Getting from here to there across Boston Harbor is poised to get a little easier in the coming months.
Credit: Boston Globe
The Boston Globe recently highlighted three ferry services that could be available to commuters in and around the Boston Seaport in the coming months:
- Wynn Resorts…hired Charlestown-based Boston Boatworks to build three ferries. The goal is to cart about 40 riders at a time to and from its Encore Boston Harbor resort casino in Everett, scheduled to open next year.
- A commuter ferry between the Seaport and Lovejoy Wharf North Station is expected to launch as soon as September, providing easier passage to the Seaport for commuters from the north.
- The Institute of Contemporary Art will soon launch a ferry from its Seaport museum to East Boston, where it’s opening a secondary campus in June. This service, however, isn’t commuter-friendly; spokeswoman Colette Randall said passengers will need either a ticket or membership with the ICA to board.
Credit: Boston Globe
The Seaport continues to grow with office towers, residential buildings and hotels.
A recent Boston Globe article notes the Seaport’s impending 14-story tower, on Summer Street in the Raymond L. Flynn Marine Industrial Park…will house both a Hampton Inn and a Homewood Suites hotel following its ribbon cutting, slated for mid-2020.
From the Globe:
The developers [are] aiming to capitalize on a growing business market in the outer Seaport, [with] travelers coming and going from Boston’s Cruiseport, and events at the nearby Boston Convention and Exhibition Center.
Credit: Boston Globe
The time it takes from here to there can be frustrating, especially if you are trying to get from the Seaport to Back Bay for a 5:30 client meeting. The distance, just 2.9-to-3.3 miles, can feel like eternity when you are in your car sitting on Congress Street heading towards the Financial District.
The Boston Globe has detailed the following 5 steps to reduce traffic and congestion in the Seaport:
1. Experiment with bus-only lanes on Summer Street
2. Free the South Boston Bypass Road and Silver Line ramp
3. Create a business improvement district in the South Boston Waterfront
4. Battle for the curb
5. Don’t forget to bike or walk
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Credit: Boston Globe
The city of Boston will no doubt entertain towers that exceed the 790-feet of 200 Clarendon Street, formerly known as the John Hancock Tower.
The location of Boston’s next tallest tower will most likely fall in the Back Bay neighborhood. This is due to the restriction imposed by the FAA from the Seaport and Financial District, as well as the shadow effect on Boston Common in the Mid-Town area.
According to the Boston Globe, “many Bostonians have come to love the relatively modest scale of the city’s neighborhoods. That affection surfaces every time someone proposes a building of substantial height. Invariably, issues like shadows and wind are raised.
‘Our neighborhoods, from the North End to the Back Bay to the South End, are full of people who love living in what appears to be a 19th-century community,” said Robert Brown, managing director at architecture firm Perkins+Will. “To them, tall buildings mean more density, more parking, more shadow.’”
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Office design has evolved to be less invasive to the environment while providing a healthier experience for its occupants.
When asked about current workplace design trends, Dan Perruzzi of Boston-based Margulies Perruzzi Architects shared his views with Commercial Property Executive:
Companies are wrestling with the best balance between quiet and/or private space and collaboration space. Employees need private space, but they also need easy access to their colleagues for beneficial interactions. Individual, focused work has to be supported while simultaneously supporting group work.
Everyone is trying to do more with less. Companies are actively reviewing space standards to see where they compare with the competition. Metrics of area per seat and seats per assigned staff are critical areas of focus today. Given that in many areas basic sustainability has been incorporated into building codes, there is a greater focus on wellness and health in workplace design.
Technology and real estate are not words that traditionally occupy the same sentence, but Jamestown has managed to make this happen at the Innovation and Design building in the Boston Seaport.
According to Promodo.com, “One of the powerful things about using technology to connect and inform tenants is that managers are able to understand their occupants on a much higher level. ‘By getting a look into what tenants are engaging with on the app, we are able to help landlords and property managers better serve their tenants and increase retention,’ Garbarino said. ‘We’re able to tell them how many tenants are actually aware of the property amenities, which they are engaging with, how often they engage with different content on the app and more.'”
More information on the Boston Innovation and Design building is available on its website.
Credit: Flickr/Emmanuel Huybrechts
The office market in Back Bay is vibrant and alive with activity. It’s 18M square feet not only boasts the 1st (200 Clarendon Street) and 2nd (Prudential) tallest buildings in New England, but also will possess the tallest residential building (1 Dalton) as well.
Vacancy is down and cost of occupancy has increased. Newbury Street office rents can range from upper $40’s t0 low $70’s per square foot.
“I think Back Bay has the amenities, the public transportation and all the attractive features a company is looking for,” said Avison Young principal Ron Perry, who is speaking at Bisnow’s Boston Office of the Future event later this month. “At night, it’s alive with restaurants. Traditional firms like it, and they’ve done a good job lately in making that appeal to technology companies.”
“Boston has an amazing talent base with great universities, a strong diversity of industries and an innovative culture,” Wayfair Head of Real Estate and Workplace Services Reed Gilbert said. “Wayfair’s headquarters, centrally located in Boston’s Back Bay, makes it easy for employees to bike, walk and take public transportation to work.”
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The Boston office market continues to show strong development, with 4.5 million square feet of construction underway. Rent growth and job growth have also put Boston on the leader board.
Here’s what CPexecutive had to say on the Boston office pipeline:
A strong market dominated by its well-performing technology and life science sectors, Boston recorded a robust job and population growth—larger than Los Angeles or San Francisco. The market conditions bolstered construction activity, resulting in more than 4.5 million square feet of office space now underway. Completions stayed under the 3 million-square-foot mark in 2015 and 2016 and dropped significantly in 2017, when only 1.6 million square feet of office space were delivered.
The largest office development scheduled to come online is the Akamai Global Headquarters in Cambridge, Mass. The 19-story property will bring 453,768 square feet of office space to the market and will be located at 145 Broadway, in the heart of the city’s Kendall Square neighborhood. Boston Properties signed a 15-year lease with Akamai, the building’s sole tenant.
The full list of the ‘Largest Office Pipelines in the Northeast’ is available, here.
Amazon could be the trigger that finally connects Red to Blue for the T.
According to Curbed Boston, “the connection would be pretty simple on paper: The Blue Line would be extended from its Bowdoin terminus to the Red Line’s Charles/MGH stop.” Curbed further notes that a connection between the two T-lines “has been a what-if since at least the Big Dig, which was supposed to produce the link as a byproduct (probably via a 1,500-foot, $750 million tunnel along Cambridge Street). That never happened.”
More information is available on Curbed, Boston.
Two years to three months. This is that the lead time TAMI [technology, advertising, marketing and information] tenants are working with when they are in-market, looking for office space. Given this, Landlords needs to offer spec suites for immediate occupancy to accommodate the market opportunity.
Here’s a remark from Colliers International Executive Vice President Kristin Blount in Bismpw, on the velocity of current real-estate transactions:
“Tenants used to be in the market way far in advance of a lease expiration or their renewal notice time period,” [Colliers International Executive Vice President Kristin Blount] said. “Because their business is changing more rapidly than before and the newer kind of TAMI [technology, advertising, marketing and information] tenants make up a lot of growth, the speed to market and need to move quickly is something that is really important to them.”
Additional information is available on Bisnow’s website, here.
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