Category Archives: Boston Commercial Real Estate

0 Thank you Adam Baur from Northwestern Mutual for joining the BRA Morning Zoom

Posted on by

 

Adam Bauer has been with Northwestern Mutual for 15-years and leverages his company’s staying power of 160-years.  Here are a few takeaways from his Morning Zoom with BRA.

  • Adam shared his philosophy with the exclusive BRA audience, explaining that clients often approach him with an “Investment Strategy”.  He dials it back and asks his clients to focus on their “Financial Plan”.
  • He reminded folks about the important fundamental rule to save first and shared the company modo – Spend Your Life Living.
  • Adam is a big believer is dollar cost averaging.  He said not to overanalyze and to continue placing money into your financial plan.
  • He is also a fan of the many fintech tools on the market, suggesting Northwestern’s app.
  • Lastly, Mr. Bauer’s tip for the day was to leverage your network – friends from high school college buddies, previous coworkers, etc.  Start by picking up the phone and asking, “How are you?”
    Q&A OF THE DAY:  “WHAT’S YOUR BIGGEST ASSET – YOUR HOUSE, CAR, OR MONEY IN THE BANK?”

    None of the above. The answer is – Yourself and your ability to produce income. Invest in yourself.

0 Thank you Eric Schlager from Bulfinch for joining the BRA Morning Zoom

Posted on by

Thank you Eric Schlager  from Bulfinch for joining the BRA Morning Zoom.

Key takeaways include:
  • As a landlord, we are joined at the hip with our tenants and the same goes for our lenders.
  • We all learn more in a downturn than during an upswing. The next four to six quarters will be a career defining moment. Stay focused and recognize new trends to come out of this with a competitive edge.
  • Moving forward, one of the lessons learned is how much easier it would be to have all standardize leases and all EFT/ACH payment. We have many moving pieces right now, making collections a full time job.
  • The country will experience a re-domestication of its supply chain. Real estate owners and operators will play a large role in the new American Industrialism.
  • Every landlord in the world is in triage. Boston will have a soft landing because of the strength of the healthcare and life science industry.
  • Bulfinch was founded in 1936. My family and I have seen a lot and recognize the challenges and opportunities that are ahead for all of us. I’m reminded by a Warren Buffet quote, “It’s always been a mistake to bet against America, since 1776. We take our body blows from time to time, but this country always comes through.”

0 How to Navigate This New Normal

Posted on by

A focus on engagement, productivity, and being a value-add player

By Wil Catlin | March 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

We are in the middle of the largest test of remote work in history. As such, most of the national workforce is going through many “first times” together. Some of us have enjoyed remote access for years, while others are figuring it on the fly. All of us are determining how to be productive in a new environment. Here are some tips to help you navigate this new normal.

Breathe

Many companies, including Boston Realty Advisors, are set up virtually and are open for business. Everyone has had a smartphone since the beginning of time. We answer emails in bed, on the toilet and during vacation. Now is not the time to be a deer caught in the headlights. It is a time to lead, advise and differentiate. Take a breath, keep your business hat on and forge ahead.

Communicate

In all scenarios – good, fun, challenging and daunting – communication is key to professional success. Today and for the next couple of months, we need to lead with empathy and be clear. In a world of an abundance of data, new technology and artificial intelligence – Emotional intelligence is a key skill that will serve you and your clients today and into the future.

Engage, Connect & Care

Speak with your clients. Everyone is in the need of some level of advisory or will simply need an ear. Be there. Ask about family. Discuss your business. Ask about their business . Plan forward and be direct, “How can I help?”

When in question, pick up the phone and ask. Do not overdo it and be authentic. Your authenticity and thoughtfulness will speak volumes and have a lasting impression.

Top of Mind

Be relevant and present. Stay on point and add value. If you’re already active on social media, you have some built in training. Do not share or post just to check the box. That’s the fastest route to being ignored. Share industry news to be relevant. Share what’s working for you during this temporary insanity. Share a list of neighborhood restaurants that are delivering. Be thoughtful and get beyond the echo chamber to stand apart.

Self Starter

So much of our daily fabric has already changed. Try not to change too much more of your workday. Wake up at the same time and get ready for work. Most of you are in a role where being a self-starter is a requirement. It’s time to find or refind that self-starter in you. Be ready to work and lead by example.

Dedicated Space

You will need to define a space to work within your home. This is a space for you to habitually go to and a place that’s understood and respected as your work area. If you’re tight on space, a dedicated chair at the kitchen table will suffice. Tips include – Identify space with natural light; consider a sturdy desk; invest in a comfortable office chair; provide yourself with a good mouse, keyboard, and headset; and pay for the strongest internet connection possible. Perhaps, now is the time to invest in that stand-up desk you’ve been talking about.

