Co-working office spaces continue to create a platform where innovative ideas can turn into companies. Yes, I’m a fan of Shark Tank and I love how the show boils a product pitch down to five minutes from pitch to investment.
Reporting on the local angle on the show, the BBJ notes that “entrepreneurs drove from New York, New Jersey and Connecticut to pitch their business ideas at Cambridge co-working space Workbar on Thursday in hopes of getting national exposure on ABC’s Shark Tank…About 100 people were standing in line an hour before pitches started.
The growing interest and relevance of co-working office space in Cambridge is beneficial to both the entrepreneurs, who will spur future growth, as well as the environment and infrastructure that surrounds it.
Boston continues to expand into the Seaport. The once-famed $7-per-day-dirt parking lots have been replaced with corporate office space for the biotech industry, law firms, financial services and newly funded technology companies. Did this happen overnight? Well, no. The Ted Williams Tunnel to the airport, and onramp to Mass Turnpike East and West fostered accessibility and spurred new opportunity. That level of infrastructure was the catalyst of for our current development cycle, combined with demand for residential and office development.
The Boston Globe states:
“The new face of Boston’s Seaport is the old face of the city’s downtown. The lawyers and accountants who are financing the waterfront construction boom are abandoning Boston’s historic commercial center for something newer and more exciting. This exodus is opening up cheaper commercial space for creative firms and tech companies…Boston’s downtown and its waterfront are slowly swapping identities.”
Boston continues to shine nationally due to our healthcare, education, finance, biotech and high-tech industries. Blackstone, owners of Equity Office are shopping their remaining Class A office portfolio to perhaps one buyer, which will push office rent even higher as the new ownership justifies their investment.
Here are some relevant projections for the Boston office market, from nerej.com:
A few key neighborhoods and areas will see particularly high levels of growth this year. Although major areas like the Back Bay and the Financial District continue to provide the largest amount of market space, growth and many new lease transactions will be seen in other areas, which provide more opportunities for company relocation and for out-of-town businesses to take root…Kendall Sq. in Cambridge is currently red hot, both for offices and for lab space in medicine, high-tech, and more. In particular, Google is coming in to Kendall Sq. and will take up 300,000 s/f of office space. Google will leave its own large footprint, while making the area even more attractive for other tech companies.