Just read an article in the New England Real Estate Journal about the Manchester (NH) School Department purchasing 12,760 sf of office space on the second floor of a professional building in Manchester for $1.7 Million. We are seeing an interesting trend here - with office space prices stabilizing at some great values throughout New England (even in prime areas like Downtown Boston), local municipalities that are strapped for space may see great opportunities to grab up properties that a few years ago would have only been a dream - and to lock in amazing interest rates at the same time.
I took a call yesterday from a group looking at a property just Northwest of Boston that was about to come on the market. We talked about the purchase price and the fact that it made a lot of sense for their local group to purchase the property and turn it in to a youth center (at a purchase price of around $100 a foot, the advantage of buying over renting is clear both on a finance basis and on a logistical basis - giving the youth center a sense of permanence and knowing that the renovations they perform will be benefiting THEIR own property).
In Brookline, a group of people headed by awesome social worker Paul Epstein, completed a multi-year quest by signing a lease on 10,000 sf of space in Brookline to create a local teen center, something the community and students have been dreaming of for years (see article here) With vacancy rates allowing for both tenants and buyers to see some excellent deals in prime locations, it's an ideal time for local individuals or groups to think about projects like this for their community. I'm always happy to help (I have worked with both for-profit and non-profit groups in the past or real estate purchasing and leasing - it is some of my most enjoyable and satisfying work, so don't hesitate to ask!)
For all your real estate needs, locally or anywhere in the U.S., please call Todd at 617-593-5685 or email todd.glaskin@gmail.com or visit www.toddglaskin.com
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