Westport, MA Commercial Real Estate for Sale and Lease
As of 2010, this town had a population estimated to be about 15,530 people. It is part of Bristol County, and it was established in 1787. The town is located on the coast, and it has a strong maritime history. Shipping and seafaring activities once formed the bulk of its economic activities, and they continue to be a part of the economy today. Retailers in the town benefit from the seasonal activity that tourism brings, and they also offer valuable services to year-round residents. Commercial entities benefit from access to several key transportation avenues that service the town, including I-195, Route 6, and Massachusetts Route 177. From I-195, travelers have easy access to Route 88, which provides access to the popular Horseneck Beach State Reservation. Public transportation is offered by several lines of the Southern Regional Transit Authority bus, and access to regional rail service is found in bordering towns.
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Westport Commercial Investment Properties
Opportunity exists for commercial endeavors in many sectors, including warehousing, ecommerce, and technology. With a sizable population and a need for companies to fill residents’ basic needs, this town holds potential for investors and incoming businesses. Prices points for both retail and commercial properties are good compared to other prominent metropolitan areas in the United States. Prices for all buildings are also generally lower in this town than they are in other areas closer to Boston, which makes it an appealing option for entities looking to get good value for the space they choose to rent or buy. Buildings in this area are found in a variety of sizes, and they are suitable for warehouse, office, retail, and industrial use.
One advantage to companies moving into this town is that it has a fair amount of land available for use. Like many areas around Boston, this town also has a large number of well-located but outdated warehouses and industrial buildings. Many buildings, which primarily fall into the category of Class B, are proving to be more convenient and appealing for incoming tenants due to their ample space and the fact that they are more affordable than Class A buildings, which are equipped with the latest amenities but have less opportunity for flexible use and typically cost more to rent and buy than Class B buildings. Another advantage for prospective commercial entities is that there is still some land available for building on, which is not the case closer to Boston, where new construction has halted as businesses are finding that they can easily repurpose existing structures to meet their needs. The advantage of being able to build on land is that it allows for growth and opportunity ahead, and it gives businesses the opportunity to have a custom finish. The availability of land and multi-million square foot commercial and industrial buildings up for grabs is a big incentive for ecommerce and tech companies like Amazon, which has plans to expand its operations into an eight million SF building. This will give Amazon even more opportunity to deliver its products locally and regionally. Already several other big technology companies have signed leases to move into the area around this town and in the Greater Boston area in the coming years, which is good news for investors.
Across the board, rental prices have been rising for buildings in all categories. Between 2016 and 2017, rental rates increased by over 10 percent. That rate is expected to rise even more in the next year as landlords are finding that they can raise their prices as demand for space in the Greater Boston region continues to climb. Rental rates for Class B buildings are still lower than Class A buildings, but demand for Class B facilities through 2017, for the first time in the Boston market’s history, outpaced demand for Class A buildings. This surge in demand, which is expected to rise more as vacancy rates fall, is proving to be a valuable point for investors, who are pleased to see that there is a steady and increasing demand for property in the Greater Boston area. A mix of traditional businesses, such as law, finance and medicine, and newer companies in the ecommerce and technology fields, are the main driving forces behind the economy’s current and projected future growth.
Westport Office Space Market
Found in both all buildings, office space is a sought-after part of the market in this town. Some tenants are seeking move-in ready Class A spaces, which are filled with luxury amenities, while others are drawn towards build-to-suit spaces in Class B buildings. In this town, there is a combination of both pre-made space and properties for rent that are awaiting a custom finish. The market consists of office space located in the town’s center as well as further away from the downtown area in freestanding buildings and office parks.
One example of existing office space open is an office space in a building located at 35 State Rd. The building is 7,044 SF and the space for lease totals 0.03 acres. The rent is not disclosed, but interested tenants are encouraged to call the listing agent for more information regarding pricing. The building in which the space is located is suitable for several business uses, but it is listed as being especially beneficial for restaurants and companies in the food industry. The space includes a dining area and a large kitchen space that can be used for commercial cooking purposes. It is also connected to a natural gas line and the town’s sewer line. A major highlight of the building is the fact that it has a big window that lets in plenty of natural light and also offers marvelous water views. The building is located along Route 6, which is a busy thoroughfare that services Cape Cod. While this building gets a fair amount of traffic and has good visibility year-round, the volume of traffic passing through peaks during the summer months as tourists pass through in large numbers on their way to destinations on the Cape. Route 195 and Route 4 are also nearby. The building is sited in a car-dependent area, and it is less than ideal for pedestrians to reach. Some public transportation reaches the building.
Westport Retail Space Market
Retail space in the area is also plentiful. As with commercial properties, retail spaces are found both in the town’s center and away from the downtown area in strip malls and shopping plazas. The retail market includes a combination of Class B and Class A buildings. There are some general retail spaces on the market, as well as others that are designed for specific uses. Another common type of property that businesses will find are mixed-use properties, which are suitable for a variety of uses like retail and office space or retail and residential space.
An example of retail space that may be up for lease is the general retail building located at 655 State Rd. The space covers an area of 0.06 acres, and it is located in a building that covers an area of 18,620 SF. The retail space is located on the ground level, and it is located in a recently remodeled and prominent plaza in the town that has historically attracted a high volume of attention. Some highlights of the building are that it comes with a large attached parking lot that has plenty of parking spaces for the building’s tenants and visiting guests. The building was constructed in 1964, but it has been recently remodeled with several notable improvements, one of which is the important factor, and a main deciding factor for incoming tenants, that it is now handicap accessible. The building has an attractive brick façade and is located near the local credit union and an office complex. The site is listed as advantageous for newer businesses that are looking for a place with potential for expansion in the future.
Those looking for a building suitable for a specific use might find an opportunity like the auto repair shop located at 6 Forge Ct. The building is on sale for a price of $169,900. The building totals 1,346 SF and is sited on a lot size of 0.21 acres. It has a six-stall garage and a fenced-in lot. There are three storage containers on the property, and it can be used for auto repair purposes as well as commercial storage.
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