0 Faneuil Hall and Quincy Market: Marked for an Overhaul

Faneuil hall and quicy market in downtown boston

Credit: ABCNews

Faneuil Hall is set for change.  Ashkenazy Acquisition Corp will be looking to convert some of the office space to a boutique hotel in the South Market Building.

From ABCNews:

“Quincy Market, the granite-columned marketplace just behind red-brick Faneuil Hall, is part of one of the world’s top tourist destinations, attracting visitors seeking a taste of revolutionary history and a cup of New England clam chowder…after four decades, the market’s operator says Quincy Market — along with the two brick buildings along either side that house office space and retail chains — is past due for an overhaul.

“Among its early plans are transforming existing office space in the South Market building into a new, 180-room boutique hotel; installing the Japanese clothing retailer Uniqlo on the top floor of Quincy Market; and redesigning the building’s crowded food court with more open space, sit-down restaurants and, possibly, moveable bars. Along the marketplace’s familiar cobblestone paths, the company wants to possibly introduce ping pong tables, shuffleboard and performance spaces for live music and poetry and book readings.

0 Boston Innovation District Multiplies

Boston Mayor Walsh announces 'Neighborhood Innovation District Committee'

Credit: BBJ

Innovation is moving beyond the Innovation District according to Mayor Walsh.  This is a great example of taking what has worked and duplicating it in other communities.

The BBJ observed that “Mayor Martin J. Walsh announced on Friday the formation of a ‘Neighborhood Innovation District Committee’ with one purpose: to expand innovation within the city of Boston. A news release states the Neighborhood Innovation District Committee ‘will seek to identify policies, practices, and infrastructure improvements to support the development of innovation districts throughout the city.'”

Additional information on the Innovation District Committee are available on the Boston Business Journal.

0 Open Office Experiment in Boston Fosters Inclusion and Collaboration

open office space in Boston

Credit: Harvard Business Review/hbr.org

Looking for a new office?  Thinking you simple want private offices because that’s what you have always had?  Well, have a look at how that has changed for some companies.

According to the Harvard Business Review, a working ‘office experiment’ was carried out by The Bridgespan Group in its Back Bay offices, to determine what impact an open, shared workspace would have on employee collaboration and production. The HBR article includes the following:

At the end of our design lab, we handed off to our architects a “radical” plan which they built out over the next few months.

It included:

  • an open café, where staff bump into each other making coffee, or making sandwiches and catch up or take care of business
  • a “laboratory” space with tables, sofas and white boards at the heart of the office, where teams meet and discuss work previously done in closed conference rooms
  • a large, closed-off library space with lots of natural light that we call the “quiet car,” where people can work without interruption
  • several small comfortable seating clusters throughout the office for small-group conversations
  • a bank of small private rooms for people to use when they truly need privacy for meetings, phone calls, or individual work–but no private offices even for the most senior staff
  • sitting and standing work stations where people can park themselves day-to-day
  • glass-walled conference rooms so most meetings are seen by everyone, even if they aren’t heard
  • background noise masking, so that conversations in the open are heard as mild hubbub rather than distinct, distracting words
  • lockers in which staff can keep personal items

Six months in, we continue to be amazed at how differently we work in the new space and how much the spirit of our office has changed. We used to make appointments to see each other; now, we often just run into each other, and all kinds of new ideas emerge from these unplanned collisions of two or three or four people….Formal meetings are routinely held in the open areas, where it’s easy to bring in someone else on the spur of the moment—just because they’re passing nearby, or sitting in view.

0 ‘Get Paid While You Wait’ in Boston Real Estate

extra office space in boston for rent

Credit: Kinglet

If we’ve heard it once, we’ve heard it a thousand times: A company has outgrown its space and they’re growing. Fast. But, how much space will they need a few years from now is anyone’s best guess. Unfortunately, guessing games won’t cut it. Guess too low and they’re moving again in no time. Guess to high, giving them room to grow, and they won’t be able to afford the rent today.

Countless businesses have sprouted up to solve this challenge. The solutions include incubators and hubs, as well as daily and even hourly rentals, including relative newcomers LiquidSpace and Breather.

There’s another approach that’s picking up steam. Instead of downsizing, a host of new startups have enabled emerging companies to super-size their office space. Companies like PivotDesk and Kinglet, available only in Baltimore for now, help organizations rent out their extra desks, on a month-by- month basis.

