When leasing for commercial real estate in Massachusetts, your focus should be to achieve maximum capital growth with your location. Not all properties are primed for growth, so you need to be careful when selecting a property and don’t let your emotions become a factor.
Here are some tips that can help you during your search for commercial real estate in Massachusetts:
- Proximity to business district centers.
Good commercial real estate shouldn’t be too far away from the center of up-and-coming districts. These are the areas where quality customers want to do business. Location is a big factor in this business and demands are high for properties located near popular districts. More affulent areas will attract a higher-end clientele.
- Proximity to public transportation.
Businesses thrive if there is good access to public transportation. Parking in most large cities is limited and expensive, so a good commercial property should consider proximity to public transportation. The nearer, the better.
- Enough scarcity in the area.
If businesses similar to yours are scarce in the area, you may have a lucrative location. Demand can drop if there’s an oversupply. And more demand will drive up prices. Have your agent check the area to see whether there are a lot of businesses with similar characteristics. Getting a thorough market analysis with area competitors, will be a great way to choose viable locations.
- Research the area.
The local area also determines whether your business’s location will be profitable in the long run. Low crime rates and zero risk of flooding are essential for a stable business. Also, make sure that the street won’t be overrun by similar businesses within a few years.
- Find the sweet spot between price and location.
Properties located in highly strategic areas are expensive. In many cases, leasing in premium commercial properties may not be a good idea if interest rates and taxes are too high. Determine a good balance between property price and locations.
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