Photo Credit: Banker & Tradesman
New Yorker’s appetite for our sports teams may not be as strong as our Real Estate. Newbury Street is expected to see a trade in excess of $1,400 per square foot.
According to a report in Banker & Tradesman, the “investor is expected to pay about $27 million for a 19,041-square-foot retail building in Boston’s Back Bay.”
Photo Credit: The Boston Business Journal
185 Dartmouth Street will be a welcome addition to the Back Bay office market. This building, formerly referred to as 441 Stuart Street, has been dark for years and with Synergy’s reinvestment into the asset, the Class B office tenant will now have more choices.
A report in the Boston Business Journal notes, “the 11-story facility houses a 40,000-square-foot health club and more than 12,000 square feet of ground floor retail. Synergy bought the building with gutted space on floors four through 11. The Boston-based company is restoring the 13,000-square-foot floor plates on each of those floors and have completed one floor as a showroom for brokers and potential new tenants.”
Follow the link to read the BBJ’s report on Synergy Investments’ renovation of 441 Stuart Street.
Boston continues to be a leader in the office recovery through absorption and new construction.
CoStar Group reported this week that “demand for office space in the U.S. held steady in the third quarter as leasing activity and absorption of available office space continued to pick up momentum following a lackluster start at the beginning of 2012.”
The complete article is available on the CoStar Group’s website.
Related Office Space Listings
Boston Commercial Real Estate for Lease
Where is the best value for office space in Boston? The Financial District, rents are 20 percent below Back Bay with vacancy rates at 14.9 percent.
Banker & Tradesman reports that a “six-quarter streak of positive absorption in Boston’s Financial District has increased occupancy there by 848,000 square feet…Back Bay rental rates are now at a record 20 percent premium over asking rates in the Financial District.”
Further analysis is available at Banker & Tradesman.
(Photo Credit: The Boston Globe)
Cranes, dump trucks continue to be a mainstay within the city limits of Boston. Between office and lab nearly 5 million square feet is under construction, which is up over 10 fold from the summer of 2011
A Boston Globe editorial reports “the region’s office construction market is making a strong comeback, driven by the expansions of medical and biotechnology companies that are funding new buildings going up in Boston’s Seaport District, East Cambridge, and suburbs along Route 128.”
Related Real Estate Listings
Boston Commercial Real Estate
Residential buildings in Boston
Boston continues to be one top cites leading office market recovery nationally. The overall vacancy rate dropped to 10.5 percent, according to CoStar.
A Bloomberg report offers insight on the three-year low in office space vacancy rates in the U.S.
The Back Bay office and retail markets continue to push valuations to pre-recession pricing, while maintaining the lowest vacancy rate in both segments. Pricing for Class A upper floor tower space is up to $80 a square foot.
A New York Times editorial on the boom of back bay commercial real estate notes that “last fall, Jamestown Properties paid $226 million for a 130,000-square-foot portfolio spread over 28 buildings, mostly on Newbury Street…Jamestown bought in Boston’s Back Bay because the district had long been a sound property market, said Michael Phillips, chief operating officer at Jamestown. The current boom “is an added benefit,” he said.
More information on Jamestown Properties, continue reading the complete NY Times editorial.
Related Commercial Property Available in Boston
Back Bay Commercial Real Estate Listings
How high will Boston rise above the waterfront? That is the question for soon to be hired $300,000 consultant by The Boston Redevelopment Authority.
Reporting on the development study, The Boston Herald cautioned that “downtown waterfront property owners face a wave of scrutiny as Hub planners launch a lengthy study that will influence their development ambitions and outline potential public benefits.”
For additional details on the study, read the full report on The Boston Herald.
Related Property Listings
Office Space in Boston’s Waterfront District
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.