Groveland, MA Commercial Real Estate for Sale and Lease

As of the 2010 census, a population size of just under 6,500 residents formed this quaint and historic New England town. The municipality lies just under 35 miles from Boston. It was settled in 1639 and officially incorporated in 1850. The town was initially part of a town called Rowley, but the two municipalities divided in 1672. A picturesque downtown area, complete with brick buildings and lit sidewalks, makes the town center attractive for both retailers and residents. The town lies between the two major transportation corridors of I-95 and I-495. Transportation is provided through the MBTA line, which runs to Boston. Boston Logan International Airport is the nearest air service center.

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Groveland Commercial Investment Properties

With proximity to both Boston and two of the busiest transportation corridors in the Boston area, this town is poised for commercial growth in many areas of business. The commercial sector, as with other areas around Boston, is dominated by warehouse buildings, which comprise about 43 percent of the market. The next most active sector is flexible use, which accounts for nearly a quarter of the market. Flexible use is an increasingly promising opportunity for investors and companies, as companies are looking to move into spaces with build-to-suit, and sometimes mixed use, potential.

Commercial and industrial activity has been promising in the past several years along all sections of the I-495 corridor. In the third quarter of 2017, the northern part of the route had about 28,500,000 SF of supply space available. There was about 2,027,000 of that amount open for use as direct SF, and about 1,338,000 SF was available for subleasing. The vacancy rate turned in at 11.8 percent, which is a bit higher than industrial and commercial vacancy rates along Route 128. However, vacancy rates continue to fall. The southern part of I-495 had roughly 33 million SF of supply space, 2,445,000 SF of direct supply, and 239,000 SF of space available for subleasing. The vacancy rate was 8.1 percent.

Groveland Office Space Market

As with other areas around Boston, the office space market is diverse, active, and full of potential for a variety of entities. The mix of office spaces in the area includes a combination of Class A, Class B, and Class C establishments. Some entities, including those with specific needs like medicine and banking, are looking to move into Class A buildings, which are the top-of-the-line buildings on the market. Class A buildings, in contrast to Class B and Class C buildings, are ready for tenants to move right in. In addition to being updated and well-maintained, they are usually equipped with top features such as sprinkler systems, parking lots and garages, heating and central air conditioning, and more conveniences. Many will also have onsite property managers who are available to take care of daily needs and handle emergency repairs. Class B and Class C buildings, also on the market, provide a good location and usually considerable amounts of space. This has historically been a good attribute for warehousing companies who need to move their products by train, ship, and truck. This same strategic location has been, and will continue to be, vital in the coming years for the influx of ecommerce and technology companies looking to call the Greater Boston area home. In addition to warehousing facilities, which make up the majority of the market, and flexible use buildings, which comprise about a quarter of the market, there are a number of high bay buildings open for occupation in the area. High bays, which have loading dock doors with clearance heights of at least 24 feet, are targeted by companies with a large shipping volume who need to move consumer goods and industrial products in high volume. Manufacturing buildings, which are being converted more frequently into spaces for modern uses, also have a sizable share in the current commercial and industrial market.

Groveland Retail Space Market

Between opportunities in the town’s vibrant downtown center and strategic locations in shopping centers and plazas located a bit farther away, there are plenty of good options for retailers looking to conduct business in this town. The retail sector is comprised of spaces of all sizes, which range from under 500 SF to several thousand square feet. Some retail buildings are considered usable for general purposes, while others are specifically geared towards certain uses, such as restaurants, bars, and supermarkets. Retail space is available throughout the town for sale and lease. Retailers can expect to find comparatively good prices for renting and owning compared to many major metropolitan areas in the country, but prices continue to rise as tenants are continuing to rapidly occupy and improve spaces.

General retail space, which is one of the most popular options, can be found in an opportunity like the retail or office space available for use at 5 Elm Park. The building is being rented for a price of $1.40 per SF per month, which is an average amount for the area. The leased space covers 0.02 acres, and the building size is just under 28,700 SF. The building is located in the center of the town, which gives incoming tenants good visibility. The building contains two separate units, and each has its own bathroom. This setup makes it ideal for two separate retail or office suites, or even for one retail suite and a private residence. The building is situated on busy Route 97, which means that it has good visibility and a steady volume of vehicle traffic. The retail space is suitable for a number of retail uses, including clothing stores and gift shops. It is considered to be in a car-dependent location and has little access via public transportation.

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