Woburn, MA Commercial Real Estate for Sale and Lease

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What to Expect

This vibrant Middlesex County city of roughly 38,100 is situated just nine miles north of Boston. As such, it has a nice assortment of commercial real estate options at most times, including prime office space, retail space and industrial space.

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Situated just nine miles north of Boston, this historically industrial city has prime potential for commercial and retail clients of all varieties. The city had slightly less than 40,000 residents as of the 2010 census. Part of Middlesex County, and has been historically revered for its hardworking citizens. The city was settled in 1640 and officially incorporated in 1888, which makes it one of the oldest municipalities in the Greater Boston area. Over the years, an increasing number of transportation avenues, including canals, a rail line, Route 128, and Route 93, have facilitated the movement of goods and people in the area, and have been instrumental in bringing business and commerce to the area. Along with the abundance of transportation routes in the area, there are several key forms of public transit that service the town’s residents. The Anderson Regional Transportation Center is one main transit center, and the MBTA Commuter Rail offers service to the North Station in Boston. Several MBTA bus routes provide transportation to and from the town’s center, and buses run to and from Boston Logan International Airport.

Woburn Commercial Investment Properties

With several main transportation corridors, good public transportation, and proximity to Boston, this city is favorable for both businesses and investors. There are commercial buildings available for sale and rent in several categories, including warehouse, industrial, retail, lab, and office buildings. Here, as in other areas in the Greater Boston area, there is a trend among commercial entities to occupy Class B buildings instead of Class A buildings, which are luxury buildings equipped with the latest modern amenities. Route 128, which services the city, is a particularly key area for business growth and development. The Route 128 corridor contains a number of large buildings that are proving to be just the right size and placed in strategic locations that companies, especially ecommerce and tech companies, are looking for. The abundance of outdated warehouse buildings on the market is translating to good prices for incoming companies, although sale and rental rates are continuing to rise. Through 2017, warehouse buildings had the largest share of the commercial market, which amounted to 43 percent. Flexible use buildings had the next highest share of the market at 21 percent, while manufacturing and high bay buildings held about 18 percent of the market each. Across all types of buildings, tenants were seeking an average size of about six million SF in all categories of commercial buildings. Demand for flexible use buildings rose in 2017, and that trend is projected to continue through 2018 as companies are looking for a chance to give their space a custom finish. They are also looking for large buildings that gives them the chance to grow and expand their operations in the future.

In the latter half of 2017, the northern section of Route 128 had about 7,570,000 SF of supply space. Of that amount, roughly 1,400,000 SF was listed as direct supply space. Approximately 15,151 SF was designated as suitable for subleasing. The northwestern corridor of Route 128 had over 21,060,000 SF of supply space available and 3,540,000 SF of direct space available, as well as 262,500 SF open for subleasing. Vacancy rates along the north and northwestern corridors was just over 18 percent. The Mass Pike section of Route 128 had the most availability, with a total of 21,660,000 SF of supply space. About 2.3 million SF of space was designated as direct supply. This section had about 531,000 SF of space open for subleasing, and it had a vacancy rate of about 13 percent, which was the lowest along the Route 128 corridor. The southern portion of Route 128 had a little more than 16.5 million SF of supply space open for use, and about three million of that total was direct supply space. There was a little more than 205,000 SF of space suitable for subleasing along this part of Route 128, and this corridor had a vacancy rate of 14.5 percent.

Woburn Office Space Market

Office space in this city is available in both Class A and lesser-quality Class B buildings. Demand for Class B buildings has surpassed requests for Class A space, as tenants are finding that they can get the space and location they want with Class B buildings, which also give them the opportunity to expand in the future and give their spaces a custom finish. Although vacancy rates in and around the city are high compared to other major metropolitan areas, they are falling, which means that suitable buildings are being occupied at an increasingly higher rate. Those looking for office space in the city will find a combination of traditional office space that can be used for general purposes, as well as designated spaces for specific uses, such as medical buildings and financial services offices. Flexible use buildings, which have the potential for multiple businesses or a combination of other uses, like retail and residential, are also in demand across the city.

