The Seaport continues to show the market that it’s going to remain a dominate force in the Boston office market. Rents are up, vacancy is down and demand is strong. The challenge is the only new construction is Class A, so if you are seeking updated brick-and-bean, wait in line or be prepared to pay for it.
Indicative of the Seaport neighborhood’s appeal, BostonSF.com reports HFF recently closed a “$105.625 million sale of 3-building office portfolio Boston’s Seaport District…HFF announced that it has closed sale of three best-in-class, creative office assets totaling 221,064 square feet and 35 parking spaces.”
You can read more about the significant, three-building office space sale in the Seaport on Bostonsf.com.
Our tour history of the last 180 days is 75% of the Class B tenants in the market are: Tech, Ad Firms or Architects and Design firms. Today’s tenant in the market is looking for unique amenities like; bike storage, pet friendly, shared conference space, roof decks. One of the places in Boston tech firms have been gravitating towards in the Leather District in Boston.
Betaboston has compiled a map of tech firms in Boston’s Leather District:
“In the fall of 2011, ed tech startup Boundless set up shop in an office in Boston’s Leather District, a tiny neighborhood sandwiched between Chinatown and the Financial District. Terrible Labs and Yesware would follow in mid-2012…since then more than two dozen tech-related companies—including the Techstars Boston accelerator and Startup Institute, and Uber’s local office—have taken up residence in the neighborhood, named for its former status as a leather industry hub.”