Winchester, MA Commercial Real Estate for Sale and Lease

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What to Expect

This vibrant Middlesex County town of roughly 21,400 is located just eight miles north of downtown Boston. Within its borders, you will find a vast array of commercial real estate offerings, including office space, manufacturing space, retail space and more. Whether you're going to invest in property or move your business there, we have you covered.

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This town has a population size of 21,370 residents as of the 2010 census. It is located less than 10 miles from Boston, and it is a popular residential area for those working in Boston. This town is scenic and historic, and it was incorporated in 1850. The town was one of the first municipalities in the Greater Boston area to be serviced by public transportation. Transportation that reached the town, primarily in the form of rail lines, enabled greater movement of people and products to and from the town. This factor largely explains the town’s rapid growth and put it on the map of key commercial and industrial centers in the Boston metro area. The town was also supported historically by agricultural activities. Although agriculture is no longer a main economic activity in the area, the town is still home to several major commercial enterprises. Because of its proximity to Boston and its capacity to attract the professional working class, the town is also a key center for retailers and small businesses like restaurants, cafes and coffee shops, fitness centers, law firms, medical offices and other professional service providers.

Winchester Commercial Investment Property

A major advantage to businesses in the town, and in turn investors, is the fact that public transportation is commonplace and easily accessible. Furthermore, the town is close to several of the busiest highways and roadways in the Boston metro area. The town is served by two lines of the MBTA Commuter Rail. One line leads to the North Station in Boston, which is where people can connect to the T. The town is also home to two bus lines that are operated by the MBTA. There is a separate commuter bus line as well that provides additional transportation to and from Boston during rush hour. There is also a regional transportation center close to the town that has public transportation to the Boston Logan International Airport.

Route 2, Route 95, Route 128, and I-93 are the major roadways that service the town’s businesses and residents. While there has been a considerable amount of commercial activity around Boston in general, Routes 2 and 128 have been particularly attractive to both commercial entities and investors. Commercial space of all kinds, including industrial, manufacturing, warehouse, and office space, has been widely available in the past year or so. The reason for this is due to the fact that the area is home to many outdated and unused manufacturing and warehouse buildings, which were used heavily during the 19th and 20th centuries for certain commercial activities. The industries that supported those buildings eventually died out, leaving the buildings intact but underutilized. Fortunately, there has been a renewed interest in those types of buildings, which are primarily sizeable and well-located Class B buildings that are situated close to busy transportation routes. The potential that lies in these buildings for future use is being rapidly discovered by commercial entities near and far, as evidenced by increasing demand, increasing rental rates, and falling vacancy rates. Between 2016 and 2017 alone, rental rates surged by more than 10 percent. They are expected to continue rising through 2018, and eventually rate growth will slow. Incoming commercial tenants of all varieties are seeking volume and good location over amenities, as is apparent by the fact that sales and rentals for Class B buildings are outpacing sales and rental rates of Class A establishments. On average, commercial tenants are requesting buildings with about six million SF of usable space. They are also favoring flexible-use spaces that give them the potential for future growth and expansion, and that can be used for complementary business purposes like warehousing and corporate functions.

Along with ripe market conditions, investors and business entities are finding the town’s proximity to several key roadways a major selling point. Route 128 North had approximately 7.5 million SF of supply space available for commercial activities last year. This broke down into about 1,350,000 SF of direct space available, and about 15,150 SF of space with the option for subleasing. The Route 128 Northwest corridor had just over 21,060,000 SF of supply space on the market, which translated to about three and a half million SF of direct space and 262,500 SF of property that could be sublet. Vacancy rates along both corridors was 18 percent. Along the Route 128 Mass Pike corridor, the third quarter of 2017 brought a supply space rate of 21,660,000 SF. About 2.3 million SF of that total was listed as direct SF. There was also about 531,000 SF available for subleasing. Vacancy rates were slightly lower on this section of Route 128, and they averaged about 13 percent. The southern portion of Route 128 had a little more than 16.5 million SF of supply space in the third portion of 2017, which broke down into 2,192,000 SF and a little more than 205,000 SF of space with the option for subleasing. The vacancy rates along Route 128's southern part was 14.5 percent. Along Route 2, there was about 2,654,000 SF of supply space in 2017. That figure included just under 165,000 SF of direct space. There was roughly 215,500 SF available for subleasing too. Vacancy rates along Route 2 were just over 14 percent. The absorption rate along Route 2 in 2017 was just about 15,220. Throughout 2017, Route 2 had a total negative absorption rate of just under 73,000.

