Weston, MA Commercial Real Estate for Sale and Lease
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What to Expect
This bustling Middlesex County town of 11,300 is located roughly 16 miles west of Boston. Although it's fairly small, it has a good amount to offer in terms of commercial real estate. Around town and throughout the area, you'll find properties for sale and for lease, including office space, industrial space, retail space and more.
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Located in Middlesex County, this picturesque town had a population sized just over 11,260 in 2010, according to the census. The town shares a border with Newton, which is a large town that has a large population size and attracts a considerable amount of daily traffic. This town was incorporated in 1713, and its geography is characterized by a prime setting on an upland plateau. Historically, the economy has been driven b a mixture of industrial activities including sawmills, bars and taverns, medical professionals, lawyers, and doctors. At present, industry and traditional economic activities like law and banking continue to drive the economy. The economy’s growth is being joined by ecommerce and tech companies, which is a trend that is expected to continue in the years ahead.
Weston Commercial Investment Properties
Attractive for both residents and companies, this town holds plenty of appeal and potential for investors. Home prices are higher than average in this town than in many places in the Greater Boston area. Furthermore, there is a large variety of options for space in the commercial sector. Industrial, warehouse, office, retail, and flexible-use spaces are all options in the current commercial market. Buildings and spaces are being offered for sale and rent in all categories of buildings, which includes Class A, Class B, and Class C. Class B buildings, for the first time in history, are outpacing Class A buildings in their volume of sales and rentals. Class B buildings in the Boston area are appealing to tenants because of their large size and proximity to key transportation corridors. Businesses are finding that as rental rates increase, it often makes more sense to invest in Class B buildings, which can be easily upgraded and renovated to suit their specific needs for a much lower price than moving into Class A buildings that draw high prices with their modern luxury amenities.
The commercial market in this town is represented by a variety of buildings, including those set up for traditional businesses and spaces that are suitable for flexible use. The town is close to Route 128, which is one of the busiest traffic areas in the Greater Boston area. In the latter half of 2017, Route 128 had some of the highest volumes of space available in all commercial categories. Along the northern part of Route 128, there was about 7,570,000 SF of supply space open in all types of commercial buildings. Of that amount, a little more than 1,357,000 SF was classified as direct SF, and about 15,151 was listed as space suitable for subleasing. The vacancy rate in this corridor was 18.1 percent. Along the northwest section of Route 128, there was about 21,063,000 SF of supply space available in 2017. Of that amount, 2,302,680 SF was designated as direct SF, and there was approximately 262,500 SF available for sublease. The vacancy rate along this corridor was 18 percent. The Mass Pike section of Route 128 had the most amount of commercial and industrial space available, which was a little less than 22,000,000 SF of supply space. Approximately 2,300,000 SF was direct SF, and about 530,000 SF was suitable for sublease. The vacancy rate in this part of Route 128 was 13 percent, which is one of the lowest in the Route 128 corridor. Along the southern area of Route 128, there was roughly 16.5 million SF of supply space open in the last portion of 2017. About three million SF was direct space, and a little more than 200,000 was open for subleasing. The vacancy rate along this corridor was 14.5 percent.
Weston Office Space Market
In the office space sector of the commercial market, the majority of tenants are demanding flexible use space. In the last half of 2017, flexible use space made up 21 percent of the commercial market. Tenants are seeking space in buildings with an average of six million SF, and many are looking for opportunities to expand in the future. Throughout 2017, over 250 tenants bought and rented office space. They included a mixture of businesses from the Boston area as well as those coming in from the outside. Lawyers and law firms, medical professionals, tech and ecommerce companies, and financial services accounted for the majority of entities looking for office space in Class A and lower quality buildings.
Rental prices for buildings in both Class A and Class B categories are increasing across the board, but the numbers break down into several categories. Average rental rates for mid-rise Class A buildings are about $55 - $65 per SF gross. That number increases to $65 - $85 for Class A high-rise buildings, which is consistent with the trend that it is more expensive to rent or own space on higher floors. For low-rise Class A buildings in 2017, tenants could expect to pay about $50 - $60 per SF gross. That number dropped to $45 - $55 per SF gross for Class B buildings. In Class B buildings, rental and sales rates were higher in buildings with a brick-and-beam composition.
An example of office space that incoming businesses might find in this town is office space in a multi-story office building at 9 Riverside Rd. Tenants can have room for expansion with a total area of 0.13 – 0.50 acres of space. The building in which the spaces are located is just over 9,500 SF, and it sits on a parcel of land that is 9.35 acres. It was built in 1971 and is classified as a Class B facility. The building is part of the Riverside Office Park, which is strategically situated at a major intersection of Route 128 and the Mass Pike. This area receives a tremendous amount of visibility, and it is a key vehicle route. The location is described as car-dependent, and it is accessible by some forms of public transportation.
Weston Retail Space Market
Retail opportunities in this town are also available. Those looking to set up businesses, whether they are small family-owned establishments or larger retail businesses, are finding space open within the town’s downtown area as well as in shopping centers and strip malls located outside of the downtown center. A combination of Class A buildings and Class B buildings are filling the needs of retailers, and they are appearing in the form of general retail and mixed-use or flexible use properties, which includes space suitable for different business uses and space that can be used for multiple purposes like retail and residential. The average rental price for a Class A building in this area is about $2.80 per SF each month. However, price points as low as $1.50 are appearing on the market, and some prices are exceeding $3.30. Multiple factors influence the price of a retail property, including its age, location and access to pedestrian and vehicular transportation.
An example of a downtown retail space on the market is a premier street-level space at 450 Boston Post Rd. The space is located in a modern and bright building that is considered suitable for general retail purposes. Incoming tenants would get about 0.02 acres of space, or about 778 SF, in a building that covers 8,580 SF. The asking rental rate for the property is $3.33 per SF each month. The space is currently used for a real estate office, but it can be used for a variety of purposes. The building dates back to 1870, but it has been meticulously cared for an updated with modern features. Some highlights of the building are that it has premier vinyl flooring, floor-to-ceiling storage shelves, a large storage closet, a private bathroom, and a small kitchen. Another advantage of the building is that it is attached to a private parking lot, located behind the building, that has plenty of space for employees and clients of the building’s occupants. The building is surrounded by several major anchor tenants, including Bank of America, a Brothers Marketplace, a women’s fitness chain, a pizza store, and a bagel shop. The building is situated in a very pedestrian-friendly area, and there is access to public transportation, namely a commuter rail, that is about 1.4 miles away. This opportunity is considered good for investors, and the building carries a five-year lease term.
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