0 Kendall Square Office Rents Reach Record Level

Posted on January 19, 2015 by Wil Catlin

Four Cambridge Center

With the boost of office rents in East Cambridge, Downtown Crossing has become the new hotbed for Redline creative and tech companies with Class B rents still in the $30’s PSF.

The Boston Globe is reporting “Office rents in Kendall Square have hit an all-time high of almost $67 per square foot, breaking a record last set in 2001, according to the real estate brokerage Transwestern RBJ…Transwestern said the average asking rent on a top-tier office space in East Cambridge set a new record of $66.63 in the final quarter of 2014, edging out the previous record of $65.85 set in 2001. East Cambridge’s vacancy rate of 6.7 percent was lower than many parts of Boston’s central business district, but higher than those of the smaller office markets of South Station, North Station, and Longwood, whose vacancy rates ranged from 2 to 4.4 percent.”

Additional insight on the East Cambridge boom is available on the Boston Globe.

Office availability and neighborhood information for Downtown Crossing and Kendall Square are available on the following submarket pages:
Downtown Crossing offices
Kendall Square office space

0 Rents Continue to Climb for Downtown Boston Office Tenants

Posted on January 19, 2015 by Wil Catlin

Credit: B&T

The recent trades on the Class A and B will provide the fuel for increased rent growth for 2015 as new owners justify their investment. Rent concessions and tenant improvement dollars will move the opposite direction.

“Rents in Boston’s Downtown Crossing have risen from $25 to $35 per square foot in the last two years, with growing demand from tech tenants…for tenants looking for pockets of value, good deals remain in the low-rise floors of Financial District buildings, where vacancies remain in the mid-teens and rents average in the low $40 range,” according to a quote from Joseph Sciolla, managing principal at CresaPartners Boston on Banker&Tradesman.

You can read the full article on the B&T website.

0 MassDOT Mulls Move to Roxbury

Posted on January 7, 2015 by Wil Catlin

The Massachusetts Department of Transportation (Mass DOT) is looking to make a move from the Transportation Building to Tremont Crossing. Tremont Crossing is located near the Ruggles T Stop and Dudley Square. This move would increase the daytime population by 1,600.

Credit: The Boston Globe

From the Boston Globe:

The state agency’s relocation to Tremont Street, across from the Boston Police Department headquarters, would offer a huge boost to steadily unfolding efforts to revitalize Roxbury. In addition to helping fill parcels that have been vacant for decades, the transportation building would bring thousands of office workers to the neighborhood, at a time when several developments would add dozens of retail stores, several hotels, and hundreds of homes to that section of Roxbury.

MassDOT would occupy up to 800,000 square feet of office space in the project, which would also include a hotel, 300 residences, offices, and 350,000 square feet of retail and restaurant space. It would probably take several years for the new transportation building to be constructed.