0 Reebok Moves HQ from Canton to Boston

Posted on November 7, 2016 by Wil Catlin

Credit: Boston Globe

Another major corporate tenant is on the move to Boston. Reebok will surrender is corporate campus life in Canton for a vibrant urban feel.

From the Boston Globe:

Reebok, the athletic shoe and apparel company, plans to shift about 700 employees from Canton to a new headquarters in the city…Reebok president Matt O’Toole said the company is still reviewing a few sites in Boston, all in existing buildings and accessible to southern suburbs and mass transit.

O’Toole cited two reasons for the move. Adidas wants to “clarify the roles” of its offices in the United States. And Reebok wants to be in a vibrant urban area where millennials are eager to work and live. The average age of Reebok employees in Canton is under 30, and many live in Boston already, he said.

0 Massachusetts Named ‘Most Innovative economy’

Posted on November 7, 2016 by Wil Catlin

Credit: Boston Business Journal

According to the smart folks on the left coast, Massachusetts earned the top spot for startups in the country.

From the BBJ:

Massachusetts took the No. 1 spot yet again on a biennial innovation report from an influential California-based economic development think tank.

The ranking, released Oct. 24, “endeavors to benchmark states on their science and technology capabilities and broader commercialization ecosystems that contribute to company growth, high-value-added job creation, and overall economic growth.”

You can read the full article on the Boston Business Journal.

0 GE’s Fort Point Channel HQ Gains Approval

Posted on November 7, 2016 by Wil Catlin

Credit: Boston Globe

The new GE headquarters has moved closer to a reality in Seaport District of Boston.

The Boston Globe reports, “the board of the Boston Planning and Development Agency Tuesday approved the three-building complex, which includes a striking new 12-story glass building, topped off by a giant, sail-like solar “veil” and an illuminated GE logo. The project still needs zoning and environmental approvals, but GE said it on track to break ground early next year and have at least some of the three-building complex open in 2018.”

You can read the full article on the Boston Globe’s website.

0 Boston Class A Towers Experiencing Vacancy

Posted on November 7, 2016 by Wil Catlin

Office space on Huntington Ave. in Boston

Credit: BBJ

What Boston Class A towers are experiencing vacancy in the midst of a strong office market?

According to the BBJ, “many professional services firms are leaving the more traditional high-rise for gleaming new offices — most often on lower floors — in Boston’s Seaport District. And the wave of technology tenants taking their place aren’t interested in paying top dollar to take over high-rise leases. Rather, they have shown a preference to live, work and play at the center of a buzzing urban neighborhood…That’s increasingly left Boston with multiple towers with blocks of high-rise vacancy, as space closer to the ground gets ever more unavailable.”

The BBJ article further notes, “at the end of March, vacancy in high-rise offices (floors 23 and above) in the Financial District was at 16.3 percent, compared with 10.9 percent in mid-rise space (floors 13-22) and 7.4 percent in low-rise floors (1-12), per Cushman & Wakefield research.”

More information is available on the Boston Business Journal’s website, here.

0 Seaport Shows New Signs of Development

Posted on October 27, 2016 by Wil Catlin

The Seaport neighborhood continues to grow. The latest announcement doesn’t involve a large office tenant moving from the Financial District to occupy a new tower; rather it allows those that live, work, or play in the Seaport today the ability to visit a local pharmacy: CVS.

boston_seaport_watermark_development

From Bizjournals:

CVS Pharmacy officially opened on Sunday in the luxury apartment building Watermark Seaport at 85 Seaport Boulevard. The new store spans 11,590 square feet.

“From the very early stages of development in the Seaport District, it was our top priority to bring a state-of-the-art pharmacy to the area. The thousands of residents and professionals living and working in the Seaport now have the convenience of a one stop store for their everyday needs; we are proud to fill this void and to do so with a brand as reputable as CVS,” said Brian Sciera, vice president of leasing at building owner WS Development in a statement.

0 Fenway Citgo Sign May Find Protection

Posted on October 26, 2016 by Wil Catlin

Photo Credit: Boston Globe

The rights of the iconic sign in Kenmore Square are being discussed that might protect it in perpetuity. Some are opposed, citing restrictiveness on future development while others want to preserve Boston’s history.

