0 Is Speculative Development Fit to Take Off in Boston?

Posted on November 6, 2014 by Wil Catlin

Office building at 111 Huntington Avenue in Boston

The office market has clearly shifted from years past. We are seeing continued rent growth in all Boston office markets from Back Bay to the Seaport and Financial District. The time has arrived for speculative new office construction. Tenants are willing to pay for brand new construction that accommodates their culture and growth.

From Banker and Tradesman:

“’You’re hearing rumblings in the market about people starting to think about spec office development,’ said Carlos Febres-Mazzei, a senior vice president at CBRE/New England. Typically, speculative development takes off when vacancy rates fall to around 8 percent. With current construction costs, rents need to approach $70 a square foot to support ground-up development, said Febres-Mazzei said.”

0 Office Trends Among Boston Law Firms

Posted on October 26, 2014 by Wil Catlin

Credit: Cannon Design

Boston, compared to our peers, has some of the most efficient lawyers. Boston law firms only occupy about 10 percent of the high end, Class A, real estate in the city. Other cities those numbers range from 25 percent to 42 percent.

The BBJ has strewn together a ‘snapshot of office space trends’ among Boston law firms. The article remarks of the office environment in Boston, noting “legal employment is still down about 2,600 jobs from pre-recession numbers.”

The full article, containing a list of law firm office trends in Boston, is available on the Boston Business Journal’s website.

0 Boston Landing Along the Mass Pike to House Bruins’ New Practice Rink

Posted on October 12, 2014 by Wil Catlin

Bruins mixed use practice facility in Brighton

Credit: Boston Herald

Not just tech companies are looking for new space, the Bruins are coming to Boston Landing along the Pike. Combined with a new commuter rail station, our city continues to expand and offer services that address our growth.

The Boston Herald notes, “the Boston Bruins’ new Hub practice rink stands to get a prime location along the Mass Pike in New Balance’s $500 million Boston Landing project…Pending permitting approvals, New Balance hopes to start construction on the 75,000-square-foot rink complex — and an adjacent nine-story office building with a ground-floor Bruins pro-shop and other retail — no later than November, much earlier than the original planned spring start date…The Bruins’ practice facility will have seating for about 650 spectators, a VIP area, function room and concessions. It also will include locker rooms, a lounge, a strength and conditioning/rapid shot area, training rooms, video and conference areas and offices for the Bruins.”

More information on the project, along with the Bruins’ practice facilities, are available on the Boston Herald.

0 Boston Office Motif is Open and Shared

Posted on October 12, 2014 by Wil Catlin

Credit: The Boston Globe

The look and feel of today’s office space is dramatically different than what we saw just 10 years ago. Collaborative is the new norm and private offices are a thing of the past. Gone is the bowling alley of offices replaced by open spaces with exposed ceilings.

Drawing a parallel between the modern workspace and online social behavior, the Boston Globe notes, “in a fast-paced high-tech world where community seems to be more valued than privacy, the office partitions have come down in the name of collaboration and quick exchange…Offices are being designed to offer slightly cramped but open spaces to create “collision zones” for employees, where conversations get started and ideas get hatched. Status-based work areas have gotten the pink slip as companies envision cross-departmental, even cross-industry alliances. And why have a meeting around a gigantic table when you and a few co-workers can set up shop in a booth — not so different from one at Denny’s. Sound much different from your office? Just wait.”

The Boston Globe article is comprehensive and worthy of a read; it’s available on the Globe’s online real estate section.

0 Boston Commercial Real Estate Trends towards Open Floor Plans and Collaborative Workspaces

Posted on October 12, 2014 by Wil Catlin

Organizations are knocking down interior office walls faster than you can spell “collaboration.”

Boston Realty Advisors estimates more than 75% of tenants today are looking for open floor plans, as opposed to traditional layouts with closed-door offices and high-walled cubicles. The trend for open offices is giving fresh legs to a proven phenomenon. Many organizations site open floor plans as a core element to their company ethos and ultimately, a key reason for their success. Zappos, for example, credits its open floor plan as a critical element to establishing and maintaining its culture. From a few employees 15 years ago, to more than 1,500 today, Zappos has maintained its open floor plan throughout the company’s history.

The push to open floor plans isn’t just for employees and middle management. In fact, many CEOs are leading the charge. By placing themselves alongside the team, the benefits are clear: increased availability, greater transparency and a heightened awareness to company culture and communication. The tired corporate adage, “My door is always open,” pales in comparison to today’s mantra, “I don’t have a door to close.”

