Mixed Use Commercial Property, Worcester, MA
Mixed Use Commercial Property, Worcester, Massachusetts
Gaining a 90% occupancy rate in a value-driven market.
The Challenge
The downtown Worcester market place has not enjoyed the rapid growth of Boston or Providence in terms of rental rates or in demand for office space. The 65,000 SF downtown office and retail building had a 50% vacancy rate. Then the owner turned to Capstone Properties.
The Assignment
To act as the exclusive leasing agent and property manager.
The Solution
Capstone developed a marketing strategy for this value-driven market that emphasized turnkey solutions, competitive rates, and building amenities including on-site parking.Completed 20,000 SF lease to Social Security Administration, and a full floor lease to Not for Profit Organization (6,000 SF), Electronic Retailer (2794 SF), Child Care Provider (2200 SF), Sport Nutrition Supplier (2300 SF), Computer Repair Provider (2240 SF), and an Insurance Company (2200 SF).
The Result
The property has been stabilized and enjoys a 96% occupancy rate and is well positioned to take advantage of attractive refinancing rates.