Office Properties for sale in Springfield, Massachusetts, offer a unique investment opportunity in a city with a rich history and diverse economy. As the economic center of Western Massachusetts and the urban, economic, and media capital of the Connecticut River Valley, Springfield provides an attractive environment for businesses to grow and thrive. Office Properties in Springfield can represent a range of investments, from small, single-story buildings to large, multi-story complexes, each with its own unique characteristics and potential for returns. With amenities like Forest Park, Lake Lorraine State Park, and the MassMutual Center, Springfield offers a desirable location for businesses and employees alike. The city's infrastructure, including Springfield Union Station, Bradley International Airport, and Interstate Highways I-90 and I-91, makes it an ideal hub for transportation and commerce. Additionally, Springfield is home to several higher educational institutions, including Western New England University and Springfield College, and is part of the Knowledge Corridor, hosting a large number of university students and institutions.
With 23 Office Properties for sale in Springfield, investors have a range of options to choose from. The average price per square foot for Office Properties in Springfield is $128 USD, with an average size of 8,297 square feet and a largest size of 35,219 square feet. The average cap rate for Office Properties in Springfield is 9.15%. In addition to Office Properties, Springfield also offers a range of other property types, including Commercial Real Estate, with its diverse range of retail and industrial spaces; Apartment Buildings, providing a steady stream of rental income; Shopping Centers, with their high foot traffic and potential for retail success; and Hotels, catering to the city's many visitors and business travelers. With its unique blend of history, culture, and commerce, Springfield is an attractive location for investors and businesses alike.
What is the average price per square foot for office properties in Springfield?
The average price per square foot for office properties in Springfield is $128 USD.
What should I know about office property classifications (Class A, B, C)?
When searching for office properties for sale in Springfield, it's essential to understand the classification system, which categorizes properties based on their quality, amenities, and location, to make an informed investment decision.
- Class A office properties are typically high-rise buildings with modern amenities, prime locations, and high-quality finishes, attracting top-tier tenants and commanding higher rental rates.
- Class B office properties offer functional spaces with standard amenities, often located in decent areas, and are a popular choice for small to medium-sized businesses, providing a balance between affordability and quality.
- Class C office properties are usually older buildings with limited amenities, located in less desirable areas, and are often renovated to appeal to budget-conscious tenants or startups.
