0 Suburban Office Space Outside of Boston Draws Interest

233 Cochituate Road, Framingham, MA

Office building in Boston suburbs

Moving out to the burbs, who would have thought?  With innovation and technology booming in the greater Boston area, Boston proper is running out of space. With arms wide open, the suburban market place is gearing up and ready to accommodate.

Posh areas have revitalized their sleepy town centers and have agreed that designating suburban land for commercial space must be done in order to utilize the real estate properly. There is a need for housing, there is a need for social adventure, and there is s definite need for space!

Northland Investment Corporations undertook this project as they saw the pressing needs and desires. Back in August, the Town of Waltham underwent a huge makeover, from its quiet town center now being primed to focus on luring the full lifestyle package changing the stereotype of the lethargic 1950’s old school, soda pop Main Street into a modern, young and vibrant center.  When the development of Marc at Moody and Main began many questioned the intent, but this is a great way to bring flair and affordability, convenience, and energy into the region. Situated just 7 miles from the heart of Boston with some of the best transportation in the country, is a plus. A true live, work, play environment has been achieved. With more and more influence and expansion the burbs are not heading back to sleep.
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0 Office Space Boom in Boston Area Suburbs

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 Boston Suburban Office Parks get Reinvented

Owners and developers across Eastern Massachusetts are seeking to reinvent the suburban office park. In communities such as Waltham, Newton and Needham, developers are adding restaurants, hotels and other amenities to replicate the idea of “live, work, play,” which is an increasing popular attraction in the city. Needham’s soon-to-be largest office tenant, Trip Advisors, will benefit directly from this “live, work, play” attraction.

Wells Avenue office park in Newton, MA

Credit: The Boston Globe

The Boston Globe quantifies the divide between Boston’s urban and suburban landscapes:

“Along Interstate 495, the vacancy rate for Class A offices is hovering at nearly 18 percent, compared with 11.5 percent in Boston and less than 6 percent in Cambridge. Commercial rents are depressed. Offices lease for only $20 per square foot in the region, less than half of what similar space fetches in Boston and Cambridge, according to Jones Lang LaSalle, a commercial real estate firm.”

0 Newton Office Vacancies Continue to Decline

Newton MA

Credit: ilovenewton.com

More vacancy is being absorbed in the Newton Office market as a growing pharmaceutical company is preparing to move into the area from its current location on Mercer Road in Natick.

According to Wicked Local, “the company currently has about 8,000 square feet of space while the Newton location, on Wells Avenue near the Needham line, has about 30,000 square feet of space…Its new landlord is willing to help with improvements to the building and the rent, at $30 per year per square foot, is cheaper than properties in Cambridge which could cost more than twice as much.”

Additional details on the company’s move to Newton, jump over to the complete article on Newton.Wickedlocal.com.