0 Legal Incubator Launched in Boston Financial District by UMass Dartmouth

Posted on August 9, 2014 by Wil Catlin

Credit: Wikipedia

Did you get a law degree at Dartmouth? Are you looking for a job? Are you in need of legal services? Stop by 274 Franklin Street to learn more.

The Boston Business Journal describes the incubator’s mission:

“The University of Massachusetts School of Law Dartmouth has arrived on Boston’s legal scene, this week debuting a new venture in the Financial District that’s designed like a start-up incubator — but for lawyers to launch their careers…Called Justice Bridge, the center is located in basement space at 274 Franklin St. and it serves two purposes, first by employing graduates of UMass Dartmouth Law School and second by providing reduced-fee legal services for people who cannot afford the full fare of a Boston law firm but are able to pay something.”

0 Boston Among ‘Most Walkable’ US Cities

Posted on August 9, 2014 by Wil Catlin

Credit: The Boston Globe

Boston makes big claims about sports, education, medical and financial services. If you’re from here you have very strong opinions about how our town is better than all the rest. Well, we have a new one, most walkable.

The BBJ, citing a report from a Washington D.C.-based research group and George Washington University, claims, “the report concludes, the most-walkable cities will be, in order: Boston, Washington D.C., New York, Miami and Atlanta.”

The criteria for walkability, according to the research group:

“The report’s executive summary states: ‘Walkable urban development is characterized by much higher density and a mix of diverse real estate types, connected to surrounding areas via multiple transportation options, such as bus and rail, bike routes, and motor vehicles. For those living or visiting a walkable urban place, everyday destinations, such as home, work, school, stores, and restaurants, are within walking distance.'”

0 Boston Markets Blend History and Modernity

Posted on August 9, 2014 by Wil Catlin

Seaport office space at 281 Summer St.

For a 400 year old city, we are experiencing record growth with billions being invested into new office, residential, and retail projects in areas of the city that were previously left for dirt lots or industrial space.

Bisnow.com, offers some historical perspective on the alternation and modernization of the hub over just the past decade:

“A decade ago, the waterfront—just across Fort Point Channel from the downtown Financial District—was still seen as the home of a languishing commercial port. Now the Seaport, aka the Innovation District, has new infrastructure, new buildings like Hanover’s (above), and a flock of cranes bringing more product online. Skanska is building a new HQ for PwC; State Street recently completed its relo into Channel Center; The Drew Co is quickly leasing apartments at Waterside Place; and The Fallon Co is selling super luxury condos on Fan Pier. The Seaport has come alive, Douglass says, with spectacular views and a condo market that’s heating up.”

0 Boston Occupancy Grows in Q2

Posted on August 9, 2014 by Wil Catlin

Over the 2nd quarter of 2014 the greater Boston office tenant gobbled up 25,555 RSF per day. Not just week days, but weekends included, which dropped our vacancy to 16.3 percent. What does that mean in building size? 2 Prudential Towers of activity.

From BostonSF.com:

“The amount of capital looking to be deployed in the Greater Boston market is abundant and aggregate sales volume is on pace to be the highest level since 2007.”

0 Watertown Office Market Undergoing Rapid Change

Posted on August 9, 2014 by Wil Catlin

Credit: ProgrammableWeb.com

Pleasant Street in Watertown is undergoing rapid change in regards to new construction and the purchase of existing buildings between there and Waltham. It is becoming a hotbed for CRE investors and start-up tech firms are beginning to trickle in from Cambridge because of how competitive the market is.

Maybe this trend will continue to push out into Greater Boston and will have a long term effect on Needham and Newton office space?

0 What’s your Building’s Wired Score?

Posted on August 9, 2014 by Wil Catlin

Credit: WiredNYC

“WiredNYC is an initiative of the Bloomberg Administration aimed at bringing transparency to broadband connectivity in NYC office buildings. Our core mission is to encourage landlords and tenants to share information about broadband infrastructure in their buildings.”

Why does this matter in Boston? Because they are coming.

The goal is for landlords to market the amenities they have, which have been verified by a 3rd party — wiredscore — while providing tenants with a 3rd party opinion of what the building is wired for.

0 Boston Suburban Office Parks get Reinvented

Posted on August 1, 2014 by Wil Catlin

Owners and developers across Eastern Massachusetts are seeking to reinvent the suburban office park. In communities such as Waltham, Newton and Needham, developers are adding restaurants, hotels and other amenities to replicate the idea of “live, work, play,” which is an increasing popular attraction in the city. Needham’s soon-to-be largest office tenant, Trip Advisors, will benefit directly from this “live, work, play” attraction.

Credit: The Boston Globe

The Boston Globe quantifies the divide between Boston’s urban and suburban landscapes:

“Along Interstate 495, the vacancy rate for Class A offices is hovering at nearly 18 percent, compared with 11.5 percent in Boston and less than 6 percent in Cambridge. Commercial rents are depressed. Offices lease for only $20 per square foot in the region, less than half of what similar space fetches in Boston and Cambridge, according to Jones Lang LaSalle, a commercial real estate firm.”

0 More Office Towers Wanted in Boston

Posted on August 1, 2014 by Wil Catlin

The Boston office market needs more towers to accommodate the forecasted future growth and tenant demands of strong infrastructure with abundant amenities. Tower’s no longer solely focus on traditional tenants, now prospective tenants range technology firms to ecommerce.

Credit: Wikipedia

Cathy Thompson, Executive vp at DTZ, discussed in an interview with the BBJ the notion that Boston is still very much a landlord’s market:

“In the Back Bay and Seaport submarkets, vacancies in the Class A towers are in the low single digits. Some the spaces in the upper floors in the Back Bay towers are commanding rents in the $80s (per square foot). In the Seaport, the top rents are in the low $60s in the new spaces. There’s a flight to quality, an upgrading of space. Landlords are taking advantage of the fact that there isn’t much high quality space available right now for blocks of space above 75,000 square feet.”

The full interview with Ms. Thompson is available on the Boston Business Journal’s website.

0 MA Unemployment Down to 5.5 Percent

Posted on July 28, 2014 by Wil Catlin

Credit: Mass.gov

Our economy is strong and show no signs of letter up. Office rents are continuing upward as concessions continue downward. Back Bay rents in some towers are commanding in the $80’s PSF while the Seaport is in the $60’s.

The BBJ notes “Massachusetts added 3,700 jobs in June and the rate is the lowest since August 2008.”

Additional details, including a breakdown by sector, are available on the Boston Business Journal.

0 Solar Power Buildings Now Common in Boston Markets

Posted on July 28, 2014 by Wil Catlin

Solar power going on Brookline office bulding

Credit: Wicked Local

The Town of Brookline has now hired a new solar developer to install new rooftop solar array’s on multiple buildings throughout the area adding to a trend that is becoming increasingly common among buildings in nearby markets. Needham and Newton office buildings are following suit as newly constructed buildings and properties under renovation are adding solar arrays to their composition. Be on the look out!

According to a Wicked Local post, “the town submitted a number of new buildings to Blue Wave for solar consideration…Once installed, Brookline would enter into a “power purchase agreement” with Blue Wave in which the town would set guidelines for buying power generated by the solar panels. The town would not, however, spend any money for the installation of the panels, and will not own the panels once installed.”

The full article is available on Wicked Local’s Brookline website.