Foxboro, MA Commercial Real Estate for Sale and Lease
Located in Norfolk County, this town lies just over 20 miles southwest of Boston. It is also 18 miles away from Providence, Rhode Island. The town is part of the Boston metro area, and it had a population of about 16,865 as of the 2010 census.
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This town was settled in 1704, which is a bit later than many towns in the Greater Boston area, which were settled in the 1600s. The town was officially incorporated in 1778. What is confusing to some is that the official town tame is “Foxborough,” but both versions of the town’s name are used on roadway signs and in other public places. The town is home to several prominent venues, including the Gillette Stadium and the famous New England Patriots football team. Like many in the area, the town has a background in industry and manufacturing. It was once a vibrant area for the production of straw hats, and it had one of the largest straw hat production facilities in the country. However, the straw factory was destroyed by a fire in the early 20th century. Today, the former site of the straw factory is home to the town’s post office.
The town is on the map for commercial entities and retailers alike. Commercial and industrial companies, like many in the Greater Boston area, are seizing the opportunity to rent or own space while rates are still comparatively low. This trend is not expected to last long, however, as vacancy rates are falling and rates are starting to rise. In 2017, there was about a 10 percent rise in rental rates for commercial enterprises. That number is expected to increase even more, as this area is a hotspot for corporate growth and opportunity. Retailers are finding the opportunity to take advantage of the boost of traffic and visibility that comes from the Gillette Stadium, which has been a fixture of the neighborhood since 2002. The stadium, which replaced the Foxboro Stadium, is home to the Patriot Place shopping plaza. This plaza was constructed along land around the stadium. Construction was finished in 2009. The plaza is a social hub with a mix of restaurants, boutique shops, clothing retailers and more.
Foxboro Commercial Investment Properties
Around the town, there is a mix of space available in Class A, Class B, and Class C buildings. Class A buildings have historically been the most sought after, but for the first time in history the gap is closing between Class A and Class B buildings. There is little new construction happening at the commercial level in the present market. Instead, companies are moving in to occupy previously existing warehouses and industrial buildings. These structures offer considerable amounts of space, which is ideal for companies looking for a place that will enable growth and expansion. Furthermore, entities are finding that there is more opportunity for them to customize their own spaces in Class B and Class C buildings than move into ready-made Class A space, which is often advertised at a higher price and has more limited possible uses. Commercial space in the area contains a mixture of spaces suitable for specific uses as well as flexible use spaces, which are increasingly more popular. In the third quarter of 2017, the Greater Boston market had a market share that consisted of about 43 percent of manufacturing buildings and 21 percent of mixed use or flexible use buildings. This shows that companies are still favoring the opportunity to customize their own space for use. They are also favoring good prices over move-in ready features, which presents a good opportunity for investors looking to finance longer term development projects. Companies are also moving into mixed use buildings that contain a combination of retail or business space and other uses, such as residential units.
Foxboro Office Space Market
The office space market here, as with other towns in the Greater Boston metro area, is showing an upward trend of activity. Office spaces are being filled in the categories of Class A, Class B, and Class C. Vacancy rates are continuing to fall and rental rates are rising, which is making the Greater Boston area a key area of interest for investors. In addition to direct leases, companies are seeking the opportunity to secure space that can be used for subleasing as well.
Prospective commercial tenants have a number of options to choose from in the town’s real estate market. For instance, a sample of a sale unit that tenants may come across is designated office space on the first floor of a building in the town center. The purchase arrangement gives future owners the opportunity to get two units in a building that is considered ideal for either ownership or investment. Owners can choose to either use one space and rent out the other or use both for office purposes. The sale price is not disclosed, and those interested in the property are encouraged to contact the seller. The building covers a total area of just under 3,500 SF. The building features a private entrance and an offsite parking lot with ample room for employees and visitors to park. Benefits of the building are the maintenance provided by the local building association and the proximity to major transportation corridors, including I-95 and I-495.
In the third quarter of 2017, there was considerable opportunity around both of these major corridors. Vacancies are highest in manufacturing and flexible use buildings, although vacancy rates are steadily falling in the town and in the surrounding Boston metro area as companies are rapidly seeking the opportunity to move in and create their own custom work environments. In the third quarter of 2017, the northern section of the Route 495 corridor had a supply of about 25,600,000 SF. Of that amount, there was just over 2,000,000 direct SF available and 1,338,054 SF of sublease spaces available. Vacancy rates in this area were just under 12 percent. The year to date absorption rate clocks in at 332,013. Along the southern part of Route 495, there was just above 33,000,000 SF in supply. Of that amount, 2,444,019 SF was designated as direct SF available, and about 240,000 SF was available for subleasing. This area had a slightly lower vacancy rate of 8.1 percent. The third quarter absorption rate totaled 508,260.
Foxboro Retail Space Market
The retail space market is equally promising in terms of growth and opportunity. Some retail spaces are designed for specific uses, while others are best suited for more general purposes. Retailers may be lucky to find space open for use in the covered Patriot Plaza or in buildings nearby. For instance, there is an opportunity for retailers to occupy one space, totaling 0.07 acres or just under 11,000 SF, in the Patriot Plaza. The space is listed as suitable for general retail purposes. The combination of excellent visibility, proximity to major transportation and the opportunity to reside alongside anchor tenants makes a deal like this appealing to both tenants and prospective investors. The space in this listing features the opportunity to move into a relatively new building that was constructed in 2002. The space offers 3,266 SF of space. The rental rate is not disclosed, and the lease terms and availability dates are listed as negotiable. The building is home to several notable anchor tenants, including Trader Joe’s, Ulta Beauty, Victoria’s Secret, and Bed Bath & Beyond.
Another instance of a retail space available is a freestanding building with the potential for a tenant to occupy three separate spaces. The building has plenty of space, with a square foot total of 60,000. The space that tenants can rent ranges from 0.06 to 0.14 acres. The building is considered to be one of interest for prospective investors, as there is tremendous potential for reuse and redevelopment. The space is considered to be ideal for repurposing and reusing, and it’s seen as a promising place for restaurants, bars, and retailers. The facility was newly constructed in 2016, which indicates to tenants that it is not going to be a space in need of costly and time-consuming renovations and repairs. The building is offered for an undisclosed rental price, but interested tenants are encouraged to contact the landlord for more financial information. This freestanding building is noted for its stylish New England architecture and its premier visibility, as it has direct access from three major roads. The facility is located at Forbes Crossing, which is a premier shopping destination. Proximity to the town’s Main Street, which is a pedestrian-friendly place, encourages foot traffic volume that the building sees on a regular basis, and that surges during the tourist-heavy summer months. The building enjoys easy access to I-95 and I-495. It is also close to the popular Xfinity Center and local business parks, including the Cabot Business Park and the Foxborough Business Park. A signalized intersection is just minutes away, and the site lies on the border of two town lines. Major anchor tenants in the area enhance the building’s visibility and make it more attractive to both future tenants and investors.
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