The Loft Office Space Market in Boston: Growing or Shrinking?
Lately, much of the buzz surrounding commercial space around Greater Boston has revolved around the dearth of the availability of lab and life sciences space. Much is also often made of things like coworking space, which is also in high demand and continues to thrive across the city. For companies, including startups, that don’t need science or lab space but prefer more open floorplans and flexibility, loft office space is a nice compromise. However, how easy is it to find that type of space in Boston right now? Read on to learn more.
Loft offices are akin to loft apartments or condos. The main qualifier is that they are developed out of old buildings – typically unused warehouses – and repurposed to suit modern businesses. Many times, loft offices offer vast amounts of space. That might sound like a good thing, but with median lease prices for Class A space in the city hovering at around $63 per square foot – and closer to $75 per square foot for high-rise space – it can turn out to be more of a liability for many firms. As a result, demand for loft space for offices hasn’t seen much growth in recent years.
Still, that isn’t to say that loft space for offices is on the downturn. Such space can be found in every neighborhood in the city of Boston as well as in many of its most popular suburbs. In fact, if you are looking for a loft-style setting for your office, places like Somerville and Waltham may be your best bet. However, if you need to be located in the city of Boston, securing quality loft space for an office shouldn’t be too challenging – at least, that is true as long as you have a decent budget to work with.
One of the best ways to compromise when it comes to securing loft office space in Boston is by looking at Class B properties instead of Class A. Lately, the going rate for Class B space has been around $50 per square foot. Since loft space tends to be expansive, this is a more affordable way to get the room that you need. Of course, firms should ask themselves why they are drawn toward loft space in the first place. If it’s merely for aesthetics, it may not be worth the extra effort and expense.
If you are looking for a loft-style space for your business in Boston, you won’t want to go it alone. The market for commercial real estate in general is highly competitive across the city, of course, and that is just as true regarding loft space as any other type of space. The easiest way to pinpoint this type of space is by having the right assistance, and Boston City Properties is here to provide it. You can sign up for free to check current availability for this type of space through our expansive online database of searchable MA real estate listings. We can also refer you to a skilled commercial real estate agent who can assist you in finding loft space for an office in the neighborhood of your choice.
Like any type of office space in Greater Boston, loft space for businesses is not easy to find – and it is generally not very affordable, either. Those who are able to secure the space that they need are the ones who are backed up by the right resources. In that regard, you can’t go wrong by connecting with Boston City Properties. We’re here to help, so contact us today.