0 Needham Street in Newton: Hit by Water Main Break

Posted on July 19, 2014 by Wil Catlin

Store closed in Newton from water main break

Credit: Needham.WickedLocal

Business owners along Needham Street suffered a tough day on Wednesday, July 16th when a water main burst on the Route 9 side at about 9:00am, first flooding and then buckling that portion of the Street. Many businesses were shut down due to this emergency and I can speak personally by saying that as a commercial real estate broker, office buildings along the Needham Street corridor were not accessible for tours with prospective Tenants. Boston Realty Advisors represents two buildings along the Needham Street corridor affected by this water break.

Details on the situation are available on Wicked Local.

0 Newton: Commercial Real Estate Trades in Abundance

Posted on July 19, 2014 by Wil Catlin

Credit: TheRealReporter

Low interest rates coupled with a high activity of development along the Route 128 corridor has persuaded yet another Landlord in the Newton market to divest a few of his properties. Furthermore, the urban infill sector has become extremely competitive over the past 18 months, with Needham and Newton both reaping the benefits of an improved economy and a rise of multifamily and retail offerings on the Needham Street corridor. This has led to more businesses coming to the area and more tenants looking for office space within each market.

For more information on movement within the newton and needham commercial real estate markets, click to view the RealReporter’s pdf.

0 New Location for Charles River Center

Posted on July 18, 2014 by Wil Catlin

Credit: HometownWeekly

The Charles River Center has opened a new facility within Needham becoming the 10th home that the organization has opened to support local adults with intellectual and physical disabilities throughout the community. This serves as additional expansion taking place throughout the area, as residents and business owners are experiencing a boom in development occurring throughout the Town with the addition of new retail and office buildings along the Highland Avenue/Needham Street corridor.

From HomeTownWeekly.com:

“In a press release, John Grugan, President of The Charles River Center, credited a number of town officials for working with the organization to help continue its growth. Among those mentioned in the release, were the Planning Board, the Board of Selectmen, the Finance Committee, and the Conservation Committee.”

0 Newton Among Top 10 MA Cities in Growth

Posted on July 11, 2014 by Wil Catlin

Despite being one of the oldest states in the country, Massachusetts is always inventing itself and continues to draw new residents and new businesses each year. According to a study done by NerdWallet to determine the top 10 cities on the rise throughout Massachusetts, Newton ranks in third with a 66.2% overall growth score from 2009-2012. With the indication that these numbers will steadily increase, it is believed that Newton will continue to grow and add new residents and businesses throughout the coming years. Commercial real estate agents will continue to stay active as an increase in businesses throughout the area will begin looking for Newton and Needham Office space.

Credit: NerdWallet

0 Newton Office Vacancies Continue to Decline

Posted on July 9, 2014 by Wil Catlin

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.

0 Wells Avenue Development Debated

Posted on July 3, 2014 by Wil Catlin

Talks of a development taking place in Wells Avenue are underway, as city officials and zoning board of appeal members begin to dissect the development and its impact on the surrounding the area. The development is said to fit nicely into the proposed Needham Street redevelopment plan. As jobs follow younger, educated workers these days, the hope for the project is to give these millennial’s quick and easy access to work, shopping, and restaurants. The Needham and Newton office markets will see a direct impact upon the completion of this development. It does, however, seem like there will be significant time required before either side of the table will move towards a decision.

The Newton, MA vertical of WickedLocal offered commentary on the proposed mixed-use development on Wells Avenue from architect Doug Carr of Cube 3 Studio, who “described the development as “pedestrian-focused.” Carr said it would be six stories high and built around three exterior courtyards, contain 334 pet-friendly residential units, have a café and restaurant, “work bar,” convenience store, swimming pool, bike storage, and even a bike repair shop.”

0 Newton & Needham Office Space: the next Kendall Square?

Posted on June 27, 2014 by Wil Catlin

Credit Wicked Local

A 500-acre parcel of land that borders Route 95 is undergoing a complete re-development as Mayor Warren and elected officials in Needham are trying to develop the parcel into an attractive place for high-tech companies to set up and begin their business. TripAdvisor, which currently employs 500 people in Newton on Needham Street, announced in December of 2012 that it couldn’t find suitable office space to grow its business in Newton.

Wicked Local reports, “last month Newton Mayor Setti Warren went as far as Israel as part of a mission led by Gov. Deval Patrick to promote the N2 corridor. The mayor returned with the news that he had interested several Israeli companies in visiting the corridor to consider expanding or relocating there. Officials say that’s good news for Newton and Needham because of the added jobs and tax revenue new businesses could bring in.”

0 Newton Adds Another Office Development

Posted on June 27, 2014 by Wil Catlin

An increased amount of parking spaces throughout Newton will exist in the next handful of years strengthening the parking ratios for office space in this market. Typical parking ratios offered in the dynamic Newton market boast three spaces per 1,000 sf lease. With the addition of the Austin Street development, more businesses will be able to accommodate its employees and their cars. Maybe this will persuade commercial landlords in Needham to bolster the parking ratios they offer for their properties?

From Newton.WickedLocal:

“The proposed Austin Street developer will hold an info session at 8 p.m. on Tuesday, June 24 at Newton North High School Cafeteria, not City Hall as previously planned. Residents will be able to meet and share ideas with Austin Street Partners, the recently selected development team.”

0 Suburban Offices Fight the Trend Downtown

Posted on May 28, 2014 by Wil Catlin

Credit: Boston Business Journal

Where should you locate your company office? Most groups I speak with are trying to provide an option that accommodates multiple solutions; easy access from public transportation, amenity rich environment, vibrant workforce and economically feasible.

This doesn’t mean that groups are flocking to the vacant office buildings on 495, but rather looking inside of 128 and more specifically within areas serviced by the Red Line. New hotspots for the emerging tech firms are surrounding the Broadway T stop. This caters to the young workforce residing in South Boston, the commuter coming in from Metro West combined with those either driving or relying on public transit from the South Shore. This area is generally priced in the mid $20’s PSF unlike the Seaport which would price in the upper $30’s to low $40’s for a comparable Class B building.

From the BBJ:

“Some suburban companies are moving to Cambridge and there’s all the buzz about the Seaport District,” said Garry Holmes, president of R.W. Holmes Realty Co. in Wayland. “We’re also seeing the same people who worked at EMC and live in the suburbs launching startups. And they’re convinced the in-vogue thing to do for hiring is to have an office in Seaport. As a result, lots of those startups are bypassing the suburbs and it’s having an impact out here.”

The full article is available on the Boston Business Journal.

0 Waltham, Newton, and Burlington Office Markets Gaining Popularity

Posted on September 18, 2013 by Wil Catlin

Office Space in Newton at 60 Wells Avenue

60 Wells Avenue in Newton

Is there a mass exodus from the city? Well, no. Companies are continuing to flock to markets that benefit their customers, employees, and work atmosphere. If office locations were solely based on price then we would see the tweener markets benefit. As we know, there are many contributing factors; in some cases public transportation is the driver, for others it could be the think tank of Kendall Square. Vacancy rates in the city and surrounding office markets have all benefited from the stronger economy.

A study discussed in the Boston Globe, notes “Waltham is the hottest office market in the state outside of Boston and Cambridge, leading a surge in corporate real estate activity along the Route 128 corridor…but Burlington and Newton are not too far behind.”

Jump over to BostonGlobe.com to read more.