Two years to three months. This is that the lead time TAMI [technology, advertising, marketing and information] tenants are working with when they are in-market, looking for office space. Given this, Landlords needs to offer spec suites for immediate occupancy to accommodate the market opportunity.
Here’s a remark from Colliers International Executive Vice President Kristin Blount in Bismpw, on the velocity of current real-estate transactions:
“Tenants used to be in the market way far in advance of a lease expiration or their renewal notice time period,” [Colliers International Executive Vice President Kristin Blount] said. “Because their business is changing more rapidly than before and the newer kind of TAMI [technology, advertising, marketing and information] tenants make up a lot of growth, the speed to market and need to move quickly is something that is really important to them.”
Additional information is available on Bisnow’s website, here.
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• Available Office Space in Boston
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Credit: Boston Business Journal
What does the shorter Winthrop Square tower now look like?
According to the Boston Business Journal, the refined Winthrop Square tower will include the following:
- 500 residential units;
- 750,000 square feet of office space;
- 21,000 square feet of publicly accessible meeting space;
- 21,000 square feet of restaurant/retail space;
- 115,000 square feet of affordable housing that could be built in Chinatown in collaboration with the
- Asian Community Development Corp.;
- Two exterior green roof spaces; and
- Capacity for 550 vehicles in five levels of underground parking.
The update follows an ongoing discussion around the impact of the shadows cast onto the Boston Common given the tower’s height, orientation, and location.
Class A landlords are continuing to update and upgrade their assets to address the evolving needs of today’s tenant. The 402-foot, 41-story Class A tower at One Post Office Square was built in 1981 and is 832,000 rentable square feet with a typical floor plate of 18,221 square feet.
Credit: Banker and Tradesman
A recent Banker and Tradesman article speaks to the proposed transformation, noting the office “tower in Boston’s Financial District will get a new glass facade, a roof deck and terraces and an illuminated rooftop glass “lantern”…On the lower levels, a three-story glass pavilion will add 52,100 square feet of retail space and an 8,800-square-foot restaurant…An 18-story addition replacing the existing garage on Oliver Street would [also] contain automated parking and additional office space.”
Click on the link for additional information on the One Post Office Square renovation on B&T’s website.
Should it be built or not? Will it cast a deep shadow? Is too much being made of this issue or are not enough people rallying behind the drive to maintain a view of the sky?
From the New York Times:
Boston is riding the crest of what city officials say is the biggest building boom in its history, with cranes lifting glassy towers into place and raising the city’s unassuming profile. The surge of construction is also plunging some of its most cherished sites into deepening shadow, testing state laws that have long balanced economic development with protection of sunlight and open space.
The concern is not merely about preserving a glimpse of sky in the increasingly vertical downtown or about the risks of darkness to plants, historic buildings and even humans. It is also about whether the city is going down a road of no return by trading away, one piece at a time, its intangible assets, like sunlight on its signature parks and public access to its gleaming waterfront.
Will the Boston skyline elect to push heights in the upcoming years?
“Going higher is a fix to a lot of different things, from the housing shortage to taking the heavy load off the freeways into our city,” Perry Brokerage Director of Intelligence Brendan Carroll said.
Despite claims it has reached peak prices, Boston is still the third-most expensive city in the U.S. to rent. It has a cost of living nearly 40% higher than the national average, and low supply is keeping prices high. Cities around the world are in similar situations and have taken to building up as a way out of housing crunches.
Some tenants now use a model where they lease less space and rely instead on on-demand conference room and meeting space. This model changes the square foot requirements per office worker, and has become a great resource for small to mid-sized office tenants.
These shared office spaces provide “temporary meeting space, conference rooms and event space to companies that would traditionally have leased or rented that space through their landlord. The goal is to offer employers a temporary solution on a need-by-need basis, giving office occupiers more flexibility to pursue cost-saving initiatives such as shrinking their square footage.”
One of the reasons these third-party space providers are gaining popularity within the industry is because they offer more than mere space — they provide hospitality services and create an experience that users would not otherwise get.
Boston Mayor Marty Walsh is pushing for the Winthrop Square Tower and is offering tighter restrictions on future tower developments as a concession.
Mayor Marty Walsh’s proposal would bar future developments (except Millennium’s) from casting a shadow over the Common, Public Garden and Back Bay’s Copley Square. The plan would also call for new zoning in the Financial District and Downtown Crossing. The shadow change also needs state approval by Gov. Charlie Baker and the state legislature due to the changes it would bring to the Massachusetts’ 1990 shadow law.
Back Bay could be getting some more height at 1000 Boylston Street from Weiner Ventures.
The parcel is a block away from the 254-foot Hilton Back Bay and 360-foot Sheraton North Tower as well as the 756-foot Four Seasons Hotel and Private Residences under construction. The 52-story Prudential Center tower is two blocks down Boylston. The complex would be on four different parcels, three of which are Mass Pike air rights plots.
If completed, 1000 Boylston will feature 182 apartments and 160 condominiums above a six-story podium composed of retail and parking. Its prominent location near the intersection of Boylston and Massachusetts Avenue is particularly complex due to the limited amount of ground the tower has for foundation.
Credit: Boston Globe
No change in height from the developer for Winthrop Square tower.
From Curbed, Boston:
The main bone of contention re: the development is its height, which will likely stretch to 775 feet. That has raised concerns about potential shadows that the tower might cast on the Common and the Public Garden.
Is Millennium considering cutting the height? No. We feel this project was holistically designed at its optimum size in response to achieving the goals that the city required for this public asset.
Credit: Boston Globe
Winthrop Square tower is being positioned as the last development to cast a shadow.
According to the Boston Globe, “the Walsh administration is willing to write tougher rules restricting the size of shadows that new buildings can cast on Boston Common, as long as there’s an exemption for Winthrop Square, said Brian Golden, director of the Boston Planning & Development Agency. That could effectively cap the height of future buildings in parts of Downtown Crossing.”
Additional details on the proposed skyscraper in Winthrop Square are available on the Boston Globe.