features including efficient floor plans, construction from top materials and an onsite cafeteria that serves breakfast and lunch and provides onsite and offsite catering for events as well. There is also a modern workout room at the building with separate showers and lockers. Right next door to the building is the Marriott Courtyard, which is a full-service hotel that contains over 200 guest rooms as well as business amenities like a conference room and dining opportunities. This site is conveniently located to the busy Route 3 corridor and it has over 1,000 SF of parking. Outside, the property is meticulously maintained with premier landscape and greenery. Another premier feature of the building is that it is energy efficient and LEED-certified, which means that its value will be higher and tenants will most likely save money on their heating and cooling bills. Another corporate center lies adjacent to this building, with anchor tenants including Avaya and General Electric. Middlesex Community College is situated not much farther down the road. Another example of a commercial office space available for lease or rent is at the Forest Ridge Business Park. Tenants can rent anywhere from 3,500 SF to over 25,000 SF at this facility. The office building features many benefits for prospective tenants. It is situated close to Route 3, which is one of the main transportation arteries in the area. The building’s campus is situated on a large tract of land, which means that there is opportunity in the future for expansion. Constructed in 2001, the building is in relatively new condition and lacks the often costly renovation expenses that go along with older buildings. The Forest Ridge Business Park is equipped with multiple electric vehicle charging stations and it is owned by a local. The rental rate for this property is about $14.00 per SF gross.

Billerica Retail Space Market

Retailers in Billerica will benefit from visibility in the downtown location and in larger shopping centers and strip malls located proximately to main transportation corridors. As with other types of commercial endeavors, the outlook for the retail market looks promising as the growing population and economic stability of Boston and the Greater Boston area are driving more people into the area and increasing the need and demand for consumer goods. The housing market is expected to rise in the coming year, which in turn means that growth in the retail sector looks promising as well.

As is the trend with other types of spaces around Boston, there is considerable variation in the price, size and nature of retail spaces available for sale, lease, and purchase. One common trend that prospective retailers will find is the conversion of defunct and outdated building into offerings for redevelopment and repurposing. Some of these properties are designed for specific uses, such as gas stations and service stations, while others are flexible use properties. Many defunct buildings are attached to large plots of land, which means that there is potential for growth and expansion. Retail spaces in this area come in the categories of Class A, Class B, and Class C. Class C properties are the least expensive, but they also require the most amount of work to maintain and fix. In this area, one might expect to pay about $300,000 for a Class C property in this area.

Other tenants will find opportunities to set up shop at strip malls and major community shopping centers around town. One example is several opportunities for retail space that are available at the Shops at Billerica. This conveniently located and highly trafficked town shopping center has anchor tenants like Burlington Coat Factory and K Mart. The shopping plaza is conveniently located near the junction of Route 3A and Tower Farm Road. Retailers considering moving in to this plaza will find demographics that include a local estimated population of just over 44,420 in 2016 living within a three- mile radius, over 116,000 people living within five miles of the shopping center and over 530,000 people living within 10 miles of the shopping center. The median age for the population in the area, up to a 10-mile radius, is 37. The shopping center features proximity to Boston Road, Route 3 and Route 495. The major tenants in the shopping mall are K Mart, which holds over 84,180 SF of space in the building, Burlington Coat Factory, which occupies about 69,560 SF of space and the Market Basket, which covers approximately 41,485 SF of space. The property itself sees about 23,100 vehicles passing through each day. There are parking spots available for 1,208 cars in an uncovered lot. The entire building covers an area of just under 300,000 SF.

Regardless of whether they’re looking for a small, single space or thousands of SF in highly visible shopping centers, retailers moving in to town may be able to take advantage of some helpful tax credits. Some of the tax incentives available are the municipal incentive tax, also called the TIF. This tax provides tax relief to private investors who invest in a property. Another tax incentive for businesses in the area is participation in the Massachusetts Economic Development Incentive Program, or the EDIP. This program is a comprehensive program that gives tax benefits to qualifying companies that provide benefits like job creation, creating and retaining manufacturing jobs and working with private investors. The EDIP program is a joint effort between the town, the state and individual companies. Retailers can also find resources for starting up business in town through the Small Business Administration and the state.

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Commercial Property List