0 39 JFK St. in Harvard Sq. Sold for $33.1M; Price Exceeds $1,600 per SF

Posted on April 4, 2013 by Wil Catlin

The Real Reporter covered the sale of 39 JFK St., noting, “one of Harvard Square’s most prominent buildings has changed hands at a mind-boggling price cresting $1,600 per sf, scooped up by a foreign investor in an off-market transaction orchestrated by Boston Realty Advisors. The $33.1 million exchange of 39 JFK St. offers a double dose of déjà vu, with the same buyer in 2012 acquiring three Harvard Square assets in two separate trades also negotiated by BRA’s team of Michael d’Hemecourt, Christopher D. Sower and Jason S. Weissman.”

To view other properties from BRA, jump over to BostonOfficeSpaces.com’s commercial listings.

0 Office Rents in Boston On the Rise

Posted on April 2, 2013 by Wil Catlin

Commercial real estate construction in boston

Photo Credit: Boston Globe

As the recovery takes hold, office rents are rising accordingly across all submarkets in Boston’s Central Business District.

According to a Boston Globe editorial, “the Boston-area office market has almost fully recovered from the economic downturn, with companies filling up large chunks of space and driving a steady uptick in rents…the influx has pushed the vacancy rate below 10 percent for the first time since the end of 2009 — a threshold that often triggers larger rent hikes and even speculative construction activity.”

Additional details are available on the BostonGlobe.com..

0 Boston’s Small Businesses Leading the Recovery

Posted on March 28, 2013 by Wil Catlin

After just attending the Bisnow 2nd Annual State of the Seaport District it is very clear that small business are in fact leading the recovery. Dave Greaney, president of Synergy Investment, who’s company caters to these firms, has seen an impressive upswing in new tenants gravitating downtown and specifically to the Seaport/Innovation District. Rents have risen more than 50% in the last 24 months and are expected to continue to climb.

The Boston Globe reports, “From a bread maker in Andover to an auto parts maker in New Bedford, small businesses are reporting growing demand, increasing sales, and an improving outlook.”

More information on the Boston recovery is available on the Boston Globe website.

0 Palm Restaurant to Open in Boston’s Financial District

Posted on March 28, 2013 by Wil Catlin

rendering of the palm restaurant on the Boston greenway

Photo Credit: Zagat

International Place is going to offer a steakhouse destination along the greenway in the Financial District. Who would of thought when International Place was built in 1987 that there would be a Palm restaurant where the central artery once stood?

Zagat reports, “the restaurant will take up a portion of the lobby at One International Place, an office tower whose lobby is replete in granite and marble. The 320-seat restaurant will take over the area where corner windows at Oliver Street and J.F. Fitzgerald Surface Road overlook the Rose Kennedy Greenway.”

Additional details about the Palm in Boston’s Financial District can be found on Zagat’s blog.

Related Property Listings
Office Space for Rent in Boston’s Financial District

0 Boston Office Vacancies Dwindling

Posted on March 26, 2013 by Wil Catlin

If you are out hunting for office space today you will get the benefit of paying more than your peers did a year earlier, combined with the privilege of having fewer options to choose from. What’s happened? The CBD of Boston is in the midst of a strong upswing across all submarkets with no sign of slowing down.

Statistics posted on the Boston Business Journal website note, “office vacancies dropped to 9.7 percent from January through March across the city’s eight submarkets, down from 12.4 percent for the same period in 2012. Citywide rents increased to $42.55 per square foot, compared to $41.68 a year ago, a two percent hike.”

The BBJ’s editorial on Boston’s first quarter market data includes additional market details.

0 Boston Construction Picking Up

Posted on March 26, 2013 by Wil Catlin

Construction in Boston on new office buildings

Photo Credit: W. Marc Bernsau, Boston Business Journal

The dirt is flying in Boston. Not in the political sense, I mean actual dirt. Construction workers, largely sidelined during our economic recovery, are now seeing a resurgence. The numbers being reported don’t surpass previous heights, but it’s a great sign of things to come.

“The construction sector added nearly 8,000 jobs in the state during the past two years, with significant job gains in 2011 and 2012. Those numbers, released this month, represent a big improvement over the state Executive Office of Labor and Workforce Development’s previous estimate,” a Boston Business Journal article quotes.

Continue on to the BBJ online to read the full post.

0 Fidelity Puts Four Boston Office Properties Up for Sale

Posted on March 19, 2013 by Wil Catlin

office building at 82 devonshire street in Boston financial district

Photo Credit: Boston Herald

Will the Financial District be home to a new office tower? There is some speculation that the headquarters of Fidelity will be raised to make way for new construction.

Banker & Tradesman is reporting, “the real estate arm of Boston-based Fidelity Investments is putting four Boston office properties and a small land parcel in the city’s Financial District on the shopping block. The contiguous block of assets totals 343,000 square feet of space and includes 82 and 68 Devonshire St., 19 and 15 Congress St., and the land parcel at 54 Devonshire St.”

Details on the potential redevelopment site are available on the Banker & Tradesman website.

0 New Construction Yields Jobs in Boston

Posted on March 18, 2013 by Wil Catlin

Jobs, Jobs and more Jobs. The construction industry is in the midst of a very strong rebound from recent years. As you drive around Boston, you’ll notice the skyline littered with construction cranes from the Seaport to Back Bay; that means the once soft construction industry is on a frantic pace to keep up with the supply of new office buildings and residential communities.

A Banker & Tradesman editorial examining the economic impact of the construction boom, indicates that it has “pushed general contractors and builders across the Greater Boston region to increase their ranks with project and assistant project managers, superintendents and business development professionals.”

B&T subscribers can read the complete article on the building surge.

Alternatively, you can jump over to BostonOfficeSpaces to view all available commercial real estate in Boston, or office listings in Cambridge.

0 Boston Office Market ‘Booming’

Posted on March 13, 2013 by Wil Catlin

Will landlords in the city of Boston start construction projects without a tenant in hand? The market is significantly different than it was a few short years ago and the Seaport has evolved into a destination location.

A Bloomberg editorial paints a glowing portrait of the flourishing Boston office market: “Boston’s real estate market, often overshadowed by the skyscrapers of New York and government-fueled growth in Washington, is seeing a boom in construction as developers financed with cheap debt seek to profit from a growing workforce of educated young adults and strength in the technology and life-sciences industries. The office-vacancy rate is among the lowest of major U.S. markets and tenants are occupying new space at almost triple the national average.”

Follow the link to read the full Bloomberg report, or continue on to view available office space listings in Boston and Cambridge.

0 ‘Life is Good’ Moving from Back Bay to Fort Point

Posted on March 13, 2013 by Wil Catlin

Life really is good in the Fort Point and Seaport District! The influx of amenities and direct access to transportation had led the area to become a destination location for many office tenants. Vacancy rates have decreased and rents have risen, but employers along with employees love the vibrant atmosphere the area has to offer.

An editorial on the Boston Business Journal covering the relocation of the apparel company, Life is good, notes that the company is “taking 22,000 square feet in a renovated industrial building at 51 Melcher St. – space for about 70 workers.”

The BBJ coverage also expands upon the company’s expectations of Fort Point neighborhood.