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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Why are office building measurements getting redefined? In short, buildings are creating more common areas and outdoor amenities to accommodate today’s tenancy. The changes put forth this past October by the Building Owners and Managers Association (BOMA) International are designed to account for the way young talent is seeking out and utilizing outdoor space – like rooftop terraces, balconies, etc.
From Seeking Alpha:
“The 2017 standard really reflects the changes that are happening in the marketplace,” BOMA International Chair Rob Brierley told VTS. He’s also an executive vice president at Colliers Boston. “There has been such an increasing demand for well-appointed exterior amenities like balconies, covered galleries and finished rooftop terraces. If the tenant is taking advantage of it, the rationality is they should also now include it as part of the rentable square footage… It’s a more clear and accurate representation of how tenants are actually using space.”
“Over the last decade, the amenity packages that folks are asking for is changing so quickly,” Brierley added. “Today if you don’t have a roof deck or patio, you’re definitely at a disadvantage in many ways…. The reality is if you go out to any building that has a patio or roof deck, everybody’s using it. It’s not just the millennials. It really has been an extension of their respective offices, which is one of the reasons this change has occurred.”
Image CreditL Boston Magazine
It doesn’t depend whether you are a regular in Boston or a tourist, getting around can be time consuming. Boston Harbor Cruises is positioning themselves to enhance their service offering by adding more water shuttle and taxi services throughout Boston Harbor. Most notably from North Station to the Seaport.
A lyrical snapshot from Boston Magazine describes the company, noting “Boston Harbor Cruises was founded in 1926, with a single boat rented by a West Ender named Matty Hughes, [Alison] Nolan’s great-grandfather. He offered sightseeing cruises along the Charles, coaxing his neighbors off the sweltering stoops of their apartment buildings for a cool trip up the river. The boat rides, which cost 10 cents, were a welcome treat on a hot day, even though the waters reeked of sewage and trash. Somehow, the filth didn’t stop Hughes’s new business from growing. He expanded his fleet and set up shop on India Wharf in the 1940s, adding tours to an even less desirable spot—the sludge-filled depths of Boston Harbor. If customers could brave the stench, they’d kick back while chugging past scenic landfills, including the one that used to be on Spectacle Island.”
Boston Magazine’s profile of Boston Harbor Cruises is available, here.
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 has been innovating for centuries. Its prowess, formulated with the race to build the first underground community powered by electricity, laid the groundwork for innovation to come.
As noted by PBS, “it was Boston — a city of so many firsts — that overcame a litany of engineering challenges, the greed-driven interests of businessmen, and the great fears of its citizenry to construct America’s first subway.”
You can read more on this historical feat on PBS.org.
Credit: Boston Herlad
Self-driving cars, who’s technology in part is being created and tested in Boston, will offer the nearly 2 million individuals with disabilities new employment opportunities.
From the Boston Herald:
In a study released by the Boston-based Ruderman Family Foundation last week, researchers found self-driving cars would dramatically improve the lives of disabled residents by making it easier and cheaper for them to travel — especially to and from a job.
“Approximately 2 million individuals with disabilities would have new employment opportunities,” the study said. “New transportation technologies have the potential to help those with disabilities enjoy the activities that those without disabilities take for granted.”
Credit: Boston Globe
There is no easy ride for the self-driving car industry. Legislation is looking to dramatically put the brakes on this.
A recent Boston Globe article noted Representative Tricia Farley-Bouvier, a Pittsfield Democrat, and Senator Jason Lewis, a Winchester Democrat unveiled “a measure that would set statewide rules for the testing and use of autonomous vehicles…Among other provisions, the bill would mandate that all self-driving cars weighing under 8,500 pounds be zero-emissions vehicles, and require their operators to pay the state 2.5 cents for every mile they travel. Only freight and emergency autonomous vehicles could drive more than a mile without a passenger.”
Additional details on the battle between self-driving auto producers and state legislators is available on the Boston Globe.
Credit: The Daily Astorian
The roster of footwear brands with a headquarters or significant presence in Boston is vast and celebrated:
- New Balance
From The Daily Astorian:
“These companies cluster because they’re primarily looking for talent. You want to be where the people are,” said Matthew Powell, a sports industry analyst for the NPD Group, a New York-based market research firm. “They’re also trying to stay close to their consumer. Millennials are clustering in large cities, so it’s a great way to be plugged into where your consumer is.”
The moves also affirm New England – historically the nation’s footwear-making region – remains a viable center of the industry, said Nate Herman, a senior vice president at the American Apparel & Footwear Association trade group.
Greater Boston offers a platform that is unrivaled for emerging companies compared with other U.S. cities. 56 leaders from Massachusetts will be headed to Israel to promote Boston as the hub for business’ ecosystem. The leaders cover education, government, cyber security, digital health, venture capital and other business’.
According to the Boston Business Journal, “the summit is the marquee event of the Economic Development Mission to Israel Gov. Charlie Baker announced in September, his first overseas trade trip since taking office. By showing off two of the state’s thriving industries, the delegation aims to convince expanding Israeli tech companies to choose Boston as the location for their first U.S. headquarters.”
Additional information is available on the BBJ website, here.
What does Boston offer that no other city does? The largest paychecks. Boston outpaces NYC and San Francisco based on a recent report published by Indeed, quoting average salaries for software developers.
From the BBJ:
Boston software developers earn an average annual salary of $95,047, higher than any other tech hub in the country, according to the 2016 Tech Salary Report published last week by job search firm Indeed.
The position is the only tech role where a city in the northeastern U.S. places first, according to Indeed. Boston outpays New York City, where software developers earn an average salary of $88,581, and San Francisco, where they earn $81,502.