A Business Region – A Suburban Quality of Life
Business and suburbia co-exist well in our area. The high quality of life enjoyed by our residents is due in part to good local zoning practices. Generally, housing is located away from industrial and commercial areas, and many communities with large business areas also have quiet, tree-lined suburban neighborhoods nearby.
Housing in our region ranges from single family units to condominiums and apartment complexes. Average housing prices range from $312,000 in Woburn to $584,500 in Carlisle.*
Because of the many diverse types of commercial and industrial businesses in the Woburn area, the recent economic recession has not had an appreciable negative effect on the commercial-industrial real estate market in this immediate area. The general downturn in the computer and electronics industries has created some vacancies in large office, research and development-type buildings, but small office suites and industrial units are renting at a moderate pace. The demand for the purchase of small industrial or office buildings, retail buildings, and apartment buildings is currently very strong, but very few of these properties are for sale. Those that come on the market are commanding premium prices.
Industrial land is also at a premium. Due to high cost and lack of availability, there has been very little new development of multi-tenanted industrial buildings. With an upturn of the economy there may be a further shortage of supply, resulting in more demand, escalation in rents, and the continuing appeal of such properties as secure investments.
*Source: Commonwealth of MA DHCD