The Town of Needham plans to add bike markers to the shoulder of Greendale Avenue and Kendrick Street, two of the major roads connecting Needham to Newton. In addition, the Town is updating their plans to add Bike paths to the Highland Avenue/Needham Street corridor, ultimately making biking safer for those employees commuting to work via bicycle. Needham and Newton office buildings along the corridor will soon be able to offer their Tenants amenities such as heated bike storage units and bike paths.
Our economy is strong and show no signs of letter up. Office rents are continuing upward as concessions continue downward. Back Bay rents in some towers are commanding in the $80’s PSF while the Seaport is in the $60’s.
The BBJ notes “Massachusetts added 3,700 jobs in June and the rate is the lowest since August 2008.”
The Town of Brookline has now hired a new solar developer to install new rooftop solar array’s on multiple buildings throughout the area adding to a trend that is becoming increasingly common among buildings in nearby markets. Needham and Newton office buildings are following suit as newly constructed buildings and properties under renovation are adding solar arrays to their composition. Be on the look out!
According to a Wicked Local post, “the town submitted a number of new buildings to Blue Wave for solar consideration…Once installed, Brookline would enter into a “power purchase agreement” with Blue Wave in which the town would set guidelines for buying power generated by the solar panels. The town would not, however, spend any money for the installation of the panels, and will not own the panels once installed.”
Developers in the town of Watertown will now be required to hold Site Plan Review meetings to allow nearby residents the opportunity to voice their opinions about new developments. Although Residents in West Watertown have been holding similar meetings for years, one councilman was quoted on Watertown’s edition of Wicked Local, saying, “it’s good to finally formalize these meetings. Good proposal.” Similar meetings are held in nearby Towns such as Needham and Newton to discuss newly developed office and retail buildings. You can imagine how busy this group may be with the abundance of Needham and Newton office space coming to the market in the next several years.
“renovation of the 102-year-old property began a year ago. Its restoration is part of Millennium Partners’ $689 million redevelopment of the shuttered Filene’s site. Adjacent to the Burnham will be Millennium Tower, a 625-foot building comprised of 442 luxury residences above 95,000 square feet of additional retail space on its lower floors.”
The new proposed look of Chiofaro’s Waterfront project was unveiled last night. What does a $1B 1.3milling square foot project look like? Well, like the envisioned Harbor Towers.
The Boston Globe offers a “rendering showing a view of the new Harbor Towers buildings from the harbor. The new buildings are at the center of the rendering, to the right of the existing Harbor Towers buildings”:
Credit: The Boston Globe
Continue on to the Globe’s website for additional photos of the view from the water, towards the Financial District.
The Beth Israel in Needham is now renaming the hospital’s Glover Café to the Trotman Family Glover Café as a result of the generous gift donated to the Cancer Center and Surgical Pavilion on behalf of the Trotman family.
This change is just one of many taking place within the hospital throughout Needham as Beth Israel continues to grow and raise funds towards its goal of opening the new Cancer Center and Surgical Pavilion mid-September 2014. BI in Needham’s commitment to the immediate Chestnut Street area has since resulted in a number of office and retail investments around the hospital.
Businesses in Needham and Newton continue to grow as nearby restaurant owners look to add a new outdoor seating area along the Highland Avenue/Needham Street corridor. This is in response to the new office users/businesses throughout the area looking to take advantage of the amenity-rich corridor.
Wicked local’s coverage notes, “a new outdoor seating area with 26 full-service tables is opening at 3 Squares restaurant. The Zoning Board of Appeals approved the project – which required special authorization because it’s zoned in the Industrial District – last month.”
The price of office space in the Boston Market continue to ratchet up and squeeze out those who signed their lease in the recent downturn. Rents in Kendall Sq. have continued to climb due to limited supply and large national tech firms wanting to be there. Small firms are finding opportunities a couple of stops away on the Red Line’s Downtown Crossing stop, where the Class B market is pricing in the low to mid $30’s PSF.
A report in the Boston Business Journal offers some quantification for the pace of office space transactions in Cambridge and Kendall Square, noting “data from Cassidy Turley reveals that 323,135 square feet of space was absorbed in Cambridge’s already tight office market between Jan. 1 and June 30, while average rents in the life sciences and technology hub increased by 14 percent on a year-over-year basis…according to the report, office availability in Cambridge fell to 10.5 percent in the second quarter while average rents rose to $50.33 per square foot, up from about $44 a year earlier. The city’s office market is comprised of approximately 10 million square feet of leasable space.”
You can read the full article on the BBJ’s website, Bizjournals.