0 Verizon to Open Cambridge Co-Working Office Space

cambridge shared office space from Verizon

Credit: BBJ

Your phone provider could be your new office landlord. Verizon is dipping into the market by converting former telecommunication space to office space and partnering with Alley to run it.

From Bizjournals.com:

“Alley, powered by Verizon,” the new membership-only, 10,000-square-foot space in Cambridge is scheduled to open at the end of June at 10 Ware St. The facility served as a central office for Verizon (NYSE: VZ) that previously housed network and telecommunications equipment.

0 Cambridge Foundry Building on Rogers Street Eyed for Redevelopment

Foundary Building at 101 Rogers Street in Cambridge

Credit: Wicked Local

The City of Cambridge has plans for the Foundry Building at 101 Rogers Street.

According to an article on Wickedlocal, “the redevelopment plans call for five high-traffic “destination spaces,” including a redesigned lobby, a black box theater/assembly hall, a community room, a kitchen and a workshop and five flexible “interstitial spaces” with classrooms, multi-purpose rooms, studios, a gallery and a mix of nonprofit and for profit office space.”

You can read the full article on Cambridge.Wickedlocal.com

Available Office Space
Cambridge office space for lease

0 Analog Devices Moves ‘Innovation Lab’ to Downtown Boston, Triples office space

Oxford Properties 125 Summer Street is new home for Analog Devices innovation lab. Citing ease-of-access to public transportation as a key influencer in its decision to move to 125 Summer Street in Boston’s Financial District.

Analog garage cambridge

Credit: Bizjournals

From the BBJ:

Analog Devices Inc. is more than tripling the size of its startup incubator and emerging technologies lab in a move from Cambridge to downtown Boston — an expansion that will allow the Norwood-based multinational semiconductor company to hire an additional 80 to 140 workers for its emerging-technology group.

The [125 Summer St.] office provided the best mix of easy access to both the MBTA Red Line — a must for a company with roots at MIT, and an employee base that lives in Somerville and Cambridge — as well as what O’Doherty called the burgeoning startup culture of both downtown and the Seaport.

0 Boston Commercial Real Estate Market Ripe for Investors

Boston Skyline over the Charles

Credit: Commercial Observer

The Boston area real estate market continues to offer investors a relative bargain compared with other markets when you consider rents, office space availability, workforce, employment numbers, and new construction.

Commercial Observer lists out the top ten reasons why investors should keep their eye on the area:

  1. Office vacancy is the lowest it’s been since before the Great Recession.
  2. Office asking rents are the highest they’ve been since before the Great Recession.
  3. These higher rents include even Class B space.
  4. Job growth in the Boston region is exploding—just look at GE.
  5. And look at the biotechnology industry.
  6. Boston’s office landlords are upgrading existing spaces and adding relatively little new inventory.
  7. Eataly, etc.
  8. The hotel market is one of the nation’s hottest—and tightest.
  9. As for Boston’s multifamily market, it’s nearly impossible to find one with better fundamentals.
  10. The region remains a relative steal.

 

0 Co-working Office Space Portends Modern Commercial Real Estate

WeWork Boston

WeWork

It is clear, Co-working is a valuable resource when launching a company.  Depending on, in part your age, or size of your company, shared space is by far changing the traditional office environment. No longer are we a society of cubes and offices; we now have huddle rooms, phone booths, collaboration stations and quiet spaces.

There’s a variety of co-working options and environments available to applicable enterprises; for instances, at WeWork businesses can receive the following:

HOT DESK
A shared workspace in a common area. When you purchase a Hot Desk, there is no need to reserve a particular workspace in advance each day; you can come and go as needed and use any available desk.

This plan includes access to our digital Member Network, events, and services, 24/7 keycard access at your home location, as well as 2 monthly credits for reserving workspaces and conference rooms.

DEDICATED DESK
An assigned desk space in a large open area shared with other members. This dedicated space comes with a lockable filing cabinet for your personal belongings. Desktops may be set up and left overnight. This plan includes access to our digital Member Network, events, and services, 24/7 keycard access at your home location, as well as 5 monthly credits for reserving workspaces and conference rooms.

