Massachusetts Office Space

Locating suitable office space in the Bay State is often easier said than done. If you’re currently in the market for commercial space for your business somewhere in Massachusetts, you should seek all of the help that you can get. To that end, you can’t go wrong with Boston City Properties. Thanks to our constantly updated database of MA real estate listings, you can always count on us for the latest and most reliable information regarding commercial real estate throughout the state. Our services don’t end there, though, as we have connections with many skilled commercial real estate agents across the state and can refer you to one when you’re ready to proceed.

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The way in which you go about leasing or purchasing space for your business will vary depending on where in the state you are looking. For obvious reasons, the most competitive—and admittedly stressful—market is Boston’s, where Class A and Class B space is at a particular premium. If you’ll be looking somewhere in Greater Boston, you’ll most definitely want to keep your finger on the pulse of the market—and the best way to do that is by connecting with Boston City Properties because we will give you immediate, free, unlimited access to our searchable listings.

Of course, there’s more to Massachusetts than Boston. Even if you’re looking elsewhere in the state, commercial real estate transactions are often tricky and complicated. That’s just as true whether you’re planning to buy or lease space. The team at Boston City Properties has connections with experienced and skilled real estate experts in all metro areas across the state, and they can give you the insight and guidance that are needed to successfully complete even fairly complicated transactions. Our search tool lets you select the area or areas of the state where you’d like to search, so you can pinpoint exactly what you need wherever you need it.

Metro Boston

Finding suitable space for your business in a competitive market like Boston’s is a tall order. Of course, it’s easier to do in some neighborhoods than in others. For example, if you are determined to secure Class A space in an in-demand area like the Financial District or the Seaport District, you’re in for an uphill battle. All too often, space opens up and is snapped up just as quickly. It pays to have someone on your side who knows the market and who can navigate it effectively—and we can connect you with people who can help.

Metro Springfield

If you’re looking for commercial space on the west side of the state—around Springfield, in particular—you’ll have a slightly easier time than you would in Boston. Still, there is only so much space to go around, and not all of it will be appropriate for your business. From office parks to low-rise office buildings, the region has a lot to offer to businesses of all sizes and scopes. Boston City Properties has experienced commercial real estate agents in metro Springfield who are ready to lend a hand when the time comes.

Metro Worcester

What if you’re searching for office space in or near Worcester, which is centrally located in the state? You’re in luck once again because Boston City Properties’ database routinely features listings for exceptional commercial space throughout metro Worcester. In the outlying suburbs in particular you will find numerous office parks and industrial parks where space is quite reasonably priced even for startups and other small companies. Use our search tool to identify promising commercial properties in and around Worcester in no time flat.

Tips for Securing Office Space in Massachusetts

At Boston City Properties, our goal is to make it as easy and convenient as possible for you to find the exact right commercial space when you need it—regardless of where you’re looking in Massachusetts. You can always turn to our experts for assistance regarding any properties that you find in our database. In the meantime, brush up on some practical tips for securing suitable space anywhere in the state. We’ve compiled these tried-and-true tips to help you lease or buy space that is absolutely perfect for your business:

• Be flexible – For many, this is the toughest piece of advice to follow. After all, you probably have a pretty clear idea about what you’re looking for—shouldn’t you be able to get it? That largely depends on where you’re looking. In Greater Boston, for instance, you’re far more likely to have to make concessions of some kind whereas in other parts of the state, you’re more likely to find something fairly quickly without having to do so. Be open-minded about the kind of space that you need too; for example, do you really need to lease an entire office, or could you get away with renting coworking space?
• Don’t bite off more than you can chew – In your eagerness to secure suitable space for your business, you might be tempted to get as much space as you can afford or to agree to terms that aren’t really right for you. This is never a wise move, as it can jeopardize your future ability to operate your business. Therefore, try to secure the minimum amount of space that you can get by with to keep costs in check, and don’t allow yourself to be talked into a lease with terms that aren’t practical for your situation.
• Investigate the landlord or building – Even if the space in question looks pretty much perfect, there’s another variable that can make or break your time there: The policies and practices of whomever is in charge of the premises. In other words, you could end up with a nice, accommodating landlord who manages the property effectively, or you could wind up with a property management firm that lets everything slide. Search online for reviews of the building or location to see if there is any information about the landlord. You could also contact current tenants to find out what they have to say.
• Negotiate to get what you need – Contrary to what you might expect, quoted lease and purchase prices are not set in stone when it comes to office space. Oftentimes, in fact, landlords deliberately inflate the asking price or price per square foot with the expectation that they will be negotiated down. However, like many people, you may not be well-versed in the art of negotiation, and this can be a major liability. It’s yet another reason why it pays to connect with Boston City Properties because we will put you in touch with commercial real estate experts who will guide you every step of the way.
• Hire a real estate lawyer – Even if everything seems on the up and up during a commercial real estate transaction, even a simple error can wreak major havoc for you later. Whether you’ll be buying or leasing space—and regardless of where it is in the state—it’s well worth it to hire a real estate attorney to review everything before you sign a thing. Chances are that everything will be fine, but if the lawyer does run across something that’s amiss, you won’t accidentally sign something that isn’t right for you.

