Westminster, MA Commercial Real Estate for Sale and Lease

This small town is located in Worcester County. As of the 2010 census count, its population was 7,270 residents. The town has a steadily growing population size, with increasing population rates of over 20 percent between 1990 and 2000, and a nearly 12 percent increase in population size between 2000 and 2010. The town is small and picturesque, and it is dominated by a residential character. The downtown center is a prime space for retailers, while the fringes of town are suitable for commercial development. Public transportation in the town includes several bus lines through the Montachusett Regional Transit Authority, or MART, which provides commuter and resident transportation throughout northern Worcester County.

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Westminster Commercial Investment Properties

Vacant land, industrial buildings, warehouses, office buildings and mixed-use facilities are some of the spaces available in this town’s commercial market. The commercial market is quite promising, as there is still plenty of space across all types of buildings, including Class A, Class B, and Class C. Like neighboring areas around Boston, the trend in this town has been to forego the luxury Class A spaces for well-appointed Class B facilities that are generally well-located and have the potential to be converted into space suitable for custom use. Many incoming businesses are finding that it is cheaper to rent or buy Class B buildings and add their own personal finishing touches. Doing so also allows more creativity and flexibility in adding finishing personal touches to a space, and the volume generally found in Class B buildings means that there is opportunity in the future for business growth and expansion.

The town is served by a few major roadways, including Route 140, Route 2, and Route 131. It is situated about 53 miles from Boston and 24 miles from Worcester. The town is bucolic and rural in nature, which means that it offers plenty of space for commercial entities looking to move into the area. Large buildings and spacious lots are dominant features in this area of Massachusetts. Along Route 2, there was about 2,654,000 SF of supply space available in the third part of 2017. That broke down into just under 165,000 SF of direct space and around 215,500 SF of space open for subleasing. Vacancy rates along Route 2 averaged 14.3 percent in the final legs of 2017.

Westminster Office Space Market

Office space is found in many types of buildings, ranging from Class A to Class B and Class C. Historically, office spaces have been tailored to meet the needs of specific businesses, primarily those in the sectors of pharmacy, medicine, and banking. Some of these spaces are Class A facilities, and they have industry-specific features that makes them suitable for certain uses. Others, however, are advertised as Class B and Class C buildings. This generally means that they are slightly outdated structures that are conveniently located to the area’s busiest thoroughfares. However, it also usually means that they need some renovations and improvements to be well-suited for future business endeavors. Along with existing facilities, companies needing office space are finding the potential to purchase tracts of land that can be used for a variety of commercial, retail, and industrial activities. Land is plentiful in this town, and unlike the Boston area, there is still some new construction that is being undertaken to create just-right spaces for prospective tenants. Parcels of land in this area range in size, and it is not uncommon to find a space that is over 35 acres. These large parcels may also be subdivided, which means that there is opportunity for other businesses to share space, cost, and attract traffic to the area.

One example of an existing office space that companies might find on the market is one office space at 102 Simplex Dr. The space that tenants will get is just under three acres. The building is sized 130,000 SF. The rental price of the building is not disclosed, but interested parties are encouraged to contact the landlord for more information about the facility and for details on pricing. The building is a beautiful brick building with large windows. It is surrounded by several large trees, and it has an exclusive parking lot with sufficient space for employees and business clients. The lease term is flexible, with a span of anywhere from one to five years. The location is less than ideal for pedestrians, but it is easily accessible by car. Interested tenants should also note that there is little public transportation that serves the area. The building is listed as a Class B building, and it is a simple space that lacks the modern amenities found in top-of-the-line Class A buildings.

Another example of a commercial space that might attract those looking to grow in the future is a 0.62-acre lot of land on W. Main St. The land is considered to prime, and it’s situated at one of the most convenient and accessible locations in the town. It is offered for a price of about $640,000. The lot is close to a busy intersection around Route 140 and Betty Spring Rd. It is listed by the agent as perfectly suited for a gas station and convenience store, or for a more ambitious project, such as a strip mall or retail center. Great visibility, immediate access to Route 2, and current design plans for a future comprehensive shopping center are main selling points of this build-to-suit opportunity.

Westminster Retail Space Market

Along with commercial space, there is also retail space available in the town. Retailers will occasionally find retail space offered for sale or rent, but there is also a lot of potential for investing in open tracts of land that may become future retail centers and shopping plazas. The benefit of investing in land is that it often presents a build-to-suit possibility, which allows a nearly infinite chance to expand in the future. The disadvantage lies mostly in downtime, as it means that a business cannot simply transition from a current space to the next.

One example of a space that retailers might invest in is a large 38-acre tract of land on W. Main St. The land is offered for sale for a price of about $3.8 million. The site comes with direct access to Route 2, and there is a total amount of 2,600 SF of frontage on that route. There is an additional 1,000 ft. of space available on Colony Rd., which also brings a fair amount of vehicular traffic to the site. The property is listed as suitable for commercial and future retail use. It would be ideal for use as a retail center or shopping plaza with a combination of established tenants and smaller businesses. The site is also situated within a half mile from the Haywood Regional Hospital, which makes it a key opportunity for those offering medical services. Mount Wachusetts Community College is also a short distance away from the site, which adds to the amount of foot and vehicular traffic that the future retail and commercial center might get. The site is currently zoned for commercial use, and it is connected to the town’s sewer lines and its public water supply.

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