The rental price for office space varies across the city, but a price point of around $1.80 - $.200 per SF each month is about average. At present, the commercial market is hot, with buildings suitable for a variety of uses up for sale and rent. Those looking for a move-in ready Class A office space might like an opportunity like a multi-story office building at 304 Cambridge Rd. This luxury office building has four spaces available for rent that offer tenants a space of anywhere from 0.02 to 0.65 acres. The facility covers a total area of 60,000 SF. One of the highlights of the building is that fact that it is located along busy Route 3A, which receives a fair amount of car and truck traffic on a daily basis. The building is surrounded by several key amenities, including popular restaurants and retail centers. The building was constructed in 1973, and it has been renovated with top-of-the-line features. The building has a main lobby and an outside patio with a seating area, which makes it a prime opportunity for a food-based occupant. The site also has a liquor license. Tenants can choose to rent anywhere from one to four spaces on the first floor of the building, which is considered to be a premier showcase property.

Woburn Retail Space Market

Like the commercial space, the retail space in this city is plentiful and diverse. With an array of small spaces downtown and spaces in larger shopping centers and retail plazas outside the downtown part of the city available, there are spaces suitable for a diverse range of business needs. General retail and flexible use are the most common types of properties retailers will find on the present market. Price points vary widely based on factors like the building’s age, its location, and proximity to key amenities and public transportation.

Retailers looking for flexible use space might be intrigued by an opportunity like a two-story building on Olympia Ave. The building reaches 40,845 SF. It offers tenants anywhere from 0.01 acres to 0.04 acres, which is divided into two spaces. The building has several key features, including the fact that it is located close to Route I-95. It is also within range of I-93, and it is within walking distance to the MBTA bus station and the commuter rail station. The location is considered excellent in terms of visibility and accessibility. From the site, it is only 11 miles to Boston and the city of Cambridge. Another convenience of the building is the benefit that it is situated in a prominent business park that is full of amenities like restaurants, banking centers, fitness centers, medical professional offices, retail stores, and daycare centers. The building is finished with quality improvements to the interior, and it was constructed by an in-house design and construction team. The lease price is not mentioned, but the listing agent notes that tenants will be able to take advantage of free parking during the day, on-call building maintenance, snow removal, landscaping, property management services, and cleaning services. The building also features heat, and it is connected to the city’s water and gas lines. Heat is provided to the building in the form of natural gas.

Another property that those looking for a flexible use space might consider is the opportunity to lease up to five spaces at a prominent building located at 200 W. Cummings Park. The building reaches a cumulative size of just under 176,496 SF. Tenants will get anywhere from 0.03 to 0.58 acres of space with their lease, depending on how many spaces they choose to occupy. The building is relatively new, and it is shared by several prominent anchor tenants. Some key features of the building are that it offers plenty of free daytime parking and it has on on-call building management and maintenance team. The building is also in a visible location with quick access to I-93 and I-95. It is just two miles away from the busy Anderson Regional Transportation Center, and it is a mile away from the commuter rail station. There is an on-site MBTA bus station, which offers transportation directly to and from Boston. The building is about 10 miles away from Boston and Cambridge, and it is easy to reach both destinations from the site. Heating is one of the key aspects of the building, and the building is connected to the town’s water and sewer lines. The rental price for the site is not disclosed, but interested tenants are encouraged to contact the listing agent for more information. Some utilities are included in the rental price for the building, as are other basic conveniences like common area cleaning. The rental rate also includes property taxes. Seasonal services like snow plowing and landscaping are other notable services that the rental price covers. The building stands out for its high visibility and its proximity to key consumer amenities like retail stores, restaurants, daycare and dry-cleaning. Other notable tenants in the area include Starbucks and a FedEx. The building is also handicap-accessible.

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