0 Boston Office Market is Positioned for Continued Growth

The Boston office and retail market is expected to continue its upward march.

Boston office market trends

Credit: multihousingnews.com

According to an editorial on MultiHousingNews.com, “developers completed approximately 4.2 million square feet of office space over the last 12 months as compared to merely 1.4 million square feet in the previous year. Around 5.2 million square feet currently under construction in the metro area is expected to come online throughout 2016. According to Marcus & Millichap, approximately 3.2 million square feet of office space is set for completion by the end of 2014—a 1 percent increase from 2013—with new inventory being heavily concentrated in the Boston/Suffolk County and Route 128 North submarkets.”

For a detailed indicator of the Boston office market direction, jump over to the MultiHousingNews website.

 

0 Office Buildings Planned Near Faneuil Hall

rendering of office space on Quaker Lane in Boston

Credit: The Boston Globe

Quaker Lane in Boston?  Must admit, some would have no idea where it is located.  Well, changes are coming.  This road is surrounded by the former Fidelity headquarters that was sold and is located near the intersection of Congress and State Streets.  The proposed plan is to add retail services on the ground for, renovate the offices above and add residential component.

From the Boston Globe:

“A Boston real estate firm is proposing to redevelop a drab cluster of office buildings near Faneuil Hall into a more modern commercial complex with restaurants, stores, hotel rooms, and residences.”

“Our plan is to rejuvenate the entire block through a mixed-use redevelopment strategy,” said Stephen Faber, executive vice president of Related Beal. “These buildings and this location present us with the opportunity to . . . create a real destination.”

0 Boston Office Market Maintains Strong Results for Landlords

Boston office building at 155 Federal Street in the Financial District

155 Federal Street

The Boston Office market continues to produce strong results for landlords.  The low rise Class A and Class B market in the Financial District continue to offer a value option to prospective tenants.

According to news site, news.gnom.es, “First quarter 2014 marked Greater Boston’s fourth consecutive quarter of positive absorption. The market also posted its highest four-quarter positive absorption total since 2007, with 3.6 million square feet absorbed from second quarter 2013 through first quarter 2014.”

The article quotes 542,000 SF of positive adsorption in Boston in the First Quarter. You can read the full article, here.