Category Archives: Kendall Square Office Space

0 Fenway Center Banking on Tax Break

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Fenway Center in Boston

Credit: The Boston Globe

Will the new mayor offer concessions where Menino wouldn’t?  Fenway Center is an aggressive project that bridges the Turnpike between Fenway and Kenmore.  Over the years, projects like this have fallen short due to the cost of construction and the inability to secure appropriate financing.

According to The Boston Globe, the developer of Fenway Center is asking for a significant tax break for the new project:

In a last-ditch effort to save one of the city’s largest construction projects, developer John Rosenthal is asking Boston Mayor Martin J. Walsh’s administration for a $7.8 million tax break to help build a massive complex of buildings near Fenway Park…“John’s a good man and I know he’s been working on this project for a long time,” Walsh said in a recent interview with The Boston Globe. “We’re going to look at [his proposal] and do what’s best for the city.”

The full article is available to online subscribers of The Boston Globe.

0 Price of Office Space in Boston’s Innovation District Still Climbing

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How expensive is the Innovation Districtt? Well, Boston’s Innovation District has pulled neck-and-neck with Back Bay. The Innovation District has benefited from a tremendous influx of tenants that could no longer afford East Cambridge and Kendall Square. Now with prices at or above pre-crash levels, the value play is within the low-rise Class A and Class B office space in the Financial District.

Office space in Boston's Innovation district and Back Bay

Credit: Boston Globe

A managing director at Cassidy Turley, David Campbell, recently commented to the Boston Globe, “the Innovation District has offered the most obvious place for the city to grow…the Big Dig and the convention center and the Ted Williams Tunnel have really made it fertile ground for future development.”

More from Campbell is available in the full article, on the Boston Globe’s website.

0 Is Boston the New Innovation Hub?

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Downtown Boston in color

Credit: Bostinno.Streetwise.co

Is downtown Boston the new innovation district? Well, yes it is. Downtown Boston holds some of the components critical to an emerging companies success. First is access; the famed Red Line is what is most widely discussed.  It provides that vital link from Harvard and MIT to the North while offering a stop at South Station, which is the largest commuter hub.

From our internal data, the Downtown Crossing Market offers the last great value option for tenants. This is being driven up by the lack of opportunities in the Seaport, Kendall and Back Bay.

According to bostinno.streetwise.co, “now that the rents are creeping upwards both around Kendall and Harvard Square and the Innovation District, entrepreneurs – and a few of the organizations that cater to them – seem to be settling in Downtown Boston.”

To read more about this trend, follow the link to Bostinno.

0 Residential High-Rise in Kendall Square to Follow Zoning Changes

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Boston Properties logoLooking to make Kendall Square your new home? Boston Properties will be bringing 240 residential units and ground floor retail space to Ames Street.

Boston.com is reporting that “the zoning change [approved last week] will allow the construction of a high-rise up to 250 feet tall along Ames Street, where the city is also selling Boston Properties a 20-foot-wide strip of land between Main Street and Broadway for about $2 million.”

Further information on the zoning changes, along with details about the impending high-rise building, can be found in the original article from Boston.com, here.

0 How Expensive is Kendall Square?

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Kendall Sq. office buildingThe short answer is mid $50’s PSF which equates to a 10 percent increase over last year. That being said, the real cost is even greater, due to fewer concessions from landlord’s. The East Cambridge office market is at a 6.4 percent vacancy rate, which contributes to the elevated rental numbers. The other side of this is there are fewer options for mid-sized tenants. Landlords would prefer larger full floor users as opposed to multi tenanted floors.

A Banker & Tradesman article from last week reported on one company migrating to Kendall Square, in East Cambridge:

“Biomeasure Inc. will abandon its Milford location for the proximity to hospitals and research institutions offered by Cambridge’s Kendall Square. The firm, a subsidiary of French pharmaceutical company Ipsen, has leased 63,000 square feet of space at 650 East Kendall St. in Cambridge. The company is moving its U.S. research and development operations from 27 Maple St. in Milford.”

You can jump over to the full article on Banker and Tradesman.