Winchester Office Space Market

The office space market, like the other sectors of the commercial market, was quite promising in 2017, and that trend is forecast to continue as businesses seeking office space are still finding what they need. Office spaces are located mostly in Class A and a few Class B buildings. For the first time in the Greater Boston area’s history, the demand for Class B buildings outpaced that of Class A buildings. The most popular buildings in the commercial market are continuing to be the flexible use spaces, which accounted for about 20 percent of the market share in the third section of 2017. Tenants are finding that they are willing to forgo top-notch amenities to have the conveniences of space and proximity to major transportation centers that many of the area’s Class B buildings provide. Although some companies, particularly newer businesses like the ecommerce and tech companies, are choosing to convert existing buildings, like warehouse buildings, into office spaces, many of the area’s older and more established businesses, like medicine and financial services, are still looking to occupy space in buildings set up for their specific needs.

The prices for available commercial spaces fluctuate depending on certain factors such as the buildings’ age, their location, and their designated type. Designated office space rental prices average about $2.50 per SF a month in this town, but it’s not uncommon to see top of the line Class A buildings fetching higher prices of up to nearly $9.00 per SF each month.

Interested companies looking for a specific building use might consider a space like the one available in a medical building on Swanton St. The office is listed for a rental price of about $2.50 per SF each month. The space covers a total area of 0.03 acres. The building is attractive and renovated, and it covers an area of approximately 7,050 SF. The medical building has two first-floor suites, along with additional bonus space in the basement level that can be converted into additional office space or used for storage. The building was erected in the mid-1970s, and it has a layout designed specifically for a small medical business. Within the building is a patient waiting area, a reception area with three staff spaces, four exam rooms complete with a sink and storage cabinets, and a decent-sized staff kitchen. The building is sited in a car-dependent area that is accessible by some local public transit. For a higher rental price, companies can move into a space like the office suite in a building at 63 Shore Rd. This prominent medical building has two spaces available, and the asking price is $8.95 per SF each month. The building’s highlights include a large window with a picturesque view and a modern locking system. In addition to separate office suites, the building has several shared spaces including a kitchen and a conference room that can be used for company meetings. The building is located close to the MBTA Commuter Rail, and it is near a popular shopping center with a Starbucks and restaurants.

Winchester Retail Space Market

Since this town is a popular living place for Boston’s workforce, there is also a high demand for retail services and basic consumer services. Restaurants, bars, fitness centers, and boutique gift and clothing stores are some categories of retail services that continue to be in high demand in this town. Fortunately, entities are finding that their needs are being matched with the ample availability of various retail spaces on the market. Like other commercial space, general and more specialized retail space are both options.

Retailers looking for a general use opportunity might enjoy a listing like the two spaces available in a brick building on Main Street. The two spaces are listed for rent at a price of $2.45 - $2.62 per SF each month. The building is just steps away from the prominent Winchester Center, which is a busy shopping and retail center that serves the town and the Greater Boston community. The building in which the spaces are located covers an area of 18,000 SF. It is a modern and clean multi-floor building that is near the commuter rail station, and it is just a short drive from the busy Route 93. The building is in a highly visible location, and it is located near several key amenities, including restaurants and clothing stores. The downtown center is not far away. The building is smack in the middle of a very pedestrian-friendly area. It is easy to reach by car and has the advantage of instant access to public transportation. The building’s tenants and visitors can make use of off-street parking that comes with the building. Tenants interested in a flexible use or mixed-use opportunity might look at a building like the one at 8 Winchester Place. There are three spaces listed for lease in the building, and they range in price from $1.67 per SF a month to $4.38 per SF each month. The building is a multi-floor building with a total area of slightly less than 30,000 SF. The building is a brick building with large windows and an attractive façade. It was constructed in 1984 and has been renovated with some modern features, including elevators. The building is also handicap accessible. It is located right in the downtown center, and therefore receives a very high volume of pedestrian traffic. The train station is also within walking distance.

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