Quincy Real Estate Commercial Vacancy Creates Opportunity For New Business

QUINCY – From the governor’s election to the Harvard professor’s recent economic thesis‘ everyone is talking about what’s going on with the commercial real estate market in the greater Boston area. Steve Adams with the Patriot Ledger noted that commercial vacancies in the Quincy area have moved past the initial tech sector of the commercial market and penetrated into other “historically resilient industries.”

Of course everyone has their own opinions about the local commercial Quincy real estate market, but there seems to be a general consensus among experts that the markets will recover at a slow and steady pace.

It would seem that the national stimulus package has at least had the impact of reassuring people that another great depression is not in our nation’s future. Perhaps it’s all psychological or perhaps the stimulus package really did what it was set up to do. Whatever the reason one thing is for sure, experts are predicting the next few years will see slow steady growth in all sectors of the real estate market.

In Quincy major shifts in the commercial market consisted of HRPT Properties Trust listing over 186,000 ft.² on the market. The commercial office space became vacant when Boston Financial Data Services moved to cheaper locations in the surrounding area.

HRPT Properties Trust followed the operations shift of 108 Myrtle St. occupied by Blue Cross Blue Shield of Massachusetts.

The commercial news is not all bad for Quincy as the Salvation Army and the Citizens Bank both committed to staying in the community. Even though there is much bleakness in the commercial markets opportunities do exist especially for new startups and advanced specialization firms.

Having so much commercial real estate on the market will definitely present opportunities for specialized cross business anchor tenants to band together. With rents at an all-time low it’s the perfect time for people to finally get around to starting that self employed business.

If these these businesses are going to be successful they will have to take a multi-fiscal approach to marketing themselves. For example, it wouldn’t be surprising if businesses appeared that catered to behavior inline with a suffering economy. For example, advanced specialized auto shops may just be the answer to many of these vacant commercial estates.

Because in a suffering economy consumers stretch dollars as far as they’ll go, a surge in auto repairs is definitely expected in the next few years.

“It wouldn’t be suprising if we saw communities characterized by synergy among new automotive uses that are able to promote one another. In one location, one might find a tune-up shop, a transmission shop, a car stereo facility, an accessories store, as well as a number of classic car restoration firms. Each of these facilities feeds off of one another, and each is able to provide superior service at generally less than what would have been the case in a higher cost dealership situation.”

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