0 Boston Takes 3rd on List of Largest Office Pipelines in the Northeast

145 Broadway Street in Boston

Credit: cpexecutive

The Boston office market continues to show strong development, with 4.5 million square feet of construction underway. Rent growth and job growth have also put Boston on the leader board.

Here’s what CPexecutive had to say on the Boston office pipeline:

A strong market dominated by its well-performing technology and life science sectors, Boston recorded a robust job and population growth—larger than Los Angeles or San Francisco. The market conditions bolstered construction activity, resulting in more than 4.5 million square feet of office space now underway. Completions stayed under the 3 million-square-foot mark in 2015 and 2016 and dropped significantly in 2017, when only 1.6 million square feet of office space were delivered.

The largest office development scheduled to come online is the Akamai Global Headquarters in Cambridge, Mass. The 19-story property will bring 453,768 square feet of office space to the market and will be located at 145 Broadway, in the heart of the city’s Kendall Square neighborhood. Boston Properties signed a 15-year lease with Akamai, the building’s sole tenant.

The full list of the ‘Largest Office Pipelines in the Northeast’ is available, here.

0 Boston Continues to Lure Large Corporate Tenants

121 Seaport

Credit: Courant

Boston continues to win large corporate tenants from our neighboring states.

In an article on the Courant, Alexion said “its headquarters would move from New Haven to Boston to support plans for growth…[noting] Boston will provide access to a ‘larger biopharmaceutical talent pool and a variety of life-sciences partners to further support future growth initiatives.’”

The full article is available on the Courant.

Related Office Space Listings
Seaport Office Space for Lease

0 Prioritize and Execute Technology Migrations Early in an Office Move

Unpacking boxes in new office

Credit: BBJ

Any move is stressful be it for you home or office. The office can’t work without computers connected to the web and phones. Make sure to plan so your team reduces down time and plans for alternative solutions.

Here are some standard office timeframe considerations to keep in mind, courtesy of the Boston Business Journal:

  • Most Internet Service Providers take 60 to 120 days to have their service installed and ready in your new space
  • Most phone vendors take 30 to 90 days for their part, especially if they need to install their own circuit
  • Ideally, furniture should be delivered and set up in your space a week prior to move-in to allow ample time for workstation setup
  • In other words, if you’re less than four months away from your move date and you haven’t taken a look at internet providers, it’s time to pick up the phone and pick up the pace.

 

0 600 ft. Boston Harbor Garage Tower Gets Green Light

The city of Boston gives the “Green Light” for Chiofaro’s 600 foot Harbor Tower project.

rendering of Boston harbor garage project

Credit: BBJ

Boston Harbor real estate

Credit: BBJ

From the Boston Business Journal:

The city-approved plan allows for a 600-foot tower at the site of the Boston Harbor Garage, a 1,380-space, 70-foot parking garage owned by Chiofaro, with 50 percent of the project site required to be open space. It also allows for a 305-foot, 22-story tower at the site of James Hook & Co. seafood restaurant on Northern Avenue, which would call for 30 percent of the lot as open space.

The plan covers 42 acres of downtown waterfront — of which about 22 acres is filled tidelands, while the remainder is the harbor — and 26 separate land parcels. The public process to develop a planning vision for the waterfront began in 2013.

0 Winthrop Sq. Tower Casts Shadows on Boston Common

Winthrop Sq. development in downtown Boston

Credit: Boston Herald

Should the shadows make way for the Winthrop Square tower, or should the law enacted in 1990 and 1992 hold the line? This will have a direct impact on the Boston Common and Boston Public Garden.

From the Boston Herald:

Laws enacted in 1990 and 1992 dictate new buildings in that area only can cast shadows over the parks during the first hour after sunrise or before 7 a.m. — whichever is later — or the last hour before sunset.

The tower is expected to cast new morning shadows for as long as 90 minutes on the Common and 29 minutes on the Public Garden. No shadow would be cast past 9:25 a.m. on the Common and 8 a.m. on the Public Garden.

“Based on this data, we believe the project’s many benefits more than compensate for the shadow cast over the Common and the Public Garden,” Millennium partner Joe Larkin said. “We continue to welcome dialogue with all concerned parties and remain confident that a mutually agreeable resolution of this issue will be achieved.”

