The Boston Office market continues to push rents up as the vacancy rates drops.
A recent office market overview by Newmark Grubb Knight Frank noted, “the paradigm is shifting in many submarkets from a tenant-favored market to a landlord-favored market.”
Read the complete report at Banker & Tradesman.
The Seaport continues to attract tenants with vacancy just below 5 percent. Zipcar will be expanding its footprint by taking 45,000 square feet that Thompson will be vacating.
Banker & Tradesman staff writer, Jim Cronin, reports that “Zipcar will likely fill about 45,000 square feet of space that Thomson Reuters is expected to vacate at Thomson Place in Boston’s Fort Point neighborhood in 2014.”
Click through to Banker & Tradesman for the complete report.
The Seaport continues its reach with DivcoWest’s investment of $105 million for four buildings off Congress Street. Market vacancy is less than 5 percent while rents have just reached the $40 PSF mark.
Casey Ross, of The Boston Globe reports, “DivcoWest made its name in Silicon Valley, buying and developing properties that house some of the nation’s most prominent technology firms, including Apple Inc. and cellphone maker Motorola…Now it is trying to replicate that tech success in the Boston area by snapping up properties in the Seaport District and East Cambridge.”
Jump over to The Boston Globe to read the complete story.
Boston’s North End has a unique flavor that is distinctly Italian. “Little Italy” features narrow cobblestone street, small boutiques, fabulous restaurants, and delicious pastry shoppes. On the weekends, tourists and locals alike flood the streets. The North End is a neighborhood with a history as rich as the filling of a cannoli.
1600s
• Boston’s oldest neighborhood was established in the mid-1600’s. By 1646, the area had a population large enough to call for it’s own church, the North Meeting House.
• The original residents of the North End were Puritans, as well as slaves from New Guinea.
• During the 17th century, the North End was home to Boston’s first food markets, as well as mills that converted food to storable grains and wood for construction of homes and ships.
1700s
• Old North Church is constructed in 1723 – the oldest church building in Boston proper.
• Merchants & Robust Economy – The 18th century brought bustling trade for merchants in ship building. A bustling economy fueled by shipbuilding and trade. Imports, including sugar, fruits, coffee, tea, and wool. in turn these ships brought merchants importation of worldly goods such as sugar, fruits, coffee, tea, wool, etc. essential items for everyday existence. The artisans of the time were expanding their skills in gold and silver-smithing, copper production, and iron and steel bell casting.
• These merchants settled in the North End in the late 1700s, building mansions and developing the area into a desirable residential neighborhood.
The Innovation continues to attract tenants, but with prices pushing $40 PSF some are seeking the value play with the 15 percent vacancy rate of the Financial District.
Kyle Alspach, VC Editor at the Boston Business Journal, reports the “LED lighting system firm Digital Lumens announced Wednesday that it has relocated to a 16,000-square-foot office at 374 Congress St. The office is double the size of the firm’s previous office at 110 Canal St., near the TD Garden.”
Read the complete report on the Boston Business Journal.
The long awaited transformation of 50 Post Office Square has moved closer with a letter of intent being executed by Brown Brothers for 300,000 RSF. Currently the 18 story Class A building is offering 424,297 RSF for lease on 7th through 18th floors with floors plates just over 53,000 RSF.
“The non-binding commitment at the regional headquarters for Verizon Corp. follows months of considering alternatives in the area for a venerable financial services firm whose lease at nearby 50 Milk St. expires next autumn.”
Jump over to therealreporter.com for the full report.
Blue Ginger has been a mainstay in Wellesley for 14 years and consistently delivering East-West cuisine to their lunch and dinner guests. The addition of Blue Dragon — a new restaurant from Ming Tsai — in the Seaport will be a welcome selection for the business occupying the 31M RSF of office space within a .5 mile radius of 324 A Street.
The Boston Herald reports, “the host of PBS’ “Simply Ming” TV cooking show is slated to soon meet with the neighborhood about an eatery at 324 A St., site of the long-closed A Street Deli.”
Read more about Ming Tsai’s South Boston restaurant.
eBay is settling in on one of the Financial Districts 16 buildings that currently have more than 60K RSF of contiguous space according to CoStar. Vacancy within the Financial District is running just below 15 percent with opportunities in the low to mid rise space within the Class A inventory and the entire Class B market.
The Boston Business Journal offers some perspective on the transaction, noting “the lease would be one of the largest on record this year for the Downtown market and would mark a significant win for The Chiofaro Co., the International Place’s developer and current leasing manager.”
For more information, we recommend reading the Boston Business Journal’s full report.
State Street is on the move, and the Seaport continue to evolve.
The Boston Business Journal is reporting “the Boston Redevelopment Authority has put its stamp of approval on a $11.5 million tax break for State Street Corp., tied to the construction of a new office building in South Boston.”
To read more on the Seaport and State Street migration, click here.
Vacancy in the Financial District dropped to 14.8 percent with rents up 1.25 percent to just over $45.60, while Back Bay is just over $55.25 and the Seaport District is $51.00.
Banker & Tradesman states, “the Greater Boston office market enjoyed a strong second quarter, according to a new quarterly research publication released this morning by Richards Barry Joyce & Partners LLC (RBJ&P).”
To read the complete article, click through to Banker & Tradesman.