From the Boston Globe:

A draft report being drawn up by the Boston Landmarks Commission would restrict any new owner’s ability to make drastic changes to the shape or views of the iconic [Citgo] sign, which sits above a building that Boston University is selling to development firm Related Beal.

Commission members put together a list of “character-defining features” they would protect through a landmark designation, everything from its 60-foot-by-60-foot dimensions to its famous red triangle and the pattern of its lighting…Also on the list: “unobstructed visibility” from Fenway Park, the Massachusetts Turnpike, Memorial Drive, and elsewhere, which probably would prevent Related from building anything next door that would be taller than the sign.

0 Wharf District Council Envisions Boston Waterfront Transformation

Posted on October 26, 2016 by Wil Catlin

Credit: BBJ

The Boston waterfront is seeing an unprecedented transformation of office, residential and retail developments, and the Wharf Council is following suite with a new blueprint for the future.

The Wharf District Council’s “public-realm vision” is a plan to improve public spaces surrounding Boston’s waterfront, spanning from the Northern Avenue bridge through Christopher Columbus park.

From the Boston Business Journal:

The plan’s proponents say it’s a necessary supplement to tie together disparate planning efforts. It would create a showcase for art installations and iconic attractions, historic markers and “active gathering experiences.” The plan includes a combined 212,187 square feet in open-space improvements at three key development sites: Marriott Long Wharf, the Harbor Garage and Hook Lobster.

The total cost estimate for the projects outlined in the visioning plan ranges from $24.8 million to $37.8 million, but financing — not to mention who would take on the actual execution of the vision — is unclear. Ris suggested developers looking to transform the three key waterfront parcels could kick in the money.

0 Summer Street in Boston Seaport Expected Home for New Convention Center Hotel

Posted on October 25, 2016 by Wil Catlin

Credit: Curbed

Boston appears to be ready to welcome a new 1,000 room hotel to the Seaport District on Summer Street, directly across from the Convention Center.

According to Curbed, “a development team that includes the folks behind the Omni brand have emerged as the top bidder to construct an inn with at least 1,000 rooms on a 2.1-acre site in South Boston…the Massachusetts Port Authority is expected to award the bid within the next three months…The hotel would be one of the biggest in Boston.”

For more information, jump over to Curbed Boston.

0 Boston Office Vacancy Rate among Lowest in U.S.

Posted on October 12, 2016 by Wil Catlin

Credit: Boston Business Journal

The Boston office market is tight, with vacancy rates among the lowest in the nation; Boston shared the 5th spot nationally with Portland, OR.

The BBJ notes, “the percentage of office space that’s vacant in greater Boston is lower than all but six other major U.S. cities…Boston recorded an 11.9 percent office vacancy rate in the third quarter, down 0.9 percent from the year-ago period, according to the third-quarter office report from commercial real estate research service Reis Inc. That vacancy rate ties Boston with Portland, Oregon as the fifth-lowest in the U.S., behind New York (9.2 percent), Washington, D.C. (9.3 percent), San Francisco (10 percent) and Seattle (10.8 percent).”

You can read more on the Bizjournals website.

0 Back Bay Office Market is Evolving

Posted on October 12, 2016 by Wil Catlin

Image Credit: BankerandTradesman

Back Bay has options, many options due to the movement and relocation of various large tenants and the opening of 888 Boylston Street by Boston Properties.

From Banker&Tradesman:

You can go back two decades and we’ve never had a spike in vacancy of any sort in the Back Bay,” said Brendan Carroll, director of intelligence for Boston-based Encompass Real Estate Strategy. “Now all of a sudden, we’re starting to see some options.”

As of Sept. 30, Back Bay had the highest availability rate of any Boston submarket, according to Colliers International’s Market Viewpoint report. Including 434,419 square feet of sublease space, some 14.8 percent of the 13.3 million-square-foot inventory is now available.

Other factors include competition from build-to-suit projects such as Boston Properties’ 888 Boylston St. tower, where Natixis will relocate. Wells Fargo and Houghton Mifflin are moving to the Financial District, taking space vacated by tenants that in turn committed to brand-new towers in the sought-after Seaport.