Classes of Office Space in Massachusetts

In Massachusetts as with the rest of the country, office space is categorized into three classes: Class A, Class B and Class C. It helps enormously to have a basic understanding of what these designations entail before trying to secure space. With that in mind, here’s a quick rundown of these designations and what they approximately mean:

• Class A – This type of space is typically the best of the best, and it therefore comes with a high price tag. Located in landmark buildings like the John Hancock Tower in Boston, this type of space boasts top-notch infrastructure and typically comes with the finest services and amenities. Ample amounts of Class A space is available in major metro areas like Boston, but most of it is accounted for. This is why it’s so crucial to have help from Boston City Properties.
• Class B – Class B buildings are usually former Class A properties. By dint of their age alone, these buildings earn a Class B designation. Often times, they aren’t as centrally located, and they are showing signs of their age. However, these properties tend to be more affordable, and it’s often easier to secure more flexible terms.
• Class C – As you may have already surmised, Class C space is the cheapest and usually the least desirable. The building itself might be in dire need of major maintenance, and the location will be less than optimal for many reasons. Still, for startups and companies that just don’t need fancy space, Class C is a great way to keep costs in check.

How Much Will I Pay for Office Space in Massachusetts?

Like anyone who’s looking to buy or lease commercial space in Massachusetts, cost has to be one of your top concerns. It’s crucial to secure space that easily suits your budget. If there is any question about being able to afford the space, you should pass on it.

With all of that being said, roughly how much can you expect to pay for this type of space? For one thing, it depends on whether you’re looking at Class A, Class B or Class C space. For another, it depends on whether you will be buying or leasing. Another major factor, of course, is geography—you will pay far more for space in downtown Boston than you will for space in suburban Springfield.

According to figures from early 2017, the prevailing asking price for office space for sale in Massachusetts is $118.17 per square foot. In the Greater Boston region, the price jumps to $129.46 per square foot. In Boston itself, however, it skyrockets to a whopping $316.57 per square foot. That is largely due to the extreme asking prices for space in hotspots like the Financial District and Back Bay.

As for lease prices, they largely follow the same pattern as sales prices. The approximate cost per square foot for space across the state is $16.36; when you look at Greater Boston only, the price is still roughly the same: $16.96 per square foot. In the city itself, of course, prices are often triple or even quadruple those rates. The team at Boston City Properties constantly keeps track of the prevailing rates for various types of office space across the state, and we can help you ensure that you get the best deal possible.

How Boston City Properties Can Help

So, you’re ready to find office space somewhere in Massachusetts but aren’t sure where to begin. Do yourself a favor and connect with Boston City Properties. We maintain one of the most comprehensive online databases of searchable MA real estate listings around. When you sign up using the simple form here, you gain immediate, unlimited and totally free access to them. Our powerful search tool lets you zero in on promising options fast. You can select your desired search area by selecting it from the list. Choose whatever city or town you want, or select a specific Boston neighborhood. The search feature lets you select more than one location, so you can broaden your search in that way if you’d like. Use search filters for price, square footage and the like to refine your results even more.

From there, click through the listings to pinpoint office space that looks right for your business. When you’re ready to get off the computer and check out places in person, contact us. We’ll put you in touch with an experienced commercial real estate agent in whatever market you need, and they can arrange visits and get answers to any questions that you may have. Eventually, they can also help you negotiate the best deal possible and guide you through to closing. With Boston City Properties, finding suitable commercial space in Massachusetts is a breeze, so contact us today!

