Everett, MA Commercial Real Estate for Sale and Lease

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What to Expect

This bustling city of around 41,700 people is just four miles north of downtown Boston. Situated in Middlesex County, it has a lot to offer when it comes to commercial real estate. You will find everything from industrial space to retail space to office space by searching our comprehensive online database.

Commercial Properties in Everett, MA

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Strategically located in Middlesex County, this industrial Massachusetts city is a mere four miles from the Boston border. The town was home to nearly 42,000 residents as of the 2010 census. Like many towns and cities in the Greater Boston area, this city has a long past. It was originally settled in 1630, and it was officially incorporated in 1870. Always a prime center for production and commerce, it was once a liquified natural gas (LNG) distributer, with a large-scale operation set up at the Everett Marine Terminal. The facility was the first of its kind in the nation, and it set a good precedent for the spirit of growth and commercial productivity that has followed in its wake since then.

Everett Commercial Investment Properties

In keeping with the trend of other towns and cities in the Greater Boston area, this town has plenty of potential for continued commercial growth and development in the future. Its strategic location less than five miles from Boston makes it a prime area for living and conducting business. In fact, residential rates have escalated tremendously in the past decade, as people are looking for affordable and convenient places to live outside of the city while still having the option for an easy commute to work.

The vibrant business district, which is located on Broadway, is aided by the main transportation hub called Everett Square. Everett Square has a central bus stop and an MBTA station. Historic Everett City Hall, the Parlin Memorial Library, and the local city fire department form the square’s perimeter. These iconic landmarks are surrounded by shopping districts populated by local retailers and anchor tenants such as Costco, Target and Home Depot. Currently, construction of at least one prominent full-service hotel is well underway and expected to be finished by 2020. The hotel is expected to bring travelers and tourism to the area, which is a major economic boost.

The continued growth of the local population is encouraging businesses to move into town, and it is creating a promising picture for investors. The commercial real estate sector is driven both by the stability of the traditional economic drivers in the Boston area (healthcare, life sciences, and finance) as well as the influx of new technological companies and ecommerce entities. In 2017, vacancies remained relatively high compared to other areas in the country. However, they have begun to fall as companies have started to occupy vacant space. In the Greater Boston area, there has been little new construction, as companies have been meeting their needs by renting or purchasing outdated warehousing and industrial buildings and modifying them to meet their needs. The availability of such buildings, which have plenty of land, large amounts of space and close access to major transportation routes, has caused the first-ever gap closure between sales and rentals of Class A buildings and Class B and Class C buildings. Class A buildings are considered the premium choice for renters and new owners, as they are equipped with state-of-the-art systems and features designed to enhance employee and client comfort. Class B and Class C buildings, in contrast, do not have the same state-of-the-art features. However, they have the space that tenants need with a prime location and potential for expansion. The price, many are finding, is quite reasonable for Class B and Class C buildings. The location is also oftentimes quite advantageous, and makes these buildings worth the investment for access to some of the East Coast’s busiest and most strategic transportation corridors.

Everett Office Space Market

In keeping with tradition, prospective tenants in this city will find office space that is designated for specific uses, as well as office space that is set aside for flexible use or mixed use purposes in the late quarter of 2017, there was about a three percent increase in the rates of office spaces on the market. There was a positive absorption rate in the last quarter of the year, and vacancy rates have fallen slightly since 2016. This means that businesses needing office spaces are continuing to move into the area. Consequently, vacancy rates are expected to continue falling as companies continue to settle into existing spaces.

As with other areas of the commercial sector, the office market is quite diverse. Prospective tenants and owners will find that there are office spaces set aside for specific uses, and there are office spaces that are advertised as available for a build-to-suit finish. Along with true office spaces, tenants will also likely find that there are spaces available for mixed use purposes, which is proving to be an increasingly popular trend. The opportunity for custom office space is taking precedence for many clients over the traditional pre-made and move-in-ready suites that tend to be less flexible in terms of change and growth, and are offered at significantly higher sales and rental prices. In 2017, vacancies were highest in the warehouse sector, which comprised 43 percent of the market, and second-highest in the flexible use building sector, which held just over 20 percent of the market.

An example of an office space that a tenant may find on the market is a single unit available on Revere Beach Parkway. This unit is offered at an average price of just over $3.00 per SF. The building is designated as an office space, and it is part of a professional office building. The building is noted for its convenient and accessible location close to Interstate 93, Route 1, Boston, and the Boston Logan International Airport. The building, available for immediate lease, is also considered a prime spot due to the availability of ample onsite parking in a private lot on the building’s premises. The building covers about 4,000 SF of space. It was constructed in 1965, which means that it probably does not require significant renovations and improvements. The facility is considered a Class B establishment. It has an accessible location that is deemed to be good for both walking and transportation via car and public transit.

Everett Retail Space Market

The growing population in this town continues to drive the need for retailers equipped to fill the basic needs of people, such as restaurants, pubs, fitness centers and clothing stores. There remains plenty of potential for retailers of all varieties in town, as spaces are opening up for retailers in all classes of buildings (Class A, Class B, and Class C). Some retail spaces are designated as suitable for particular uses, such as banking, medical use, or legal offices. Others are advertised as ideal for the incoming retail to turn into a personalized space with a custom finish.

One example of a retail space that prospective tenants and owners may find on the market is a general retail space on Ferry Street. The space is offered for sale at a price of $1,295,000. It covers an area of 10,000 SF and has a lot size of just under one full acre. The building is advertised as having good potential for both investors and tenants. It is advertised as having a prominent, accessible, and visible setting in one of the most promising up-and-coming towns in the Greater Boston area. The building has a cap rate of 8.31 percent. It was constructed in 1920, and it is characterized by high ceilings. Unlike many older buildings in the area, this one was completely remodeled less than 10 years ago. A rarity for buildings below the category of Class A, it is equipped with modern features like a sprinkler system, gas heat, and central air. The building is considered a mixed-use space that can even serve as a restaurant and bar area, as it has a first floor set up for a bar with a liquor storage area and room for customer seating. The establishment also has a functional kitchen and a dishwashing area.

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