As more corporations flock to cities, they are vacating these office parks, many of which were built in the 1980s…But some of these parks are not staying empty. An increasing number of developers are converting them into housing, according to a recent Washington Post report.
A 2016 report by NGKF looked at office parks in five suburbs, and found that between 14% and 22% were “in some stage of obsolescence” (i.e. high vacancy rates, too much or not enough parking, the space needs substantial renovations). That suggests that up to 1 billion square feet of office space — or 7.5% of the country’s entire office inventory — is becoming obsolete for the people who work there.
Southie is looking to have a new office building at W. First Street totaling 266,000 square feet.
A recent BBJ article notes the South Boston building’s proposal includes “space for a retail, cafe or restaurant; a “convener” space that could host a co-working-style office; and an enclosed pedestrian connector that will connect West Second and West First streets in South Boston.”
More information is supplied in the complete article on the Boston Business Journal’s website, here.
Back Bay’s newest office building continues to attract tenants as Accenture announces its move into 52,340 square feet of space. 888 Boylston Street is Boston Properties’ new 17-story 425,000 building. The complex also includes 800 Boylston Street, 101 Huntington Avenue and 111 Huntington Avenue.
According to the BBJ, “Boston Properties developed 888 Boylston, a 17-story, $275 million office and retail building in Boston’s Back Bay. The property was designed to be ‘the most sustainable building in Boston,’ said Bryan Koop, Boston Properties’ executive vice president.”
More details on Accenture’s move to 888 Boylston Street are available on the Boston Business Journal, here.
The Boston Planning & Development Agency board approved plans for a 51-story office and condominium tower over the busy rail hub…Development firm Hines would build the tower above the rail shed at South Station, with a lobby along Atlantic Avenue. That lobby would fill in the gap between South Station’s main concourse and its bus terminal, and would expand the bus facilities by 50 percent. It would also expand a parking garage, adding 527 spaces.
Above that, Hines would build 1.1 million square feet of office space and condos in what, at 677 feet high, would rank among the city’s tallest buildings. Later phases would add two mid-rise buildings atop the station.
Coworking office space in Boston by geographic location, courtesy of Xconomy:
Andy Palmer, a Boston serial entrepreneur and angel investor, ‘thinks Boston would be best served by a series of spaces spread among different neighborhoods along the subway system’s Red Line, which touches the city’s busiest startup hubs, including Kendall Square in Cambridge and the Seaport District and Downtown Crossing in Boston. And if you look at the map, that strategy seems to be playing out…Boston’s neighborhoods “all need good, solid coworking spaces because they all have startups and founders that want to do startups in these areas,” Palmer says. “It’s healthy to have these short-term lease options in every one of these areas.”’
More new retail, office and hotel options are coming to the Boston Financial District, centered around the intersection of State Street and Congress Street.
According to the BBJ, the Boston Redevelopment Authority’s agenda for its Thursday City Hall meeting includes the following projects:
A public hearing to discuss a proposed 23-story, 346-room“micro hotel which is designed to meet the changing needs/habits of today’s urban travelers” at 240 Tremont St. in the Theater District.
A public hearing to discuss Simon Property Group’s (NYSE: SPG)residential and retail expansion projectat 5 Copley Place, a proposed 52-story tower that includes 542 units of residential space spanning 680,000 square feet, a 54,000-square-foot addition to Neiman Marcus and a 60,000-square-foot addition of restaurant and retail space.
Scheduling a public hearing about Related Beal’s Congress Square project.
Approving and extending the Simmons College institutional master plan in the Fenway neighborhood.
TELCO costs have continued to tumble and now the there is a pay-as-you-go model for residential internet. Will the jump to commercial be soon to follow?
According to an article on FinancialContent, “netBlazr’s [new] Concierge is an ultra-premium, unbundled Internet service with speeds up to 10 times faster than cable and large telecom providers (above 300 megabits per second). netBlazr uses a building’s existing infrastructure and is available to select large multi-tenant buildings.”
“Internet is increasingly the most requested luxury amenity, especially among millennials. But property managers are justifiably wary of added expense and hard-to-maintain infrastructure,” said Jim Hanley, netBlazr’s co-founder and CEO. “netBlazr lets property managers offer residents affordable, Internet-only options without incurring any additional expense on their end. They also feel comfortable that netBlazr offers their sophisticated clients service as only a local company can. It’s truly a stellar customer experience.”
The developers of the luxury Millennium Tower in Downtown Crossing have settled on a restaurant to serve the kind of residents who buy units selling for the millions and tens of millions of dollars — the first New England venture by San Francisco chef Michael Mina and sushi chef Ken Tominaga…Mina’s company also will operate the residents-only club in the 685-foot tower…PABU will be an izakaya, which is a casual bar for professionals, essentially, and sushi bar. The opening of the restaurant on the first two floors at the corner of Franklin and Washington streets is set for fall 2016; residents are set to being moving in during the summer of 2016.
Gone are the tall private cubes, now, contemporary office space is much more open and collaborative with bright colors. Healthcare in particular has gone through a tremendous transformation over the year. One of the most visible changes is how they use their office space. BXBS is showing off their new headquarters at 101 Huntington Avenue owner by Boston Properties.
According to a post on the BBJ, accompanying a slideshow of the new Blue Cross Blue Shield of Massachusetts HQ, the new space “takes up the 11th through the 20th floors of the building, with the exception of the utility floor on the 14th floor. The new space is 60,000 square feet smaller than its previous space — clocking in at 308,000 square feet and will save the insurer $2 million annually…The space has also been renovated to have the signature white and blue color scheme throughout. The color scheme mixed with bright LED lights give the headquarters a futuristic feel.”
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.