It’s the Fall season and time for back to school and work. The new season brings real estate opportunities into focus as well.
Post summer also is the time that people get back to business and the residential and commercial real estate markets heat up again. At Edge, we’re ready to mobilize to help you to lease an office, purchase a property, or to just scope out your game plans for the remainder of the year. Real estate experience pays dividends for buyers and sellers.
The commercial market continues to undergo changes but has been steady to date. Businesses are looking for more value added and amenity rich products. Spaces can be condensed due to the power of technology. Urban is competing well with suburban properties. Residential listings continue to be outpaced by demand. Some economists and brokers wonder if there is a limit because of affordability factors. Upper end condominiums in Boston are now priced to exceed $1,000 per square foot, meaning a smaller 800 square foot unit would be priced at $800,000!
Residential Sales Statistics
Middlesex County –
- Sale Prices – Up 1.5%
- No. of Sales – Up 2.2%
- Day on Market – 41 days (Up 11%)
Nationally, home sales in July strengthened and are up 2.5%. Year over year sales gains have increased now for an astounding 89 months in a row.
For commercial properties, the Route 3, North market, according to real estate company CBRE, issued also indicated strong activity:
“The Route 3 North submarket drove the leasing activity in the Metro North market this quarter. Several large expansions led to 161,769 positive absorption, the highest amount of growth of any Boston suburban office submarket in Q2 2019. Subsequently, vacancy rate decreased by 290 bps to 23.2%. Moody, Famiglietti & Andronico renewed and expanded at 1 Highwood Drive in Tewksbury. The financial consulting firm now occupies 45,534 sq. ft. of the building along Route 495. WellPet also saw benefits in being situated along Route 495 in Tewksbury and expanded to 35,108 sq. ft. at 200 Ames Pond Drive. Further north, the Route 495 Northeast submarket experienced another quarter of positive absorption and vacancy decreased to 22.1% in the submarket. Along Route 495, Draeger Medical Systems renewed at 6 Technology Drive in Andover. The medical device company will remain in the entire 128,410 sq. ft. building.”
The Greater Lowell market has benefitted from Boston’s affordability challenges and increasing traffic issues. The unsteady stock market has also directed more investors toward commercial real estate.
The Edge Group, Inc. can assist with your commercial and residential needs. This includes
- Purchase of commercial and office properties
- Leasing out of commercial and office properties
- Development consulting
- Purchase of a home
- Listing of a home for sale or rent
Welcome to Fall ’19. We look forward to assisting you with your questions and real estate portfolio.