What is going on over there? That is one question that gets asked time and time again about commercial developments in Boston. Looking to track the Hub’s developments? Now there is an App for that.
According to the BBJ, “Boston residents will be able to track local projects, find meeting times, and submit online feedback through a new online forum hosted on Boston’s Department of Neighborhood Development website and at CoUrbanize.com. The move, the city said, would increase transparency in the development process for city-owned land and city-funded housing developments…The city of Boston is using the CoUrbanize platform to catalogue information about city-owned land and buildings available for development, in addition to collecting information about affordable housing developments in which the city has an investment.”
Simply put, you know when your business should move into a more formidable space when your business demands it. This might mean annual cost or it might mean image, either way understand what is important to your organization and what amenities are necessary; cost is not always the driver.
Entrepreneur.com offers some general guidance for Boston businesses on the move:
“First, you’ll need to interview several real-estate brokers who have experience in the area where you’d like to rent. Second, identify exactly how much space you’ll need now and in the near future. Factor in growth, but be realistic in your estimate and don’t take on much more space than you need. Then you and the broker can begin looking for spaces that meet your space requirements, budget, location and office layout. Once you find a space you’d like to lease, then you should hire a real-estate attorney to review the agreement.”
The Boston office and retail market is expected to continue its upward march.
According to an editorial on MultiHousingNews.com, “developers completed approximately 4.2 million square feet of office space over the last 12 months as compared to merely 1.4 million square feet in the previous year. Around 5.2 million square feet currently under construction in the metro area is expected to come online throughout 2016. According to Marcus & Millichap, approximately 3.2 million square feet of office space is set for completion by the end of 2014—a 1 percent increase from 2013—with new inventory being heavily concentrated in the Boston/Suffolk County and Route 128 North submarkets.”
The Town of Needham is experiencing a boom in development. With an abundance of newly-constructed office buildings in Needham, recent zoning changes as well as the state’s add-a-lane highway project –- which will include on- and off-ramps for Route 128 at Kendrick Street -– Jeremy Freid, a partner in the suburban arm of Boston Realty Advisors, believes said change will send positive signals to the business community.
“The biggest boon to Needham Crossing came in late 2012 when TripAdvisor agreed to move its headquarters there after Needham Town Meeting approved $1.8 million in tax breaks for the company in exchange for construction of a new headquarters and the hiring of 250 additional employees over five years. The new headquarters is slowly coming to fruition. Its steel frame is already up, and the project is moving toward a 2015 completion date.”