Munchies

Try not eating at your home workspace. It’s both a distraction and a bad habit. Think about it. Your kitchen is just a few steps away. When was the last time you sat down with your spouse or kids to have lunch? You’re home. Take the time to sit down with your kids – or not – and then get back to work. Your dedicated space to work is a place to be productive.

Attire

Be comfortable and don’t be lazy. If it helps putting on a button-down shirt every day, do it. If you’re more comfortable wearing your Sunday’s best, do that. You are your best judge. Be ready to work.

Exercise

Staying active will keep you fresh and sharp. When working from home, try not to get trapped in your workspace for long periods of time. It’s important to walk away from your computer. For example, a 10-minute walk is powerful. Do not look for distractions. If you have 10-minutes between calls, instead of mindless time online, do a load of laundry or wash the dishes – and then get back to work.

Brainstorm

Lack of time and not enough bandwidth are traditionally our worst friends. How many times have you said, “Great idea, but I don’t have the time”? Refresh those ideas. What will our new reality look like? Use this time to prepare. Those that are present and proactive will come out of this pandemic a step ahead.

Work/Life Balance

Welcome home. All chores and honey-do lists no longer have to be left exclusively for the weekend. Break your day up to help out. Accomplish a task at home and get back to work. When you effectively juggle work and life, you will find a new sense of accomplishment and discover new levels of productivity. Stay focused and on task.

A New Tomorrow

We are living in extraordinary times. Technology will bring new opportunities to our work life, but it will not replace the built environment. The office will always be a necessity. The questions are – what will it look like and what will each company be solving for.

Be Ready

When the economy normalizes, companies still value having people together in a physical space. Don’t let today’s challenges or the newness of working from home become a distraction. If you’re stuck, you will not be ready for when we get the green light.

 

0 Thank you Jim Grady from Synergy Investments for Joining the BRA Morning Zoom

Posted on by

Thank you Jim Grady from Synergy Investmentsfor joining the BRA Morning Zoom. Key takeaways include:

  • Tenants are the lifeblood of any portfolio.  As tenants implement business continuity plans and take care of their respective families, our message is – Don’t focus on rent.  We will work with each tenant to develop the ideal solution based on each scenario.
  • TIP – Now is the time to work on relationships, build value and establish loyalty.

 

0 Boston Realty Advisors is Open for Business

Posted on by

We quickly transitioned to our new temporary reality and instituted a new morning ritual called – “Zoom with Wil.”

The all hands-on (employee only) virtual call jump starts our day, providing each of us the opportunity to connect, share information, and learn from one another.

Every morning “Zoom with Wil” features an industry guest speaker.  Today, we were honored to have Christopher Rosser from WS Development.  Mr. Rosser served in the military and discussed the similarities of battling COVID-19 to actual combat.  Fundamentally, he said the best thing to do is, “Stay calm.”  The following are other takeaways from his presentation and Q&A session.

  • Stressed the importance of learning from this episode in order to be better prepared for the next time.
  • Touched upon the value of convenience retail versus the potential hit that high-end retail will likely endure.
  • Talked about coworking space and reminded the tuned-in group that most experienced operators budget and plan for reduction spikes.
  • He warned against price cuts to prevent chasing a downward direction.
  • When we return to normalcy, office leasing will rebound.
  • Reminded us that the quicker we can overcome this disruption, the faster consumer confidence and spending will rebound.

0 STAY THE COURSE, DESPITE COVID-19

Posted on by

Letter to the Editor by Jason S. Weissman | Banker & Tradesman | March 16, 2020

The communal, personal and economic effect of the coronavirus has infringed every fabric of our daily lives. This unwelcome disruption has generated a panic that we must quickly transcend. Staying healthy is paramount – both physically and mentally. 

We need to be mindful and act responsibly to minimize effected individuals. This includes properly washing hands and listening to the CDC. Companies that are set up with remote access for their employees will experience less impact to their business, and provide the ability to focus on their respective trades and the overall economy. 

Still in its infancy in the United States, the economic consequences of the coronavirus epidemic have caused the stock market to crash and the US Treasury bond yields to hit record lows. While I hope the recent volatility diminishes, the market will likely not fully return until the spread of the coronavirus decelerates. 

The same panic and speculation have crept into the real estate industry. Please stay calm and recognize that today’s realities are based on an event and not a bubble. Further, and unlike many plays in the equities market, decisions for real estate investments are based on a seven- to 10-year action plan. 

Real estate fundamentals are strong. Gateway Cities are expanding in and around CBDs, with an abundance of liquidity waiting to activate their allocated dollars in both urban and suburban markets. Today continues to be a great time to buy a home and invest in high-quality commercial real estate. 