While PivotDesk and competitors are still new, the approach isn’t. In fact, in the investing world, it’s an age-old approach known as dividend investing. And fans of this approach aptly refer to it as the “getting paid while you wait” model. Meaning, you buy the stock today and get paid a dividend while the stock slowly grows in value. In the office space analogy, you may only need 2,500 square feet today, but instead, go for 5,000 square feet and rent out the empty desks until you need team.

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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 Ranks 2nd in Tech Employment, VC Funding

office space on JFK blvd in Cambridge MA

Office building at 30 John F Kennedy Boulevard, Cambridge

The greater Boston market is strong for tech jobs and VC funding into tech company.  When clients as why the rapid rent growth from 2010 to now?  Supply and demand to the absorption by venture backed tech companies.

According to a report in the Boston Business Journal, “Boston with its more than 145,000 tech jobs trails only Silicon Valley in terms of total high-tech employment, noting that Greater Boston experienced a 4.3 percent growth in high-tech jobs over the year. Silicon Valley had year-over-year tech-related job growth of 5.2 percent and employed a little over 213,000 people in the industry, the report noted. But the results aren’t much of a change from last year’s report, which stated that the Boston area was No. 2 in terms of tech jobs and No. 4 in venture funding…The Boston area also scored big in venture funding during the second quarter of this year, accumulating a total of $441.6 million in funding during the time period, according to the report. San Francisco, Silicon Valley and Manhattan all snagged more venture capital funding than the Boston area.”

The full article is available on the BBJ website.

0 State Requests Proposals for Parcel 13 in Back Bay

Back Bay Boston office space

Credit: BBJ

Is now the time for Parcel 13?  Well yes it is. Between residential, retail and office developments there is strong demand for more new development projects. Our city population continues to grow along with our daily workforce population.  More companies are seeking locations that allow their employees live, work play environments that don’t include driving, but rather rely on public transportation or models like ZipCar and HubSpoke.

From the Boston Business Journal:

Known as Parcel 13, the site represents 54,500 square feet of air rights over the Massachusetts Turnpike, adjacent to the MBTA’s Hynes Convention Center Station on the Green Line. State officials say the site will accommodate up to 320,700 square feet of development that could include a mix of housing, dorms, retail and hotel uses.

0 Boston’s Highest-Valued Commercial Real Estate, According to Uncle Sam

Hancock tower office building in Boston

Credit: BBJ

We all look up and see new office towers in Boston and an abundance of high-priced commercial real-estate, but what are they taxed for all of that luxurious space? According to the BBJ, “the city’s commercial tax rate is $31.18 per $1,000 of assessed value, down from $31.96 last year. For fiscal year 2014, which ended June 30, the city collected $1.1 billion in commercial tax levies. The assessed value of a property does not always reflect the actual value since the data is lagging. For example, One Beacon, the 34-story tower at the edge of the Financial District, recently sold for $561.5 million, but is assessed at $341 million.”

A slide show exhibiting Boston highest-taxed buildings is available on the BBJ, here.

0 Abstract Art Showcased in front of 225 Franklin St.

There is some new artwork in the Financial District across from the Langham Hotel.  Ab Initio, created by Brad Howe.  His work from 2011 to present can be found, here.

225 Franklin Street sculpture

Credit: BBJ

The Boston Business Journal notes, “the stainless steel work, titled “Ab Initio,” a Latin phrase meaning “from the beginning,” was created by Brad Howe, a native of Brazil who lives in California. It features splashes of black and red color as well as holes that allow pedestrians to see through it…’The holes enable you to look through so they can engage the city from more than one standpoint instead of something that is solid and blocks the view'”

Click through to the BBJ to read additional details on the work.

0 Boston Occupancy Grows in Q2

office space in BostonOver the 2nd quarter of 2014 the greater Boston office tenant gobbled up 25,555 RSF per day.  Not just week days, but weekends included, which dropped our vacancy to 16.3 percent.  What does that mean in building size?  2 Prudential Towers of activity.

From BostonSF.com:

“The amount of capital looking to be deployed in the Greater Boston market is abundant and aggregate sales volume is on pace to be the highest level since 2007.”