PRIVATE OFFICE
A fully enclosed, lockable office space. Your company can add on more offices as you grow. This plan includes access to our digital Member Network, events, and services, 24/7 keycard access at your home location, as well as monthly credits for reserving workspaces and conference rooms that correlate with your office size (minimum of 12 credits for a 1 person office).

You can read more on the Daily Free press website.

0 Mass Jobless Rate Dips to 15-Year Low

commercial development in Boston

Credit: Bizjournals

“Make it in Massachusetts”  Our economy is strong, companies are hiring, and we have achieved a new low; the lowest unemployment rate since 2001.

According to the BBJ, “Massachusetts’ total unemployment rate dropped to 3.9 percent in August from the previous month’s 4.1 percent — a new low that hasn’t been seen since 2001 — according to the state…Preliminary estimates showed the state gained 5,900 jobs over the month, the Executive Office of Labor and Workforce Development reported.”

Further details are available on the Boston Business Journal’s website, here.

0 Cambridge Office Building Slated for 145 Broadway in Kendall Sq.

Kendall Square office building

Credit: Boston Globe

The E. Cambridge office market will continue to grow with a 454,000 square-foot project from Boston Properties. Currently that market is just under 12M Square-feet of Class A project with vacancy under 5%.

According to the Boston Globe, “the Cambridge Planning Board next month will consider Boston Properties’ designs for a 454,000 square-foot, 19-story, office building at 145 Broadway. It’s the first phase of nearly 1 million square feet of new development that Boston Properties is planning on land it owns along Broadway and Binney Street in the booming biotech district. Later phases include more office space and a large apartment and condo building that would reach as high as 34 stories.”

Additional details are available on the Boston Globe website.

0 Boston Ranks Among Top Office Markets in U.S.

rendering of 130-140 northern avenue office building

Credit: Bizjournals.com

Boston ranks 6th nationally for office vacancy.

According to a report on the BBJ, “at 12 percent vacancy, Boston’s office market dipped by 1.2 percent year-over-year and was the sixth-tightest in the U.S., the report said. New York and Washington, D.C. ranked as the tightest office markets, each with 9.1 percent vacancy, followed by San Francisco at 10.2 percent and Seattle at 10.9 percent.”

Additional details are available on its website, here.

0 Cambridge and Kendall Square Office Rents Continue to Surge

In short, the Office market in greater Boston has rents continuing to surge upward with fewer available options. Kendall Square and select Cambridge neighborhoods lead the charge, with rents up 76% since 2010.

Chart of Boston office rent prices

Credit: The Real Reporter

From The Real Reporter:

Kendall has enjoyed the most dramatic surge in rents during the present economic boom, currently going into its seventh year, as local rents bottomed out in 2010 following the mortgage recession.  Other areas benefitting from current dynamics include most urban areas as well as the Western suburbs, including 9 West, buoyed by changes in Needham.

Vacancy remains at very low levels as 49,000 sf of positive absorption was balanced with 66,000 sf of new property completions, resulting in a slight vacancy uptick of 0.1 percent, to 5.5 percent.

0 Amazon Echo Speech-Technology Stems from Kendall Square

Amazon Kendall Square office space in Cambridge

Credit: Boston Business Journal

Did you know that Amazon’s Echo came from Cambridge?

From the Boston Globe:

The voice recognition technology in Amazon’s Echo is a key focus of the company’s Cambridge office…The high-tech brains that make it work come from [Rohit] Prasad’s team. He runs Amazon’s speech science efforts from the company’s Kendall Square office, overseeing the scientists, engineers, and data specialists who make the Echo something you can talk to.

The Echo is a critically acclaimed hit for Amazon. The canister-shaped device can turn on a smart TV, play your favorite album, or fetch the weather report, all by listening to your voice. And Amazon plans to add even more functions to its growing list.