Boxborough, MA Commercial Real Estate for Sale and Lease
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What to Expect
This Middlesex County town is located about 33 miles west of Boston and has a population of around 5,000. Since it's a fairly small town, its commercial real estate options are a bit limited. Whether you need retail, industrial or office space, however, the easiest way to find it is by searching our listings.
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The name of this quaint Massachusetts town is often shortened to “Boxboro” on official and unofficial roadway signs, which is intended to make it appear to be a more tourist and community-friendly location. Settled in 1680, the town shares borders with several other prominent local towns including Acton, Stow, Harvard and Littleton, which shares its northern border. The town was settled in 1680 and was officially incorporated in 1783. It lies in Middlesex County and had a population size just below 5,000 in 2010. The town has a relatively affluent and educated population. Because of its proximity to Boston, it is a natural choice of a place to live for people who work in the city but want to live outside of the city’s borders. The town has a good public school system, which makes it attractive for families with school-age children. The residential housing market has seen a steady growth in the past few years, which in turn means that the outlook is promising for investors, as the population’s growth and affluence mean that there is greater demand for business that provide jobs and necessary services, as well as retailer selling products that consumers need. As of 2017, the average home in the town sold for a price of about $475,000. The residential market is expected to see an increase in home prices of about 2.4 percent in the next year. The commercial market, in parallel, is growing tremendously. Industries, manufacturers, and commercial entities are looking to fill the void of competitive products in the local marketplace, which is creating a frenzy activity as companies are quickly filling available spaces. Last-mile distribution, it appears, is here to stay. Market analysts are also predicting that Amazon’s acquisition of Whole Foods will expand its footprint further into the local market, which increases the need even more for local warehousing, manufacturing and commercial clients.
Boxborough Commercial Investment Properties
With the steady growth of the population and the economic stability in the area, commercial investors can consider this town a safe bet to put their money. Development projects, especially in the tech and ecommerce industries, are considered the most viable options for investors. A mix of retail, industrial, warehousing and mixed-use properties attracts a diverse pallet of commercial enterprises, which in turns creates a healthier and more balanced portfolio. The town itself is attractive and beautiful, with a dominant rural and agricultural theme. Residents and visitors are drawn to the picturesque town center that is home to many long-time business tenants and owners. Restaurants, cafes and boutique clothing stores are some of the businesses investors will find already established in town. The town has a commitment, as stated in its Master Plan, which extends until 2030, to provide for business growth and development while retaining the town’s small-town charm and its rural atmosphere. A sense of character and community is considered important in the coming years, as is maintaining the caliber of the public education and keeping the population satisfied through public services, which in turn means that there is good opportunity for companies looking to set up shop in the area. The town also states as plan to promote economic development that will better the quality of life for residents, which includes expanding development of a community-centered area with common conveniences and amenities like restaurants, taverns and pubs, boutique shops, health and wellness offices, fitness centers and more.
Boxborough Office Space Market
Offering a combination of Class A, Class B and Class C properties, the office space market is quite active and offers something for every company’s needs and budget. Following the trends of other towns and suburbs around Boston, there are historically many opportunities for businesses in the health and medical fields. In addition to manufacturing, Boston has historically been a center for healthcare, science and education. It still continues to attract and retain these entities, which means that companies looking for office space in these categories will find a number of options. On average, a company might expect to spend about $6,800,000 for a dedicated medical professional building that has just over 96,000 SF. This is also the price point for modern Class A buildings that are equipped with state-of-the-art systems. The good condition of Class A buildings means that prospective owners and tenants can expect to pay less for repairs, renovations and maintenance than they would for less updated buildings that fall into the Class B and Class C categories. One example of a pristine Class A building that a medical company might find is the large medical building at 85 Swanson Road. This building contains two stories of office suites. It totals 96,933 SF in size. The building is equipped with safety features and creature comforts like heating and air conditioning. It enjoys a prominent location near the I-495 corridor, and it is also close to Route 111. The building features a manicured outside property and a private setting. Within a three-mile radius from the property are eating establishments, a dry cleaning center, day care center and other popular services. The building offers plenty of onsite parking and has separate reception areas for each business and a main atrium lobby. Route 495 is a hot spot for growth and development, as demonstrated by 2017 figures. In the third quarter of 2017, there was over 50,000 SF of space available for tenants. Of that amount, about 5,000,000 was direct SF. There was over 1,500,000 SF of sublease space during that time, and vacancy rates averaged 9.5 percent.
The city is also seeing an emerging trend in attracting start-up companies and technological companies. These companies are establishing a foothold in and around Boston, and they are moving into the towns and suburbs around the Boston area as well. They are good candidates for flexible use space, as are traditional manufacturing companies that also now need space for their offices, including corporate headquarters. For the first time, demand for Class B buildings has outpaced demand for Class A facilities in the area. While many of the Class A buildings are designated for specific uses, Class B and Class C buildings are more likely to be offered in “as-is” condition with the opportunity for customization. Many larger spaces are housed in older defunct warehousing buildings, which may or may not have been occupied and renovated in recent years. The downside of these buildings is that they may not have modern amenities and conveniences like heating and air conditioning. They may also need considerable amounts of repairs and renovations, which can add up quickly. Landlords and sellers may also be more willing to negotiate the sale or rental price. In addition to providing a fair amount of interior space, many of these flexible use and former warehouse buildings are sited on or adjacent to fairly large tracts of land. Many are proximately located to main transportation routes, which makes them prime candidates for modern technology and e-commerce companies who have been moving steadily into the area and need a place to conduct business and move large volumes of goods and products quickly and easily within the Greater Boston area and beyond. An example of a building prospective tenants might find in this category is an industrial/flexible use spot in a Class B building with 288,790 SF of rentable space.
Boxborough Retail Space Market
The retail space market is just as promising as the commercial market. Given the town’s dedication to developing its village area with shops, restaurants, and other conveniences through the next dozen years, prospective retailers can look forward to tax incentives that make moving in more realistic and affordable. More retail spaces are expected to enter the market in the coming years as investors and commercial property realtors work to meet the town’s demand and bring more small businesses into the area. Retailers will find a number of places in the town, both in the town center and in the outskirts, such as shopping centers and strip malls. Retailers may find spaces available in existing retail buildings, or they may find spaces rented and sold in mixed-use buildings, which accounted for about a quarter of market sales in the third quarter of 2017. Retailers may find anywhere from several hundred to over 4,000 SF of space available in a building that has private onsite parking and a visible location. Many retailers are moving into corporate and office buildings, which offers the advantage of getting daily traffic flow from employees who work in the building. Retailers may expect to pay various prices for their properties depending on several factors, but they should be aware that rental prices are rising steadily, and have risen over 10 percent since 2016. It is not uncommon for retailers to find space in a building that is advertised for a relatively low price with the potential for expansion and renovation. For a 4,000 SF building, a retailer may be able to rent for a price of about $1.25 - $1.42 per SF per month.
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