Burlington, MA Commercial Real Estate for Sale and Lease
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What to Expect
Located about 12 miles northwest of Boston, this Middlesex County town had a population of around 25,000 at the time of the 2010 U.S. Census. Commercial space is readily available and includes office space, retail space and industrial space. Businesses go up for sale on the market all the time too.
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With a motto of “Where Technology Goes to Work,” investors will see immediately that this Greater Boston town is primed for development. The town had a population of just under 25,000 at the 2010 census. It was settled in 1641, but it was not incorporated until 1799. The town shares a border with Bedford, which lies to the west, with Woburn, which is located to the southeast, Lexington, which shares its southern border, Billerica and Wilmington. Billerica is situated to the town’s north, and Wilmington lies just to the northeast. The town is conveniently located just 12 miles away from Boston, which means that it’s a choice destination of a living place for residents who work in the city but want to live outside of Boston itself.
Location is a big part of the picture when it comes to a town’s attractiveness and appeal to both investors and tenants. Fortunately, this town is served by several major roadways and transportation arteries, including Route 128, Route 3, Route 3A and Route 62. This convenient location makes it a prime spot for commercial entities, including the increasing number of technology and ecommerce companies that are moving into the area. The town is also a part of the MBTA bus line, which makes it easily accessible for both residents and visitors. Other types of transportation that serve the area are the Lowell Regional Transit Authority, the Lexington Express Bus and the B-line of the town’s own buses. Transportation to both the MBTA Commuter Rail and the Boston Logan International Airport are conveniently located just minutes away in Woburn.
Burlington Commercial Investment Properties
As with other suburbs in the Greater Boston area, there has been an increase in demand among tenants for space, in the form of both sales and rentals, in recent years. Industrial and manufacturing companies are eyeing opportunities along the Route 128 corridor, which has tremendous amounts of SFage available for warehousing, manufacturing and industrial needs. In the third quarter of 2017 alone, there were over 16,000 SF of space available in industrial, warehousing and mixed-use buildings across all three classes (Class A, Class B, and Class C). Buildings in this area have been seeing vacancy rates ranging from roughly six percent to about nine percent. As commercial tenants are filling these spaces, however, vacancy rates are continuing to steadily decline. In the third quarter of 2017, there was 615,045 direct SF of rental and sales space available along the northern corridor of Route 128, and about 285,280 SF of direct space for sale or lease along the northwestern part of Route 128. Additionally, the figures broke down to approximately 138,400 SF of space available for subleasing along the northern part of Route 128, and 208,040 SF of sublet space available on the northwestern corridor of Route 128. Absorption rates averaged 118,945 on the northern part of Route 128 in the third quarter of 2017 and 23,301 on the northwestern part of Route 128 in the same period of time. Route 128 South has seen even more growth and opportunity in 2017. In the third quarter of 2017, there was approximately 26,430,900 SF of industrial, retail and commercial space offered for sale and rent. That included 291,160 SF of sublease space for tenants. There was a 12 percent vacancy rate across properties in the third quarter of 2017, which shows promise for investors and tenants as there is plenty of space available and companies who are interested in utilizing that space.
Another advantage for commercial entities in this town, and for investors as well, is the fact that the Burlington Mall and the Wayside Commons, which were constructed around the year 2002, continue to attract businesses and customers. New, relatively large corporate tenants are continuing to move into these areas of business, including anchor tenants like Capital Grille, Rounder Records, and L.L. Bean. In addition to attracting big name clients, these two centers are continuing to expand, which makes them an important and stable part of the local economy. Unlike other towns and cities in the Greater Boston area, where new construction has been virtually nonexistent in the past several years, there has been plenty of new construction and development in this town along Route 3, which is the main thoroughfare. This construction has led to the influx of technology companies, which are projected to be an important part of Boston’s economy in the future. The new development corridor is conveniently situated at the intersections of Interstate 95 and Route 3. It is also accessible from the Interstate 93 corridor and the Interstate 90 corridor. Some large corporations that have moved into the area are Oracle Corporation, SAP AG and TD Bank. Another draw for investors is the fact that the Boston Burlington Marriott hotel, which is situated at the corners of Mall Road and Cambridge Street, is a main base for corporate business travelers and patients who are arriving for treatment at the Lahey Clinic.
Burlington Office Space Market
The office space market here is thriving, thanks to the combination of existing industrial and warehouse buildings that are being repurposed and modified for modern use, and the relatively new construction within the past 15 years of two major corporate development centers. For the first time in the area’s commercial real estate history, the recent trend has been for commercial clients to purchase or lease space in Class B buildings, which lets them tailor space to their specific needs. In keeping with Boston’s tradition, there are still many spaces available for sale and rent that are suitable for medical and life science clients, as medicine and medical research have historically been the backbone of Boston’s economy. With the new development of buildings suitable for technology companies, the area is poised to be a natural home for the rising wave of technological companies looking to settle down in the area. The area has also drawn several significant anchor tenants, which in turn makes renting and buying space more attractive for all kinds of commercial clients. General offices, medical offices and mixed use spaces are some of the types of real estate that commercial clients will find on the current market in this area.
