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.
Should it be built or not? Will it cast a deep shadow? Is too much being made of this issue or are not enough people rallying behind the drive to maintain a view of the sky?
From the New York Times:
Boston is riding the crest of what city officials say is the biggest building boom in its history, with cranes lifting glassy towers into place and raising the city’s unassuming profile. The surge of construction is also plunging some of its most cherished sites into deepening shadow, testing state laws that have long balanced economic development with protection of sunlight and open space.
The concern is not merely about preserving a glimpse of sky in the increasingly vertical downtown or about the risks of darkness to plants, historic buildings and even humans. It is also about whether the city is going down a road of no return by trading away, one piece at a time, its intangible assets, like sunlight on its signature parks and public access to its gleaming waterfront.
The shadows that will be cast from Millennium Partners proposed Winthrop Square project might darken this development. Who knew, or who should have known, that shadow effect on the Common and Public Garden existed?
Credit: Boston Globe
From the Boston Globe:
Millennium’s proposal, according to the developer’s analysis, would be out of compliance on average about 36 minutes a day over the course of a year on the Common and on average about five minutes a day over the course of a year on the Garden.
“You can correct for water with irrigation. You can correct for nutrients with fertilizer,” said Liz Vizza, executive director of the Friends of the Public Garden. “You cannot correct when you lose light.”