Commercial real estate in Boston ranks forth in vacancy rates among U.S. office markets.
“According to new data from leading real estate company CB Richard Ellis, vacancy rates fell in 10 out of 13 of America’s largest office markets in the second quarter, with Houston and Boston charging the decline,” an article on ipinglobal.com states.
Credit: ipinglobal
The original article and additional analysis is available on ipinglobal’s website
Photo Credit: Wikipedia
Boston in the eyes of our kids is much different than our own. I had the benefit of a field trip with my first grader, and he has fallen in love with the swan boats in the public garden. Cranes, cranes and more cranes. “Dad what are they building over there?” This seemed like a constant question now, but when we look back 5 years, who knows what will have already been transformed.
Craig Douglas of the BBJ aptly articulates the blend of modern and historic elements that’s germane to Boston:
“What is most amazing about Boston is the fact that it is all so new. Cranes and work crews are everywhere, as are restaurants and hipster worker bees. New glass. New granite. Green space galore. Clean causeways and spit-shined store shingles, all this in a near 400-year-old city.”
The full article is up on the Boston Business Journal’s website: Boston – something to behold
Photo Credit: Jim Mahoney, Boston Herald
The Seaport continues see plans for growth; the latest up to bat is a 1,500-room hotel across the street from the Convention Center. This project isn’t expected to deliver to the market until 2017.
“The project would create a ‘headquarters hotel’ for the convention center and is crucial to plans to expand the center by 60 percent, which the state Legislature could consider later this year, said James Rooney of the Massachusetts Convention Center Authority,” a Boston Herald reports.
You can read more on the the HQ at the Seaport’s BCEC on the Boston Herald’s website
Credit: The Boston Globe
How much is too much to pay for parking? Moreover, what would you pay to own a parking spot in Back Bay? The answer, it seems, is a lot. And for the right buyer with an eye on convenience, perhaps it’s the right fit.
An article on the BBJ noted that a pair of tandem parking spots at 298 Commonwealth Ave. in Boston’s Back Bay recently “set a record for the highest price ever paid for a strip of asphalt…[when] bidding at the IRS auction began at $42,000 and soared to $560,000 within 15 minutes.”
The post on the Boston Business Journal also included a list of the most expensive parking spaces in Boston.
Photo Credit: The Boston Globe
The Financial District in Boston sees another Class B trade; the lucky bidder was TIAA-CREF. Now all eyes move to 50 Congress Street as final bids are due next week.
An article today on The Boston Globe’s website, reporting on the sale of 40 Broad St., notes the larger trend, “prices on high-end commercial properties in Boston have shot up since the end of the recession. In January, the 12-story tower at 11 Beacon St. fetched $34.9 million — just three years after it sold for $16 million. Late last year, the rehabbed 11-story building at 2 Oliver St. went for $52 million. Its previous sale two years earlier was for $10 million.”
Follow the link to read the Globe’s full article on the sale of 40 Broad St.
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Office Space for lease in the Financial District
Photo Credit: Boston Redevelopment Authority (via BBJ)
The North Station submarket area could be home to more than our beloved Celtic and Bruins. This project would bring more than just sports fans to the area, it would add 1.7 million square feet of office, retail, and residential space to that area.
According to a Boston Business Journal report, “a joint venture of Boston Properties and Delaware North Cos. have filed plans to build a pair of office and residential towers on Causeway Street next to the MBTA’s North Station…the 1.7-million-square-foot mixed-use development to be built on a 3-acre parcel will feature up to 300,000 square feet of multi-story retail space, 500 residential units in a 600,000-square-foot tower, a 200-room hotel, an office tower containing 600,000 square feet of Class A office space and 800 underground parking spaces.”
To read the full article, continue on to the Boston Business Journal online.
281 Summer St. in Boston’s Seaport
The Seaport continues to attract new construction in different production classes. Apartments and a hotel is the newest looking for approval.
The BBJ notes, “Madison Properties is seeking approval for a 22-story apartment tower that would include a 12,900-square-foot lobby with retail, and innovation space. The apartments would be a mix of studio, one-, two-, and three-bedroom units and parking for 132 vehicles.”
For more information on the proposed development, follow the link to the Boston Business Journal’s article: Seaport Apartments Proposed
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Available Office Space for lease in Boston Seaport
Photo Credit: Banker & Tradesman
Another building trade is scheduled to take place in Back Bay.
Banker & Tradesman reports, “Sunstone Hotel Investors Inc. will buy the Boston Park Plaza Hotel & Towers for $250 million from an ownership group that includes Donald Saunders and Rockpoint Group…During the company’s anticipated 2013 ownership period, Sunstone expects the hotel to generate between $6.5 million and $8 million of hotel net operating income. Highgate Hotels will continue to manage the property.”
Follow the link to read the Banker & Tradesman article on the sale of the Boston Park plaza.
Office Building at 101 Arch St, Boston
The Boston office market continues to see a reduction in vacancy alongside increased pricing.
A Boston Business Journal article specifies, “every Boston submarket with the exception of the Back Bay saw the vacancy rate fall as tenants leased 1.2 million square feet of office space from January through March with 354,457 square feet getting absorbed. Citywide, the overall vacancy rate dropped to 10.3 percent in the first quarter, down from 12.6 percent a year ago.”
For additional details and submarket specifics, head over to the BBJ online.
Related Commercial Real Estate Listings
Boston Office Space Available for Rent
We have seen the largest decline in vacancy rates in Boston since 2009, to just below 10 percent.
Banker & Tradesman breaks down a recent report from Colliers International, noting, “the first quarter represents the eighth consecutive quarter of positive absorption in the Boston market. The downtown submarket was the tightest space in the city, with a 12.7 percent vacancy rate at year-end. The Financial District was primarily responsible for the solid results with 278,000 square feet of positive absorption, followed by the Seaport at 125,000 square feet.”
The full article is posted on the Banker & Tradesman website.