Credit: Boston Business Journal
So what does $2.3B look like in the City of Boston? We’ll soon find out. The BRA has just approved seven new projects collectively totaling $2.3 billion.
The Boston Business Journal published a gallery showcasing each of the seven projects. You can view the gallery via the following link: BBJ Slide Show.
Credit: Wikipedia
When thinking about your next office do you care to be in one of Boston’s top 25 largest buildings? Number one is the John Hancock with a total of 1,755,400 rentable square feet that is owned by Boston Properties.
The Boston Business Journal has posted its list of the top 25 largest office buildings in Greater Boston. You can download a pdf containing the complete list of the largest office buildings in greater boston, courtesy of the BBJ.
The office market is strong within greater Boston and hasn’t this active with positive rent growth and absorption since 2007. This is due to a couple of components; flight to quality, migration to Boston from suburban markets, new companies entering the market and companies within Boston expanding.
The Boston Business Journal notes, the strength of the market; “greater Boston’s office market achieved more than 2.8 million square feet of positive absorption last year, the strongest showing since 2007”
Specific areas of growth in the Boston office market are detailed on the Boston Business Journal’s article, here. Alternatively, follow the link to preview available office space for lease in Boston.
Yes, our city as we know it is changing and by that, I mean growing. With 22 developments starting in 2012 we can expect to see 2,500 construction workers taking to the streets to build new offices and homes. So, take time to let them in our out of traffic so our city can continue to grow and prosper.
A report in Banker and Tradesman notes that “in 2012, projects broke ground in Allston/Brighton, Charlestown, Chinatown, the Innovation District, Jamaica Plain, the Longwood Medical Area, Mattapan, Roxbury and South Boston. These projects have housing, hotel, athletic, municipal, office and retail uses.”
Related Office Space
Available Commercial Real Estate in Boston
The Class B market in the Financial District continues to see trades. 11 Beacon Street is the next one to hit the market after being acquired in 2010.
According to the Boston Business Journal, “the 92-year-old building was purchased by Divco in 2010 for $16 million and the firms said it has spent $4.9 million in capital improvements. The city has assessed the 12-story building at $20 million.”
For more information on the sale of 11 Beacon Street, jump over to the Boston Business Journal’s website.