Franklin, MA Commercial Real Estate for Sale and Lease
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What to Expect
This Norfolk County city is located 45 miles southwest of Boston. At the time of the 2010 U.S. Census, its population hovered around 33,000. It's large enough to have designated business districts, and commercial space here includes retail, office and industrial space for lease and for sale.
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This town is situated in Norfolk County, and it had a healthy population size of about 33,000 as of the 2012 census. It was first settled in 1660, but it was not officially incorporated until 1778 during the American Revolution. The town was originally part of neighboring Wrentham, but the two towns divided after 1778. Full of history, this municipality contains the country’s first library, and it also has the largest Catholic church in the Archdiocese of Boston, called the St. Mary’s Catholic Church, which has about 15,000 members.
As with many areas in the greater Boston area, this town has seen an expanding population growth as people look to live outside of Boston. The growing population and availability of commercial, retail, and industrial space makes this town a hot spot for growth and development in the near future. Commuter rail service, offered by the MBTA, and an active bus system that accesses neighboring towns too, makes this municipality easy to reach for those going to and from Boston. Major transportation routes in the vicinity are I-495 and Route 140.
Franklin Commercial Investment Properties
With continued economic stability provided by the life sciences, banking, and financial sectors, and a continually growing interest in the area from technology and ecommerce companies, investors are seizing the opportunity to fund development projects of all sizes and varieties. New construction is continuing to be virtually stagnant, as companies are finding it easier to move into outdated but well-located facilities and make the requisite improvements necessary to conduct business. Rental rates were previously low in the Greater Boston area compared to other major metro areas of the country, but that is changing as new renters and owners continue moving into the area and making improvements to existing business structures.
Another advantage for this municipality is the fact that it is serviced by I-495. This major interstate has been a prime location for industrial and commercial companies in the past, and it continues to serve the needs of new companies moving into the area too. In the third quarter of 2017, there was roughly 29 million SF of supply space along the northern corridor of Route 495. Of that total, just over two million was direct SF, and about half of that amount was open for subleasing. Vacancy rates, at just under 12 percent, were some of the highest in the area. The southern part of 495 had about 33 million SF of supply space, about 2,445,000 SF of direct SF, and nearly 240,000 SF available for sublease. Vacancy rates in this area, which totaled 8.1 percent, were lower than those in the northern corridor of I-495. The figures were slightly lower for space on the western side of I-495. In the third quarter of 2017, there was about 17 million SF of supply space available for commercial and industrial use. Of that amount, over 1.3 million SF was classified as direct SF, and about 175,000 was available for subleasing. Vacancy rates were around 8.2 percent.
Franklin Office Space Market
Between Class A, Class B, and Class C buildings, there is quite a bit of flexibility for prospective owners and tenants moving into the area. Vacancy rates are falling but they are still comparatively high, meaning that tenants are still able to find the type of space that they need to conduct business.
Companies looking for move-in ready space might be intrigued by an option like designated medical space for rent at 440 E. Central Street. The listing advertises one space open for tenants that covers about 0.31 acres. The building itself totals approximately 16,000 SF. The building is currently used as a medical building, and it is set up to facilitate the needs of both medical professionals and their patients. The building is advertised as having a three to five-year lease term with negotiable rates. Tenants will move into a facility that contains several other long-time medical tenants. Collectively, the building is considered to be the municipality’s largest medical facility. It is currently listed for rent by the owner, and it enjoys excellent visibility with proximity to several commercial and residential developments.
Tenants seeking a general use office space may be curious about an offering like office space for lease in a beautiful office building at 195 Main Street. Housed in an old mansion, the office space covers between 0.01 and 0.06 acres. It is listed for a price of somewhere between $0.83 and $1.43 per SF each month. The building totals 12,385 SF. It is considered a Class B building and was constructed in 1920. The location is listed as “very walkable,” and some public transit serves the nearby area. Several major neighboring highways and commercial developments bring quite a bit of traffic into the area, making the location convenient and accessible to people needing office-type services throughout the day.
Franklin Retail Space Market
The retail space market is equally active, and it contains a variety of options for tenants. A mix of move-in ready and build-to-suit spaces offers plenty of choices for prospective tenants who need either premium Class A space or who are ready to turn a Class B or Class C property into their new home. Retailers seeking prominence and visibility may be curious about a listing like the general retail space open at 150 Emmons Street. This space, which is available for a price of $2.50 per SF per month, covers an area of 0.02 acres. The building totals 9,157 SF of space. The retail center is considered to be a place with excellent visibility and high volumes of traffic. It is located in the downtown area and is near Dean College. The building was constructed in 2016, which means that incoming tenants will not likely have to worry about paying for renovations and upgrades in the near future. The location is considered to be quite pedestrian-friendly, and the new addition of a signalized intersection enhances the area’s walkability. Some public transit reaches the area, and it is easily accessible by car.
Those looking for a space to make their own may find something like the retail space for least at 28 W. Central Street. The space is considered to be a prime opportunity for tenants in the restaurant and food business, as the building was historically used for, and is designed for, restaurant use. Highlights of the building include almost 40 off-street parking spaces in a private lot and 2,600 SF of space. The space available in the building covers 0.06 acres. Other perks for incoming tenants include a full kitchen, a food prep area, a dishwashing area and dry storage space. The space was also formerly occupied by a popular and busy café, which means that companies moving into the area will enjoy the advantage of attracting former patrons of that eatery. The restaurant space also enjoys considerable volumes of foot traffic due to the proximity of two high schools, Dean college and several nearby business and office parks. Additionally, the restaurant building has a high level of visibility from its convenient location that is just several minutes away from Route 495. Tenants moving in are encouraged to add their own finishing touches to make the space their own.
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