Westford, MA Commercial Real Estate for Sale and Lease
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What to Expect
Situated about 35 miles northwest of Boston, this vibrant Middlesex County town had a population of roughly 22,000 at the time of the 2010 U.S. Census. Its commercial real estate offerings are fairly diverse, with retail, office and industrial space typically available for sale or lease at most times.
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Established in the 1700s, this town contains about 21,950 residents as of the 2010 census. Located in Middlesex County, it became a town in 1729. The town was once a primary center for agriculture in the Boston region. Agriculture activities gave way to commerce and industry, and the town later become home to many of the major warehousing and production companies in the Greater Boston area. Today, it continues to be a major center of economic growth and opportunity. The town is conveniently close to several major transportation routes, including Route 128 and I-495, which are two of the most traveled roadways in the Boston area. It is home to several major corporations, including Samsung, Visual Solutions, Seagate, and Iris Associates. It is also the place of Puma’s North American headquarters. Many large technology companies are located along Route 110, which runs alongside I-495. Access to public and commercial transportation is one of the primary reasons why business has naturally prospered in the area. Along with the busy roadways servicing the area, the town is served by the Stony Brook Railroad, which transports a large volume of freight through the region daily. The MBTA Commuter Rail, which offers direct service into Boston, is the other major form of public transportation in the town. The Lowell train station and an LRTA bus are also close by.
Westford Commercial Investment Properties
A win-win aspect of this town for investors and prospective businesses is the fact that it was rated 11th in CNN Money’s list of Best Places to Live in 2013. The quality of life, work opportunities, and access to Boston has caused a steady rise in the town’s population, which has expanded by astronomical rates from census to census in the past. Between the years 1990 and 2000, for example, the population size increased by 26.6 percent. This translates to good opportunities for commercial enterprises of all kinds, who are finding vacancies in some of the most prominently located buildings in the Boston area, primarily along the Route 128 corridor.
The present market conditions are ripe for investors and commercial entities, as they have a winning combination of high vacancy rates, which means that tenants can be selective about factors like size, location, and amenities, and decent prices. However, prices, particularly in the retail sector, have risen steadily over the past several years. Between 2016 and 2017, there was a 10 percent gain in average rental prices. Rates are projected to continue rising as property in the Boston area continues to meet the needs of incoming tenants, and in turn landlords can raise their rates to match the properties’ value.
Investors note that this town is proving to be a key place to finance projects, particularly because of its proximity to the development-rich Route 128 corridor. In the third segment of 2017, Route 128 North had a little over 7.5 million SF of supply space available in the commercial sector. Of that amount, about 1.35 million SF was direct supply space, and about 15,150 SF was open for sublease. The vacancy rates along this section of Route 128 totaled 18.1 percent in the third part of 2017, but they are continuing on a downward trend as interested companies move into the buildings available. The section of Route 128 near the Mass Pike was the most active, with about 21,660,000 SF of supply space available, a little more than 2,300,000 SF of direct space, and 530,000 SF of space for subleasing. Vacancy rates were lower, and averaged 13 percent. The northwest corridor of Route 128 had 21,060,000 SF of supply space in the final part of 2017, along with 3,500,000 SF of direct space and 262,500 SF open for subleasing. Vacancy rates were 18 percent. Route 128 South also had a fair amount of potential, with 16,580,000 SF of supply space, 2,190,000 SF of direct space and 207,000 SF open for subleasing in the last few months of 2017. Vacancy rates were 14.5 percent. Route 495 also showed potential for business growth. The northern part of Route 495 had 20,416,000 SF of supply space, 4,844,894 SF of direct space, and about 235,000 SF of sublease space open in 2017. Vacancy rates were among the highest of those in the Boston area at 24.5 percent. The western part of Route 495 had over 21 million SF of supply space, just under four million SF of direct space, and about 663,280 SF of sublease space in the third phase of 2017, along with an average vacancy rate of 19.7 percent. Route 495 South had 3,220,000 SF of supply space, 752,055 SF of direct space, and a little less than 8,000 SF of sublease space. At 23.6 percent, vacancy rates were the second-highest along the Route 128 corridor at 23.6 percent.
Westford Office Space Market
In the Greater Boston area, the economy has traditionally been supported by a few key sectors, including pharmaceutical, life sciences, banking, and medical professions. In increasing numbers, the economy is also being driven by technology and ecommerce companies. This trend is expected to increase in the coming years as more businesses set up shop around Boston. These companies are gravitating towards Boston to establish their headquarters and manufacturing bases because of the abundance of strategically-located but outdated warehouses and manufacturing facilities. The buildings are proving to give tenants the space that they need, and they can be renovated and updated for a relatively good price.
Within the commercial market, office space is at a premium. For the first time, sales and rentals of Class B buildings in all sectors of the commercial markets have outpaced sales and leases of Class A buildings, which are equipped with top-notch luxury features. Tenants are finding that Class B properties are offering more than just a bargain. Instead, Class B properties are as a whole spacious and conveniently located close to the busiest highways and thoroughfares. However, companies needing specific types of spaces, such as medical and banking, are finding that they can still move into Class A buildings.
An instance of an office space that entities might find on the market is a modern and spacious building at 210 Littleton Rd. The rental price for this building is about $1.42 per SF each month, and occupants can have up to two spaces. In the commercial sector, businesses will find a range of prices, from about $0.75 per SF to over $1.40 per SF each month, depending on factors like the building’s age and location. The dual office suites at 210 Littleton Rd. give incoming tenants anywhere from 0.27 to 0.59 acres of space. The multi-floor building has a total area of 53,000 SF. Within the building are amenities like an electronics lab, a loading dock, and a freight elevator. The building is located on the historically business-friendly Route 110, and it is just a few minutes away from Route 495. The structure was built in 1984, and it is considered a car-dependent location that is accessed by little or no public transportation.
Westford Retail Space Market
Retailers are looking for opportunities in both the downtown center, which is favorable for the growth and development of small businesses, and areas around the perimeter of town, where the landscape changes to one of large industrial buildings, retail centers, and shopping plazas, and even sizable tracts of open land. Small businesses are finding more opportunity in the small shops and buildings in the downtown area, while larger and more established retailers are moving into major shopping centers, many of which are shared spaces with big-name anchor tenants and box stores.
An example of an appealing place for a retail client might be the retail space open in a two-story building at 439 Littleton Rd. There are three spaces available in the building, which gives tenants a total area of about 0.02 acres. The spaces can be used for either retail use, office space, or a combination of both. The building in which the spaces are located covers a total area of 19,783 SF of space. The building is in a busy shopping plaza that is right along Route 110, which is a highly trafficked road that offers tenants quite a bit of visibility. The rental rate for the three spaces is about $12 per SF each year. The building was constructed in 1913, and it is in a car-dependent area. The listing agent notes that there is ample private parking available.
Another example of retail property available in the area is a freestanding building at 142 Littleton Rd. There is one space available for lease, but the rent price is not disclosed. Those interested in the property should note that the building is in a busy area and a visible location. There is plenty of parking by the building, which covers a total area of approximately 47,290 SF. The building is located near several popular businesses, including an adjacent craft beer store.
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