0 Boston Office Rents Expected to Rise through 2017

Posted on May 12, 2015 by Wil Catlin

Boston 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 Newest Fan Pier Tower Renderings Released

Posted on April 29, 2015 by Wil Catlin

Credit: Banker and Tradesman

What will the next piece of Fallon Co’s project look like? Designs have been released according to the plans submitted by Elkus Manfredi Architects.

From Banker&Tradesman:

City officials are reviewing designs for 50 Liberty Drive, a 14-story complex on the South Boston waterfront. The L-shaped condo tower would be built on parcel D, which sits directly east of the 109-unit Twenty Two Liberty condo tower now under construction. The new building would include 15,000 square feet of civic and retail space, including areas used by the New England Aquarium, Boston Children’s Museum and the Boston Harbor Island Alliance.

The 21-acre Fan Pier project will contain up to 3 million square feet of mixed-use development. The Boston Fan Pier development, a 252,000-square-foot condo tower, is expected to break ground in late summer.

0 115 Winthrop Square Considered for Boston’s Second-Tallest Building

Posted on April 27, 2015 by Wil Catlin

Credit: Banker&Tradesman

The Boston skyline is poised to see significant change of the next five years as projects that are under construction come online. 115 Winthrop Square is getting attention and might be home to Boston’s second tallest building if O’Brien has anything to do with it.

According to Banker&Tradesman, “developer Thomas O’Brien of Boston-based HYM Investments is proposing a 69-story, 780-foot-tall residential tower that would become the city’s second-tallest building, just 10 feet shy of the Hancock Tower…O’Brien was one of eight developers who submitted proposals to build a skyscraper in the Financial District. The Boston Redevelopment Authority sought proposals for a one-acre parcel currently occupied by the municipal garage at 115 Winthrop Square. O’Brien’s plan calls for a substantial redevelopment of the square, including a new Boston public school and a relocated St. Anthony Shrine, friary and ministry center. Under the O’Brien proposal, the church properties and school would be built on the former garage site and a residential tower with 11,000-square-foot floor plates would be built on the former shrine property.”

The HYM Investment Group can be seen, here.

0 Winthrop Square Development Looking for Boost

Posted on March 10, 2015 by Wil Catlin

Credit: BBJ

Do you have a creative idea for a Boston office/residential tower? If yes, the Boston Redevelopment Authority, BRA, would like to hear from you by April 13th. What exactly is the BRA looking for? Creative ideas. Sounds simple enough so give it some thought and see what sticks.

The address is 115 Winthrop Square/115 Federal Street

Please visit: http://www.bostonredevelopmentauthority.org/work-with-the-bra/rfps-rfqs-bids/rfp-listing-page?id=41

0 Wanderu Explains Selecting Downtown Crossing HQ (Video)

Posted on January 7, 2015 by Wil Catlin

Why is Downtown Crossing (DTX) such a hot market? Price, access, infrastructure and vibe. Wanderu chose DTX over all other options in the city because it checked all 4 boxes.

Click over to watch the video on the Boston Business Journal.

0 What Makes for Cool Office Space in Boston?

Posted on December 4, 2014 by Wil Catlin

Credit: The Boston Globe

Some of the creative spaces to work house some interesting amenities that would have been frowned-upon in the recent past. How we work and how we collaborate has evolved, and companies are trying to offer a creative and fun environment that can help their teams excel.

Cool features include:

·         Hammock
·         Beer tabs
·         Standing desks
·         IT vending machine
·         Nap room
·         Kitchens with large flat-screen TV’s
·         Foosball
·         Treadmill desks
·         No assigned desks
·         Wall displays of employees which is designed to make introductions
·         Town hall styled meeting space
·         Glass, glass and more glass for abundant natural light

A recent Boston Globe article on Boston’s “Cool Office Spaces at Top Places to Work“, notes “some of Top Places to Work winners have some excellent digs for their employees. Newer workspaces include beer on tap, flexible workstations, and even a nap room in one case.” The Globe article also includes a slideshow of Boston’s stylish office spaces to peruse.

0 Proposals Submitted for Parcel 13 Over Mass Pike in Back Bay

Posted on November 21, 2014 by Wil Catlin

Credit: The Boston Globe

One thing that we truly aren’t making more of is real estate. The recent focus is Back Bay at the intersection of Mass Ave and Boylston Street above the Pike; will this become the next hot development site? Parcel 13 is getting a lot of attention and the stars might be aligning for building above the Pike.

The Boston Globe reports, “three companies on Friday submitted proposals to build large complexes on the 50,000-square-foot lot, across from the Hynes Convention Center. The pitches include a curvy, 11-story building with residences, a hotel, and stores, as well as a 21-story complex with shops and 350 apartments…The Massachusetts Department of Transportation will select a winner in the coming months. The redevelopment would create a new entrance to the Back Bay and help enliven a disjointed section of the otherwise bustling neighborhood.”

You can read more on the contest and proposals for Parcel 13 on The Boston Globe.

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 Space Boom in Boston Area Suburbs

Posted on October 26, 2014 by Wil Catlin

new office building in Needham for TripAdvisor

Credit: Boston Globe

The greater Boston economy is strong with jobs, construction and capital. Many office users are seeking value while trying to straddle the live-work-play model for their staff. Not every company can be located within a five-minute walk of South Station, nor can they offer free parking to their employees. What we are seeing is locations that offer infrastructure, reap the benefits of today’s strong office market.

A recent Boston Globe article remarked, “the western suburbs around Route 128 are experiencing a building boom, with new headquarters for growing companies such as TripAdvisor and Vistaprint among five huge developments under construction in Needham, Waltham, and neighboring towns…The attractions of the suburbs include much lower rents and lots of choices. Moreover, the workspaces — either new or newly renovated — are far from the souless corporate boxes of the 1980s that dotted the suburban landscape. The interiors of some new offices look as if they could comfortably fit along Seaport Boulevard in Boston or Broadway in Cambridge.”

Jump over to the Globe’s website for its full article.

0 Office Market ‘As Good as it Gets’

Posted on October 26, 2014 by Wil Catlin

Credit: CoStar

If you need office space or are looking to expand or renew at your existing location, consider now. The market is clearly in favor of the landlord and is expected to continue in that direction. Investors are reaping the benefits, while tenants are looking for options with competitive rents.

Hans Nordby, managing director of CoStar Portfolio Strategy, described the commercial real estate environment as “the prettiest picture you’re likely to see in this economic cycle. If you’re waiting for ‘as good as it gets,’ it’s probably today in terms of year-over-year office employment growth being so pervasive.”

Boston office tenants absorbed over 350,000 sf of space in the 3rd quarter, lowering vacancy to just over 10 percent. Class A rents rose to $51.80 per SF.

Additional information on the national market are available on CoStar.com.