Commercial real estate in the Massachusetts office markets is robust from a renter and buyer’s point of view. As the overall economy improves, more people are willing to start a business or expand and looking for properties to move into. There are millions of square feet of office space available, and with the economy improving nearly every day, this is a great time to start something new or expand a current business. These top 10 Massachusetts office markets make expanding your business or starting something new even more enticing.
In evaluating this data which came from the Costar 2014 3rd quarter market report, the most affordable space in the Massachusetts office markets across Class A, B, and C is the outlying Worcester area, where the market currently rents for $12.84 per square foot. There is not a great deal of difference between the rent in Worcester and number 10 on the list, Peabody/Salem where the market is currently $16.46 per square foot.
The largest number of vacancies can be found in the Hopkinton/Holliston area, where there is a vacancy rate of 12% and rent is $15.71 per square foot. Second on the list regarding the number of vacancies is the Route 24 area which has a vacancy rate of 11.8% with a rent an average rent of $13.84 per square foot, then Peabody/Salem with a vacancy rate of 11.2% and rent at $16.46.
The largest market in the top 10 with affordable space to rent is Attleboro/New Bedford, where there are 1,067 buildings in existence and more than 12.5 million square feet of office space. What may be somewhat surprising is that Attleboro/New Bedford market falls in the middle of the pack with rent at $16.18 per square foot.
On the opposite end of that spectrum is The South End, where there are only 68 buildings with 146,000 square feet of office space being added. When completed, the new construction will most certainly go for a rate higher than the current $16.24 per square foot.
Whether a renter, a buyer, or an owner, now is a good time to make the move and rent a business space. Allow MANSARD to assist in finding the perfect space for you and your business.