Category Archives: Cambridge Office Space

0 Cloud Computing’s Impact on Today’s Office Space

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Office space is used far differently today than 25 years ago. Production is no longer measured by how much time you log in a seat at your desk, but rather what is accomplished by the day’s end. Some jobs still require sitting in a specific seat — lab technicians and receptionists are the two that come to mind — but those restrictions are becoming less and less applicable to the majority of professions.  At our company we offer a wide variety of options for our team members, much of which is a direct result enhanced virtual desktops. Only a few years ago, you had to sit at your desk in order to access your computer and critical electronic files; now your electronic desktop can follow you.

co-working and shared office space infographic

Credit: MBACentral

An article from MBAcentral on coworking spaces observes “the changing nature of business and the workforce [noting] 4 in 10 U.S. workers…will be temps, freelancers or contractors, 8 in 10 Large corporations [are] planning to increase use of flexible workforce, Nearly 90% of businesses have already adopted some cloud computing. [and] 80% of companies offer flexible working arrangements, including telework.”

You can read the full article, here.

0 MIT Plans to Further Transform Kendall Square, Main Street

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Office building in Cambridge on 1 main st

! Main Street, Cambridge

Changes in real estate keep coming, now MIT is elaborating on its plans for 1 Main Street in Kendall.

According to the Boston Globe, “University officials this week presented additional details of their plan for a reimagined Main Street, with new towers, wider sidewalks, welcoming open spaces, and clear signals to visitors that they have landed at MIT and in Kendall Square. The presentation before the city’s Planning Board on Tuesday night provided an overview of the $1.2 billion redevelopment project, which calls for converting six parking lots into offices, research space, hundreds of units of housing, and more than 100,000 square feet of retail. The six new buildings near Main would rise up to 300 feet tall.” The Globe article further explains, “City planners were largely supportive of MIT’s plan, though in a memo they expressed concern about “the scale and bulk” of some of the proposed buildings, warning that they might overwhelm pedestrians. Several members of the Planning Board agreed that the buildings appeared too imposing; some also called for more middle-class housing. But the board did certify that the plan met zoning and design guidelines.”

You can read the full article on the Boston Globe.

Available Office Listings and Area Details
Kendall Square Office Space

0 What Does the Commute Cost Boston Drivers?

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Do you pick you job based on where you live or do you pick where you live based on your job?

According to estimates from the Boston Globe, “Boston-area drivers spent an extra 64 hours in the car due to traffic in 2014, a new study found. During that time, they burned an extra 30 gallons of gas and also lost time they could have been productive. It added up to an estimated $1,388 lost per driver…Boston ranked as the sixth worst major metropolitan area for traffic congestion.”

boston_commuters_time_in_car

Credit: Boston Globe

You can read the full article on the Boston Globe.

0 Cambridge Lab Space Leads US

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Kendall Square office space

Credit: BBJ

Great Boston leads the nation with the most expensive lab space.

According to the BBJ, quoting a Sciences Outlook report by brokerage JLL, “Boston and Cambridge are by far the most expensive life sciences markets to rent lab space in the United States…Greater Boston’s life sciences rental rates have climbed 7.4 percent this year to reach an average rate of $47.40 per square foot. In Cambridge specifically, the average lab rent is $51.60 per square foot, the report said. The report also said tenants are currently on the hunt for around 1.3 million square feet of space in the city.”

You can read the full article on the Boston Business Journal’s website.

0 Cambridge Office Space Still Leads the Nation

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Lab and office space in Cambridge and Kendall Sq

Credit: Boston Business Journal

Great Boston leads the nation with the most expensive lab space.

From the BBJ:

Greater Boston’s life sciences rental rates have climbed 7.4 percent this year to reach an average rate of $47.40 per square foot, outstripping other top markets including Raleigh/Durham, North Carolina (up 12.4 percent year-over-year to $19 per square foot); San Francisco (16.9 percent, $37.30); San Diego (15.5 percent, $29.90); New York/New Jersey (8.3 percent, $24); and Los Angeles (4.9 percent, $30.70)…In Cambridge specifically, the average lab rent is $51.60 per square foot, the report said. The report also said tenants are currently on the hunt for around 1.3 million square feet of space in the city.

0 Boston Office Rents up 7.6%

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1 broadway in kendall

One Broadway in Kendall Square (click for property details)

Fewer options exist on the Boston office market, and what is available is more expensive then previous quarters.  Combined with fewer concessions offered by landlords, local tenants are feeling the pinch.

From the Boston Globe:

Boston’s office market is hopping, according to reports issued by real estate brokerages Transwestern and Jones Lang LaSalle. Driven by strong employment gains and growing companies in need of additional space, rents are rising all across Greater Boston, up 7.6 percent in the last 12 months. Throughout Cambridge, there are just three vacant office spaces of 20,000 square feet or more on the market, and rents in Kendall Square are averaging above $70 per square foot. Along Route 128, vacancy rates are at record lows, while office rents along Interstate 495 are at seven-year highs.

0 Kendall Square Office Space gets Remade

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200 Sidney st. cambridge ma

Credit: BBJ

Changes are on the move for East Cambridge. Vertex’s old HQ in Kendall Square is poised to be remade.

From the Boston Globe:

The deal will enable Biomed to begin renovating the buildings. They include two lab and office buildings at 200 Sidney St. and 40 Erie St., with a total of 239,000 square feet, that were leased to Vertex through this December, and another 21,000 square feet at 21 Erie St. that was leased to Vertex through May 2017.

Biomed said it will update the buildings’ entrances and lobbies, and add indoor and outdoor collaboration spaces and fitness centers. The work will begin immediately and the sites should be ready to be leased to new tenants starting in September, the developer said.

Related Listings
Kendall Square office space for lease

0 Shared Office and Lab Space in Cambridge for Life Science Ventures

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mass innovation labsShared space for life sciences is a has a new host, Mass Innovations Labs, in Kendall Square. The program offers everything from office and bench layouts to EH&S Programs.

From the Boston Globe:

Mass Innovation Labs said Monday that it was opening an “accelerated commercialization space” for companies trying to bring their drugs and devices to market. There also are specialized services available in-house, such as help setting up research contracts and an animal testing and scientific support area run by Charles River Laboratories…The three-story space hosts 10 suites containing a mix of lab and office space ranging from 2,900 to 18,000 square feet. It is backed by Breed’s Hill Capital, a Charlestown firm.

 

0 Boston Office Rents Expected to Rise through 2017

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boston office buildings by waterBoston office rents continue to rise, and are expected to climb through 2017. What can you do to hedge your risk against leasing in the top of the market? Understand what you need and engage an advisor.

The BBJ notes, “Boston can expect its asking rental rate increase to average 10.1 percent per year during that timeframe…The office market in Boston’s central business district averaged a $46.60 per-square-foot rental rate last year…[with estimates for] those rates to increase to $52.83 by 2015, $59.48 by 2016 and $62.09 by 2017.”

You can read the complete article on the Boston Business Journal, here.

 

0 Multiple Projects from Boston Properties Progressing

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Boston office development north station

Credit: Boston Herald

Boston Properties is bullish on Boston with projects underway or proposed from Back Bay, Financial District and North Station.

·         888 Boylston has seen the crane arrive and has announced is major tenant Natixis Global Asset Management
·         100 Federal Street is looking to add more retail on the Congress Street side of the project

From the Boston Herald:

“In 2015, we estimate we could move approximately $1 billion in pre-development projects into our active development pipeline,” CEO Owen Thomas said. “Before launching any of these projects, we need to complete the entitlement and planning process and, in most cases, some level of pre-leasing.”