Finding the right Boston Metro commercial space for your business involves a number of considerations. Your type of business, amount of square footage, operational logistics and long-term plans are all part of the picture. You may find that your needs can be met in either an urban or suburban location. Narrowing your choices down can be done by evaluating some basic pros and cons. To help you, we’re sharing some tips from the Boston Business Journal, along with our own thoughts!
1. Cost of lease. In general, office space is less expensive in the suburbs than it is the city proper, varying by $10 a square foot or more for class-A buildings. There is also more competition for office space in premium urban locations, making landlords less flexible when it comes to negotiating lease terms and rents.
However, an urban location can provide more amenities than a suburban one, with professional services, resources and public transportation in easy reach. Urban locations also offer high visibility to the public, which can be a benefit if you’re seeking name recognition.
2. Demographics. Much has been said about the urban preferences of Millennials. A report from City Observatory shows the number of college-educated young adults living close to city centers has jumped 37% since the year 2000. In response, some employers have migrated from the suburbs to high-density urban areas that offer lifestyle amenities to young professionals.
The wrinkle in this strategy rests in predicting the future. Some economists believe that the same young adults who dwell in urban cores today, will seek suburban enclaves once they begin have families. Millennials may have deferred some of the traditional rites of adulthood, but this doesn’t mean they will shun them for life. The living preferences of the next generation of talent remains to be seen.
3. Transportation. Millennials are different than prior generations in another significant way: they aren’t excited about car ownership. Between 2007 and 2011, car ownership among young adults plunged by 30%. As an alternative to car ownership, Millennials have shown an affinity for public transportation and ride-sharing services like Uber and Lyft. Should the car-shunning trend continue, young adults would find it impractical to work in suburban locations unless there was convenient public transportation.
Some suburban commercial properties are answering this challenge by adding apartments, restaurants and retail units on office campuses. To attract Millennial workers to the suburbs, forward-thinking employers could offer shuttle services to public transportation, or add electric car charging stations.
While it may be difficult to predict what will influence your workforce in future years, your Boston Metro location search should be based on the primary needs of your business, your growth plan and your budget. When you’re ready to find Boston Metro commercial real estate for your business purposes, ask an experienced commercial real estate broker to help you! Whether you are thinking of buying or leasing, we can help you find the ideal property. Please contact us today for expert guidance!