0 Boston Class A Towers Experiencing Vacancy

Office space on Huntington Ave. in Boston

Credit: BBJ

What Boston Class A towers are experiencing vacancy in the midst of a strong office market?

According to the BBJ, “many professional services firms are leaving the more traditional high-rise for gleaming new offices — most often on lower floors — in Boston’s Seaport District. And the wave of technology tenants taking their place aren’t interested in paying top dollar to take over high-rise leases. Rather, they have shown a preference to live, work and play at the center of a buzzing urban neighborhood…That’s increasingly left Boston with multiple towers with blocks of high-rise vacancy, as space closer to the ground gets ever more unavailable.”

The BBJ article further notes, “at the end of March, vacancy in high-rise offices (floors 23 and above) in the Financial District was at 16.3 percent, compared with 10.9 percent in mid-rise space (floors 13-22) and 7.4 percent in low-rise floors (1-12), per Cushman & Wakefield research.”

More information is available on the Boston Business Journal’s website, here.

0 What 10M Driverless Cars by 2020 Means for Real Estate Development

Driverless car rendering

Credit: TheRealReporter

Boston will change significantly with the introduction of driverless cars. Do you expect to own a Level 4 driverless car in the next 10 years?

According to The Real Reporter, “Level 4 cars park themselves, they don’t need nearly the space for error as humans do, and don’t need space for passengers to exit from the sides. As landlords’ see their tenants’ workers go increasingly autonomous, it may make sense to proactively create areas or structures to more efficiently offer car storage than the traditional 150 space per acre parking lot…The autonomous revolution may quickly lead to a car-share model. This could rapidly change industry parking ratios –freeing land, in some cases, for more development!”

You can read more on the real estate impact of driverless cars on The Real Reporter, here.

0 Curbed Lists ’10 Buildings That Tell the Story of Boston’

200 clarendon st. back bay

Credit: 200clarendon.com

For those history buffs of Boston buildings and architecture here is the top 10, according to Curbed Boston.

1. Faneuil Hall
1 Faneuil Hall Sq
Boston, MA 02109

2. Massachusetts State House
1 Ashburton Pl
Boston, MA 02108

3. Park Street Station
Park St.
Boston, MA 02108

4. The First Triple-Decker
10 Crowell St.
Dorchester Center, MA 02124

5. The Custom House Tower
3 McKinley Sq.
Boston, MA 02109

6. The Pru
800 Boylston St.
Boston, MA 02199

7. City Hall
1 City Hall Sq.
Boston, MA 02201

8. Logan Air Traffic Control Tower
Boston Logan International Airport (BOS)
Boston, MA 02128

9. 200 Clarendon
200 Clarendon St.
Boston, MA 02116

10. The Ritz-Carlton Residences
10 Avery St
.
Boston, MA 02111

0 Boston Among Top Hubs for International Investment

Boston skyline

Credt: Bisnow

Since I am from Boston, I am clearly biased in thinking that this is The Hub. Boston has a wonderful cross section of talent and disciplines that make our collective community diverse as we compete in the public theatre.

This also holds true in real-estate and investment activity, according to a report from real estate firm JLL, “which ranked Boston 14th in the world, and fourth in the U.S., in terms of international investment activity in the last three years, relative to its size.”

“JLL listed Boston among a number of small to medium-sized cities in the U.S., Europe, and Australia with strong infrastructure and talent-driven economies that have become popular with foreign capital, as prices have surged in the most expensive big markets. Those cities have doubled their share of global real estate investment over the last decade.”

You can read more on the Boston Globe.

0 Boston Office Space Closes Out 2015 with Peak Rents

office rent prices in Boston over the past few years

Credit: B&T

According to our research office rents will continue to grow through 2017 within the greater Boston market.  On top of that, construction costs continue to climb while tenant improvement dollar’s decline and rent abatement all but disappears.

From Banker & Tradesman:

Rents in Class A downtown office towers jumped 7.4 percent in 2015, with a nearly 4 percent jump in the last three months of the year, according to Lisa Strope, New England research director for JLL.

Leasing activity downtown leaped 18 percent during the fourth quarter.
The average rent for top-shelf office space in Boston ended 2015 at just under $61 a square foot, up from $52 at the end of 2013.

“Suddenly downtown is looking good to a lot of people,” Strope said.