0 Downtown Crossing Poised for Another Triumph

Posted on July 9, 2014 by Wil Catlin

Credit: Bisnow

This is not the first period of growth or transformation for DTX, also known as Downtown Crossing. In 1979, Washington Street was made into a pedestrian-only roadway following the success of Faneuil Hall Marketplace. This resulted in a modest decline following the popularity of the vending cart program.

The fate of the neighborhood, now, seems set for a steep incline:

Bisnow states, “$210M Millennium Place mixed-use residential project that opened Q2 last year tested how housing would fare in the heart of this commercial neighborhood. All of its 256 condos sold by year-end priced from $550k to $3.5M. As one of the first Boston condo developments to be completed since the recession, it showed that buyers would put down stakes in the CBD, permanently changing the character of the historic neighborhood.”

A more detailed history on Downtown Crossing is available in the Bisnow article.

0 Needham’s Real Estate Market Slowing

Posted on July 9, 2014 by Wil Catlin

Credit: Pinterest

There is a growing concern amongst residential realtors that the real estate market in Needham is slowing down. Will this have a direct impact on office space throughout Needham and slow the growth for commercial real estate development in the area?

Wicked Local pointed to three key indicators of this trend:

The first clue is that days on market fell from an average of 59 days in February to a mere 24 days in April. But so far in May that number has crept up to 39. Houses appear to be sitting a bit longer.

The second clue is that the number of houses that have gone under agreement fell from 38 in March to 32 in April. So far this month the number is 13. Though we are only halfway through the month, even if you double that figure to 26, it still shows a downward trend.
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0 Newton Office Vacancies Continue to Decline

Posted on July 9, 2014 by Wil Catlin

Credit: ilovenewton.com

More vacancy is being absorbed in the Newton Office market as a growing pharmaceutical company is preparing to move into the area from its current location on Mercer Road in Natick.

According to Wicked Local, “the company currently has about 8,000 square feet of space while the Newton location, on Wells Avenue near the Needham line, has about 30,000 square feet of space…Its new landlord is willing to help with improvements to the building and the rent, at $30 per year per square foot, is cheaper than properties in Cambridge which could cost more than twice as much.”

Additional details on the company’s move to Newton, jump over to the complete article on Newton.Wickedlocal.com.

0 Wells Avenue Development Debated

Posted on July 3, 2014 by Wil Catlin

Talks of a development taking place in Wells Avenue are underway, as city officials and zoning board of appeal members begin to dissect the development and its impact on the surrounding the area. The development is said to fit nicely into the proposed Needham Street redevelopment plan. As jobs follow younger, educated workers these days, the hope for the project is to give these millennial’s quick and easy access to work, shopping, and restaurants. The Needham and Newton office markets will see a direct impact upon the completion of this development. It does, however, seem like there will be significant time required before either side of the table will move towards a decision.

The Newton, MA vertical of WickedLocal offered commentary on the proposed mixed-use development on Wells Avenue from architect Doug Carr of Cube 3 Studio, who “described the development as “pedestrian-focused.” Carr said it would be six stories high and built around three exterior courtyards, contain 334 pet-friendly residential units, have a café and restaurant, “work bar,” convenience store, swimming pool, bike storage, and even a bike repair shop.”

0 State Street Opens Facility at Channel Center in the Seaport

Posted on June 28, 2014 by Wil Catlin

State Street at Channel Center in the Seaport

Credit: Bisnow

State Street has opened is new facility in the Seaport at Channel Center. For some this marks a trend towards more collaborative downtown workspaces.

From Bisnow:

“Mayor Walsh and State Street CEO Jay Hooley were among those celebrating the 222-year-old financial services giant’s jump from the Financial District to the emerging Seaport. Kristin says State Street’s presence validates the Seaport as a desirable corporate address. And the building’s open layout—which emphasizes collaborative space over individual cubicles—is a “game changer.” (It’s also easier to see who’s gossiping about you.) The company expects that at least 3,500 employees will move in by fall; it started moving in February. The build-to-suit was developed by Commonwealth Ventures and AREA Property Partners.”

0 Needham Water and Sewer Rates to Increase

Posted on June 28, 2014 by Wil Catlin

Credit: NeedhamMa.gov

With the recent vote by the Needham Board of Selectmen to increase water and sewer rates in the town for first time in nearly a decade, it will be interesting to see the direct impact this change has on Needham office buildings and the cost for office space throughout the area.

According to a report on Needham.WickedLocal.com, “the specific plan adopted for the next fiscal year introduces a $4 quarterly fee for irrigation meters and a $9 quarterly service charge for sewer use, while also increasing prices per cubic feet for all types of water use.”

The full Wicked Local article can be found, here.

0 Boston Harbor Skyscraper Proposal Gets Revived

Posted on June 27, 2014 by Wil Catlin

Is smaller better or is the new mayor now open Chiofaro’s Harbor Garage Proposal? No matter what side of this you are on our waterfront continues to evolve and buildings created decades ago are being razed to make way for new developments that are in line with today’s uses and environmental standards.

Photos from The Boston Globe:

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0 The Arsenal Project in Watertown

Posted on June 27, 2014 by Wil Catlin

Credit: TheArsenalProject

Watertown is changing and so is the landscape for retailers and office space within this active market. Typically known as a town with office space that is offered at a more cost-efficient rate when compared to office space within Needham and Newton, today Watertown is undergoing revitalization and reinvention in order to draw a new generation of enthusiastic shoppers and diners as well as tenants looking for creative, brick-and-beam office space.

From Wicked Local:

“Instead of focusing solely on retail, a modernized Arsenal Project will be reconfigured to become a vibrant destination of national, regional and local retailers, with fresh, new restaurant, retail and entertainment choices. Recent renovations that signal the changes to come include exterior building and landscaping upgrades, new common area seating and even, during the darkness of the winter months, a remote-controlled light show playfully executed on the brick sides of the buildings. Currently underway are interior and exterior energy-efficient lighting upgrades and a redesign of signage.”

0 Is Your Office Building Comcast Ready? Check Here

Posted on June 27, 2014 by Wil Catlin

Credit: Comcast

For small tenants the cost of reliable internet service is a must. Companies that fall into a small to mid-sized footprint in most cases are unwilling to use a fiber connection, but would prefer a business class product from Comcast. No all buildings are equal; meaning some have Comcast Business Class where the building next store might not. Why is that, if one has it shouldn’t they all? Well no, Comcast will install their service into a building if they can get enough subscribers, if not, they will charge to install it. Most landlords are unwilling to burden the installation costs and as a result the building stays dark from Comcast.

Well, now you can quickly check if Comcast services the building your are interested in move your office to at:

http://business.comcast.com/service-availability/check-availability

0 Boston Roadways Lag Behind the Real Estate

Posted on June 27, 2014 by Wil Catlin

Credit: MassDOT

This major intersection was last updated 49 years ago on February 18, 1965. The requirements of our roadways are vastly different now and we need to take a proactive look toward the next 50 years as Boston and Cambridge continue to grow in both workforce and population.

Banker & Tradesman reports that “recently, the Massachusetts Department of Transportation convened a task force of about 50 members to advise the state on the redesign for the “Allston Interchange,” the spaghetti bowl of ramps and tollbooths in the middle of the rail yard adjacent to the Charles River and a neighborhood of houses and businesses.”

Additional information on the Allston Interchange is provided in the B&T article, here.