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Office Space in Kendall Square

0 New Shared Workspaces Opening in Kendall Square

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210 Broadway Street in Kendall Sq. in Cambridge

210 Broadway St. in Cambridge, MA

In light of the fierce competition of office space in Kendall Square, another shared-space option has put its stake in the ground, catering to the small user. For $400 per. month, you too can have a place to call “The Office” at 210 Broadway.

According to the BBJ, “NGIN, whose name was chosen because it sounds like engine, will open a 15,000-square-foot center 210 Broadway in Cambridge’s Kendall Square to serve as a “living lab that deploys advanced technology to explore the future of worklife,” according to the company’s marketing materials. The company is competing against Cambridge Innovation Center, Workbar, Dogpatch Labs and Geek Offices for a growing niche market.”

For more info, you can read the full BBJ article, here.

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Office Space in Kendall Square

0 Cambridge Office Rents Push Out Small Businesses

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Cambridge Center office space in Cambridge Mass

4 Cambridge Center, Cambridge, MA

If you’re a CEO of o a small software company that has recently been funded where do you go?  Well the next question is what can you prudently afford. Gone are the days of leasing as much space as you can and hoping for revenue. Today’s decision makers would love to continue to grow their business within close proximity of the think tanks at Harvard and MIT; the reality, however, is that those locations are being gobbled up by the large publicly-traded tech companies with a worldwide presence. The notion of paying $60 PSF doesn’t affect them as much when you compare it to pricing in London or Singapore.

The Boston Business Journal describes the surge in Class A office space in Cambridge, identifying the “one-year increase roughly equates to a 25-to-30 percent price hike for tenants seeking a new or expanded beachhead in the Bay State’s innovation hub.”

You can check out office space available in Cambridge or read the BBJ’s article.

0 Cambridge Office Space Consumed by Tech Companies

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Office space at Two Cambridge Place in Cambridge, MACurrently the East Cambridge/Kendall Square office market continues to see tight vacancies with increased rents. Of the 27 Class A buildings that list availability the average asking prices is $58.17 PSF this includes direct and sublets.  The rumblings are these prices will continue to march North squeezing those with limited financial capacity. The squeeze is due, in large part, to an influx of technology companies consuming clusters of prime commercial real estate in Cambridge.

According to a recent BBJ editorial, “the list of companies swallowing chunks of new space and driving up rents in the process reads like a Who’s Who of Silicon Valley. Amazon.com just locked in 100,000 square feet at 101 Main St., while Oracle Corp. and Twitter Inc. recently rolled up a flurry of acquisitions to bring their local footprints to 82,000 square feet and 30,000 square feet, respectively. Facebook is on the prowl for a local 5,000-to-10,000-square-foot toehold, while Google Inc. remains Boston Properties’ best friend as it incrementally adds to the 300,000-plus already under contract at 4 and 5 Cambridge Center.”

Follow the link to read the full Boston Business Journal article, Cambridge tenants get whipsawed by big tech

Cambridge Office Space for Lease
Commercial Real Estate in Kendall Sq.

0 East Cambridge Office Market One of Hottest in the Country

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The office market in East Cambridge is one of the hottest in the country. Rental rates have increase by 15 – 20 percent in the last twelve months alone and don’t show any sign of letting up.

East Cambridge office vacancy and market stats graph

Photo Credit: SquarefeetJournalDotCom

At the CBA Event; Cambridge Looking Behind the Deals a question was asked, “Why don’t tenants look in alternate submarkets?”  The answer, “Because that’s where Harvard and MIT are.”  Truth be told, groups like Twitter, Microsoft and Google want to be there and can afford to be.  Those that get squeezed out are the real startups.

 

0 Kendall Square to Offer Rent Control to Start-ups

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Offices at 300 Technology Sq in Kendall Sq.Is rent control coming to the Cambridge office market? Cambridge is moving to create price-capped office space for start-ups in Kendall Square.

According to a Boston Globe article, Cambridge “is poised to become the first community in the country to require commercial developers to set aside lower-cost offices for start-up companies and budding entrepreneurs.”

The full Globe article is available on the BostonGlobe.com.