While the drivers and circumstances were very different in the 2008 recession, the real estate investors that persevered were the landlords that stayed the course. When many owners froze out of fear, a few proceeded with their planned capex projects and growth strategy. Staying the course positioned their properties to achieve full occupancy and maximize NOI. 

Do not let panic paralyze the entire country. Stay the course and stay strong. 

— Jason S. Weissman 
CEO, Boston Realty Advisors 

0 The New Office Rewards Quality Over Value

Posted on by

By William H. Catlin

Commercial landlords consumed the past 10 years trying to accommodate a moving target, under the budgetary guise of “maximizing heads per square foot.” The open floor plan has been tried and tested in multiple formats – from coworking solutions to headquarter locations.

Architects, landlords, and tenants alike have learned from trying to accommodate the Millennial generation. Fast forward, Gen-Z is even more transient and pushing remote access to new levels. All the same, everyone needs a place to plug-in. In Deloitte’s recent marketplace survey on workplace flexibility, 89% of respondents said that a traditional work setting is essential for advancing their careers.

Quality office spaces, designed to maximize productivity, is the new trend and earning more dollars per square foot.

A recent Boston Globe article that featured “hoteling” in PTC’s new Seaport office was a great example of a quality buildout, and is the beginning of what landlords throughout Boston are doing to attract today’s workforce. 121 Seaport is a new build and in a league of its own. Boston is also fortunate to have an abundance of original brick and beam commercial properties being revived. This includes opportunities being activated via strategic investments, with a focus on today’s users.

Gould & Company, a private real estate investor with a large portfolio that dates back to 1970, recently reinvested in 727 Atlantic Avenue. They converged the unique architectural character from 1899 with modern-day office space – offering rare full-floor opportunities, with a premium window line. Gould & Co strategically selected 727 Atlantic for reinvestment because it’s only a few steps from South Station and across the street from WeWork South Station (AKA, the preferred venue for the blockchain sector). This CAPEX plan increased asking rents from the mid $30s to the mid $50s.

Another example comes from Synergy Investments and its investment at Center Plaza – 1, 2 & 3. When they purchased the 741,237 square foot interconnected buildings, they inherited mothballed space vacated by the FBI. Synergy transformed a vintage facility into a state-of-the-art workplace with improved entrances, excellent access, engaging public spaces, underground parking, and a plethora of building amenities. The investment attracted Spotify, Grubhub, and Twitter to lease space in Center Plaza – now over 90% occupied.

Boston is a supply-constrained market and experiencing unprecedented growth. New commercial product is being delivered, and select B-Class space is being reimagined. Developers are also active in several suburban markets – such as the Davis Companies in Medford and Rubenstein Partners in Tewksbury. Regardless of the location, all office occupiers are in a race for talent and require a quality work environment that maximizes work productivity.

0 Millennials and Gen Z Still Value Traditional Office Space

Posted on by

Commercial landlords swept up in coworking and open office trends have not lost sight on the importance of physical office space in accommodating the Millennial and Gen-Z consumer.

By Mariah Brown | GlobeSt| March 10, 2020 

Commercial landlords swept up in coworking and open office trends have not lost sight on the importance of physical office space in accommodating the Millennial consumer. Architects, landlords, and tenants alike note that Millennials, as well as their younger cohort Gen-Z, are more transient than previous generations and because of that need flexible work accommodations. However, both groups also desire an office setting to plug-in for longterm career confidence, according to a recent Deloitte survey on workplace flexibility.

According to the survey, 89 percent of respondents said that a traditional work setting is essential for advancing their careers. And landlords have no choice but to get creative in its office offerings to not only compete with coworking companies but as well as other office landlords for corporate tenants that are competing for young professional talent. “Regardless of the location, all office occupiers are in a race for talent and require a quality work environment that maximizes work productivity,” Will Caitlin, managing director and senior partner of Boston Realty Advisors, tells GlobeSt.com.

According to a recent GlobeSt.com article, In the office market, companies are meeting the demand for a seamless experience to attract and retain talent, or rather companies have been forced to comply, Jolanta Campion, director of research for San Diego at Cushman & Wakefield, tells GlobeSt.com.  “Attractive, amenity-rich real estate is one of the ways companies are able to attract talent in this highly competitive market,” Campion said.

To keep up with the changes for office space, Millenial and GenZ groups have been drawn to traditional office spaces that aren’t your regular real estate and have a live-work-play mentality in mind. “These younger generations typically offer vibrant energy and drive, an existing and future talented labor pool and therefore potential job growth and economic expansion, new ideas and concepts that are helping shape and advance the region,” Campion said.