Shared Business Workplaces

Are you concerned about sizable upfront costs that usually come with leasing a commercial property and outfitting your business? Shared business centers offer aspiring professionals or small companies a viable alternative to renting a commercial site for their business needs. If you are searching for a turn-key solution for your company's location, sharing a work area with other like-minded individuals may be your answer. These business centers, also known as executive suites, usually come fully equipped with business equipment such as copiers and fax machines, business furniture, and internet access. Some premium business centers may also provide a receptionist, mail and delivery services, personalized telephone answering services, or even a health club.

When considering shared business places, there are several factors to think about. If location is most important for your company’s needs, start there. For example, if having a workplace in a downtown area is best for your employees and clients, you will probably find several suitable options. On the other hand, if you would rather have affordable parking and a shorter commute over the urban hustle and bustle, you can look for shared business centers in the suburbs.

In addition to location, it is important to find out who the other tenants are for that particular business suite. Complementary companies can create an exciting shared business resource for all the tenants. For instance, non-competing businesses may be willing to share networking ideas or client referrals. Even if the other businesses are unrelated to yours, socializing with professionals in a shared location can often spark your own creative juices and lead to beneficial professional relationships.

Once you have picked a few potential locations for your company, it is best to review the different contracts before finalizing your decision. Each shared business center will have their own contract agreement for the length of the lease, rental rates, and service options. Some executive suites may offer different packages covering basic business amenities or premium services. By shopping around and comparing your options, you will find the best solution for your company.

Coworking Business Centers

Coworking business centers provide a unique professional environment with an energetic atmosphere. When you walk into a coworking workplace, you can sense the energy in the room with a mixture of working areas. Most coworking sites offer hot desks, private conference rooms, large meeting tables, and kitchens. Mixing and mingling in this type of facility can release creative energy and ignite business ideas.

The social aspect of coworking business sites is often the missing piece that many small business owners and entrepreneurs have been searching for. Instead of feeling isolated when working from home or disconnected when sitting at a coffee shop, professionals can collaborate and network as part of a business community. In fact, many coworking locations host additional business events like weekly seminars to bring their tenants together.

While coworking centers are similar to shared business suites in the way they both offer basic business amenities, the look and feel of the two types of shared locations will appeal to different people. For example, coworking centers have more of a community feel which often appeals to freelancers or start-up work groups. The magic of coworking locations can be seen when informal gatherings in the kitchen lead to relationship building and networking opportunities. Small business teams can also benefit from the flexible space and the ability to collaborate in a positive environment.

Another major difference between shared business sites and coworking centers is the way you pay for your business site. With shared business locations, you will usually sign a contract with more traditional lease terms, even though it is still more cost-effective than leasing a commercial property. On the other hand, coworking business centers usually have a variety of membership plans to fit your business needs. For instance, membership costs may vary based on whether you want a dedicated hot desk or a shared desk. Also, many centers offer daily rates or monthly fees. Either way, coworking locations provide a vibrant work facility without the exorbitant costs or long-term commitments associated with traditional commercial leases.

The Benefits of Buying vs. Renting Commercial Property

Many owners of small, growing companies are faced with deciding between buying or leasing a commercial property. While there are pros and cons with either decision, here are a few benefits to purchasing a business property.

1. Budget – By purchasing a property for your business, you can budget for the commercial mortgage and other affiliated costs. Moreover, you will not have to worry about rent increases when you need to renew a lease agreement.
2. Tax Benefits – When you own a commercial property, you can take advantage of tax deductions for property taxes, mortgage interest, and depreciation deductions. Be sure to consult your tax advisor about the tax benefits of any property you are interested in purchasing.
3. Equity – As your business pays down the commercial mortgage, the property's equity will continue to rise. In addition, many commercial sites gain value over time, so your initial commercial purchase will become increasingly more valuable. Moreover, positive commercial equity allows you to have more buying power and financial leverage as your business continues to grow.
4. Additional Income Potential – Depending on the size of the commercial property you purchase, you may have additional rooms that you could lease to other business owners. This additional income stream is a great way to help balance out your bottom line during slower business cycles. In addition, securing a business loan is easier when the bank looks at all of your company's income producing potential.
5. Long-Term Stability – If you decide to buy commercial real estate, you will be setting your company up for lasting stability. Business owners with their own commercial property have peace of mind as they focus on growing their company without worrying about moving to a different location.

If you are ready to purchase a commercial property for your business, it is important to consult with your accountant and financial planner as well. From a real estate perspective, working with the professional team at Boston City Properties is also a great step. We can help you find the right commercial property for your price range in a desirable location as well as keep you informed on upcoming buying opportunities.

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