Commercial Real Estate
Springfield is rising – why not get in on the ground level?
The City of Homes also features Class A office space options available for purchase or lease, as well as Class B, C, and residential investment opportunities.
Please contact the SBID office via email or call 413-781-1591 with questions about commercial real estate, leasing information, or Springfield at large.
Did you know? If you are relocating from an MGM acquired property into the BID, you are eligible for additional compensation.
Downtown Springfield is growing at a rapid pace and is considered by many companies to be a strategically viable place to locate your business. We are home to the corporate headquarters of MassMutual Financial Group, Peter Pan Bus Lines, Smith and Wesson, Performance Food Group, The Dennis Group, and the nationally-recognized Baystate Health Systems.
As well some exciting projects on the way… Changchun Railway of China, the largest rail car manufacturer in the world, has chosen Springfield as their newest manufacturing site. And MGM Springfield has broken ground and begun site work in the South End of Springfield to develop a $600 million resort casino tied into the streetscape of Downtown Springfield. This street-facing development is the first of its kind and promises to attract visitors from near and far, while providing economic opportunities for those already here. MGM Springfield aims to complete construction by 2017.
And it’s not just the big business entities calling Springfield home. Small business and tech start-ups are also part of the business landscape. Waterdog Technologies, Tech Foundry, HitPoint Studios, and Piddx are just a sampling of new and upcoming businesses that have planted roots in the city. MassMutual has invested $6.5 million in creating an Innovation Center run by Valley Venture Mentors right in Downtown, promising to bring even more tech and creative arts initiatives to Springfield.
Lease it Local
Lease It Local is a pilot program that provides early-stage & established small business owners with incentives to occupy vacant ground floor commercial units within a section of downtown Springfield. Program provides a rental subsidy of up to 50% of monthly lease with a cap of $500/month with a total cap of $6,000 per business. Businesses may also be eligible for grants covering up to 50% of professional services with a cap of $750 per business.
CLICK HERE FOR A PROGRAM APPLICATION, ELIGIBILITY INFORMATION & PROGRAM DETAILS
The Local Lift program is intended to assist business and property owners in their efforts to increase business activity and foot traffic. Grant funds are to be used for improvements to vacant storefronts to attract potential businesses while at the same time, increasing the sense of public safety for pedestrians. In certain cases, upper-floor improvements are also necessary to attract businesses and investors and enhance the public experience, especially where upper-floors contain boarded-up windows and other signs of disinvestment, abandonment or blight.
Click here for program details.
Why choose Downtown Springfield for your business?
- Downtown Springfield is supremely walkable with many important locations in close proximity including Springfield City Hall, Symphony Hall, Historic Court Square, the Hampden County Courthouse and the Mass Mutual Center.
- With easy access to major highways, Springfield is a central location midway between New York and Boston and a brief 15-minute ride from Bradley International Airport.
- High speed rail access by way of Union Station downtown will be available by the of Fall 2016. This will connect Springfield to major metropolitan hubs such as Boston and New York City.
- The city is surrounded by higher education institutions, including UMass Springfield, Bay Path University, Cambridge College, Springfield Technical Community College, Western New England University, and Springfield College making finding a viable workforce easier.
- Plus, many incentives are available through the City of Springfield for those interested in locating their business in Western New England’s flagship municipality. More information can be found in business resources.
Please contact the SBID office with questions about commercial real estate opportunities, leasing information, or Springfield at large here or call at 413.781.1591.