As with everywhere else, the price of sales and rentals for office spaces varies depending on factors like the age and size of the building, the amount of land the building is one, the size of the space available and more. Companies looking for general office space in a small building near the Burlington Mall can expect to find a rental rate of about $2.00 per SF per month. However, rates may be negotiable, especially with older and more outdated buildings. Sometimes, landlords do not disclose the price of an office space, but they are willing to negotiate depending on the client and the client’s needs. An example of an office space that tenants will find in the area is a 0.01 acre space in a 10,000 SF building located at 203 Middlesex Turnpike. The space offers several attractive features, such as large windows and a private parking lot for employee and client parking. The building was constructed in 1968. It is advertised as a Class C building that offers a single space with about 220 SF of space. The building is not in an ideal location. It is not in a pedestrian-friendly part of the town, and it requires transportation to reach. Another office space that tenants might find is a up to two units of space available at an office building located on Cambridge Street. The office building was constructed in 1985. It is a well-maintained and sturdily constructed building that offers bright interior and natural lighting, a quiet location, a green and aesthetically pleasing location and safety features. The building has its own private parking lot that offers plenty of free parking for employees and clients. One of its most attractive features is a beautiful three-story atrium that is bathed in sunlight. The building is located close to Route 3A, which is a busy transportation corridor that is key to bringing traffic to businesses in the area. The facility is merely minutes down the road from the prestigious Burlington Mall. It is also less than 15 minutes away from Cambridge, Waltham and Boston. From here, one can easily access the Massachusetts Turnpike (also called I-90) and New Hampshire, which is reached in 15 minutes by traveling along Route 3. Prospective tenants here, as many will find in other lease situations, enjoy a full-lease service that includes the price of taxes, structural and mechanical repairs and maintenance and insurance in the lease. Tenants also help cover the cost of other conveniences like cleaning the common areas, landscaping, property management and seasonal services like snowplowing. They are also responsible for helping to cover the cost of daytime parking, which is made free for visiting clients across all tenants residing in the building. Air conditioning is a welcome amenity in the building, and it’s available in all tenant suites.
Burlington Retail Space Market
From standalone retail building to spaces open in existing commercial and retail structures, there are many opportunities for retail tenants looking to move into the area. As with commercial clients, retail tenants will find a mix of Class A, Class B and Class C buildings available for sale and rent. A retailer can expect to pay about $1.5 million to $2 million for a building in the Class B category with large amounts of space that is located in a visible location. For a Class C building, also with large amounts of space, tenants may get a sale price of $380,000 for about 5,000 SF of space. Sometimes, owners and landlords include furnishings and equipment for incoming tenants. This is most useful for businesses that have specific needs, such as hair salons, restaurants, bars and taverns. One example of sale opportunity that a retail customer may come across is a Class C building space for sale in a freestanding building at 120 Cambridge Street. This building is home to several longtime tenants and established businesses. Tenants moving in here will get about 1.66 acres of space, or approximately 4,800 SF, in a larger building that covers 30,000 SF. The building was constructed in 1970. The property is listed as being a good opportunity for investors, given the fact that the surrounding tenants are longtime anchor tenants that have the dual benefit of paying rent reliably and attracting human foot traffic, which in turn gives incoming tenants a boost of visibility. The space available in this building is located on the first floor, which is also beneficial for boosting the tenant’s visibility. The building has a parking ratio of approximately 1.85 cars for every 1,000 SF of space. The location is considered to be somewhat ideal, with a walking score of 62 out of 100. Some transit is required to reach the building, although it is not entirely car dependent. Another example of a retail office on the market is a Class B building located at 28 Cambridge Street. This building is a freestanding building that is touted as being highly visible and spacious. The building is conveniently located right off the I-95 corridor. It is also surrounded by a number of longtime anchor tenants including Audi, Party City, Michael’s, Starbucks, Cold Creamery and L.L. Bean. This retail building is considered suitable for general retail use. It was constructed in 1996 and is two stories high. The building has a parking ratio of one per every 1,000 SF. It is considered to be an excellent opportunity for an investor, given the proximity of the building to I-95 and Cambridge Street, as well as its proximity to other large anchor tenants. The building is considered to be in good condition with few repairs and renovations needed. It also comes with a large basement that offers plenty of storage, and it is equipped with two elevators for convenience and accessibility. The building naturally gets a high volume of traffic, and it is located directly across from the MTBA Bus Service.
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