Wayfair, the Boston-based online home furnishings company, proudly describes its collaborative C-suite structure. “At Wayfair, there are no corner offices. In fact, there are no offices at all. We support an open, transparent workplace where leaders mentor the 1,600+ bright talents that sit among them – and visa versa.”

Another organization, The Bridgespan Group, detailed their journey from a traditional office environment to a new, open floor plan. Their tale serves as a playbook for organizations considering an open floor plan:

·         Open café to bring colleagues together
·         Laboratory space for teams to meet and brainstorm
·         Library-like space for quiet work
·         Comfortable seating areas for small-group meetings
·         Private rooms for private conversations
·         Sitting and standing work stations for day-to-day use
·         Glass-walled conference rooms for full transparency
·         Noise dampening techniques to muffle distinct words
·         Lockers for personal items

So, get out that sledgehammer and start creating a vision for a collaborative work environment.

Alternatively, follow the link to our property pages to view available Boston Commercial Real Estate.

0 Kane’s Donuts Heading to Boston Financial District

Posted on August 21, 2014 by Wil Catlin

Credit: Eater

High Street has seen many changes over the years and rumors are that Kane’s will be the next. High Street runs from Summer Street to the Greenway and consists of some of Boston notable Class A towers like International Place and Tishman’s 125 High Street twin towers and 100 High Street which is under agreement by Oxford Capital. The newest foodie on the street will be a donut shop. I must admit, I have been to Saugus and experienced what Kane’s has to offer and it was worth the trip.

Eater.com describes the delicacy, noting “Kane’s makes a giant variety of donut flavors, including seasonal specialties like egg nog donuts in the winter and pink lemonade donuts in the summer. They also offer some other pastries, bagels, breakfast sandwiches, and hot and iced coffee and teas.”

More information on the newest donut shop heading to Boston’s Financial District, hop over to coverage on Eater.

0 More Office Towers Wanted in Boston

Posted on August 1, 2014 by Wil Catlin

The Boston office market needs more towers to accommodate the forecasted future growth and tenant demands of strong infrastructure with abundant amenities. Tower’s no longer solely focus on traditional tenants, now prospective tenants range technology firms to ecommerce.

Credit: Wikipedia

Cathy Thompson, Executive vp at DTZ, discussed in an interview with the BBJ the notion that Boston is still very much a landlord’s market:

“In the Back Bay and Seaport submarkets, vacancies in the Class A towers are in the low single digits. Some the spaces in the upper floors in the Back Bay towers are commanding rents in the $80s (per square foot). In the Seaport, the top rents are in the low $60s in the new spaces. There’s a flight to quality, an upgrading of space. Landlords are taking advantage of the fact that there isn’t much high quality space available right now for blocks of space above 75,000 square feet.”

The full interview with Ms. Thompson is available on the Boston Business Journal’s website.

0 Needham Street Businesses Add Outdoor Seating

Posted on July 28, 2014 by Wil Catlin

3 Squares restaurant on needham st adds outdoor seating

Credit: Wicked Local

Businesses in Needham and Newton continue to grow as nearby restaurant owners look to add a new outdoor seating area along the Highland Avenue/Needham Street corridor. This is in response to the new office users/businesses throughout the area looking to take advantage of the amenity-rich corridor.

Wicked local’s coverage notes, “a new outdoor seating area with 26 full-service tables is opening at 3 Squares restaurant. The Zoning Board of Appeals approved the project – which required special authorization because it’s zoned in the Industrial District – last month.”

You can find the full article, here.

0 Ink Block in Boston Continues to Take Shape

Posted on July 19, 2014 by Wil Catlin

Credit: Boston Business Journal

Ink Block continues to take shape with the kickoff of the residential building consisting of 475 units.

From the Boston Business Journal:

“Last year, National Development began construction on Ink Block, which, in addition to the 83 condos, will include 392 apartments, a 50,000-square-foot Whole Foods supermarket, and 35,000 square feet of other retail in six buildings on the 6-acre site. Occupancy is set for the next year.”

0 New Location for Charles River Center

Posted on July 18, 2014 by Wil Catlin

Credit: HometownWeekly

The Charles River Center has opened a new facility within Needham becoming the 10th home that the organization has opened to support local adults with intellectual and physical disabilities throughout the community. This serves as additional expansion taking place throughout the area, as residents and business owners are experiencing a boom in development occurring throughout the Town with the addition of new retail and office buildings along the Highland Avenue/Needham Street corridor.

From HomeTownWeekly.com:

“In a press release, John Grugan, President of The Charles River Center, credited a number of town officials for working with the organization to help continue its growth. Among those mentioned in the release, were the Planning Board, the Board of Selectmen, the Finance Committee, and the Conservation Committee.”