Gloucester, MA Commercial Real Estate for Sale and Lease

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What to Expect

This bustling city has a population of around 29,000 and is located approximately 31 miles northeast of Boston. Within its borders, you will find a wide array of commercial real estate options, including industrial space, retail space and office space. Whether you're buying or leasing, our database will help you find what you need.

Commercial Space in Gloucester, MA

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Located in the county of Essex, this colonial Massachusetts town is steeped in history. As of 2010, it was home to just under 29,000 residents. Like many areas along the Massachusetts coast, it has historically been a center for maritime activities and fishing. It is also a popular summer destination, which is a vital source of business and economic prosperity for small businesses and retailers in the area. The town is part of Boston’s North Shore area, and it contains a main residential sector, which forms the heart of its downtown area, as well as outlying residential neighborhoods. The town is connected to Boston via the MBTA Commuter Rail, which runs from Rockport to the North Station in Boston.

Gloucester Commercial Investment Properties

The area’s strong maritime tradition and fishing culture have made it a natural center for trade and commerce, and it has been particularly favored by companies in the warehousing and manufacturing industries. In keeping with the economic tradition of the Greater Boston area, the local economy is still strongly supported by the medical, finance, and life science sectors. In recent years, there has also been a shift in the local economy due to the resettlement of technology and ecommerce companies, which are finding that the outdated but conveniently located buildings surrounding Boston are perfect opportunities to create a custom finish and have access to key transportation networks. These buildings, which include an assortment of warehouse and industrial facilities, are primarily found in Class B and Class C categories. Marking an unprecedented shift in the Boston suburbs, as with other major metro areas, Class A sales and rentals are falling behind those of lower-quality Class B and Class C buildings, which are proving to be more valuable for investors, renters and owners for their flexibility in terms of use, their strategic locations, their good prices and their ample volumes of space.

The industrial and commercial sectors in this town, as with other areas along the North Shore, are experiencing a continued interest from investors given the market’s ripe conditions. In the third quarter of 2017, there was over 45,600,000 SF of supply available in the commercial and industrial market in the North Shore. Of that amount, just under three million SF was classified as direct SF. About 1.7 million SF of the total amount was available for sublease. Vacancy rates were just over 10 percent in the third quarter, but they are continuing to fall as tenants are rapidly occupying space in warehouse and industrial buildings.

Gloucester Office Space Market

With a mix of move-in ready space and the chance to create custom set-ups, the office space market is equally enticing for companies looking for premier Class A space and those willing to put some work into making Class B and Class C space home. Some office spaces are designated for specific uses, such as medical or dental, while others are considered suitable for more generic purposes. As with other types of buildings, rental and sales rates depend on a variety of factors, such as location, the age of the building, the amount of space and more.

Medical clients needing a custom setup might be interested by a space like the office suite available in a medical building on Dr. Osman Babson Rd. The office space covers about 0.03 acres, and the building itself totals 4,614 SF. The space is set in a picturesque location with easy access to the highway and the Addison Gilbert Hospital. The rent is not listed, but those interested in leasing the space are encouraged to contact the landlord for pricing. The building features a private driveway with off-road parking spots, and it has a second-floor balcony overlooking the property. A reception area, exam rooms, a small kitchen and designated offices form the interior of the building. The building was constructed in the late 1980s, and it is equipped with central air conditioning and heat. Once used for a dentist’s office, it is a prime spot for a future dentist or any other type of medical professional.

Another type of commercial building that prospective tenants might find is an industrial building at 1 Kondelin Rd. This building, which is listed as a large facility suitable for industrial and manufacturing purposes, covers a large area of 87,232 SF. There is about 0.23 – 1.12 acres of space open for an incoming tenant. The building has a lease price of $0.38 per SF each month. A good example of a place that can be rearranged for the incoming tenant’s preferred use, it is listed as a build-to-suit facility that can be converted into a number of different uses.

Gloucester Retail Space Market

As with the commercial properties, the retail properties in this municipality are a diverse mix. Ranging from single office spaces in historic brick buildings downtown to spaces in freestanding buildings, strip malls, and shopping centers, retailers have options in many settings for buying and leasing. Some retail places are designated for certain uses, while others are suitable for general retail purposes. Others may even be used for mixed use purposes, such as a combination of retail space and residential space.

In addition to single retail properties, investors and tenants may find some properties listed as part of a complete portfolio or a package. An example is the NNN investment portfolio. In this deal, three buildings are offered for sale for a price of $15.3 million. The buildings are a series of retail spaces that equal 45,378 SF, or a total of 1.42 acres. The collection of buildings includes a banking space, which is set in a freestanding building that totals just under 20,700 SF. The building covers a half acre lot, and it is strategically located in the heart of the downtown area. This location is prime for visibility as well as traffic, which is voluminous in both foot and vehicular form.

Tenants looking for move-in ready space and a high-profile location may be interested in a space like the general retail space available at 201 Gloucester Crossing Road. This space covers a total area of 0.14 acres. The building in which it is located covers 200,000 SF. It was constructed in 2009, which means that tenants will not likely need to make many renovations and improvements. The building is fortunate to have several major anchor tenants such as Marshall’s, Petco, ACE Hardware, and Market Basket. The facility is located at Gloucester Crossing, which is one of the busiest and most popular shopping centers in the area. Along with the convenience of proximate big retailers, the building offers tenants and their customers a large off-street parking lot with plenty of parking spaces. It’s also located in an area that can be reached on foot and public transit, and it is easy to get to by car. The rent for this space is not disclosed, but interested tenants are advised to contact the landlord for pricing information.

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