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Category Archives: Retail Space Boston
0 How to Navigate This New Normal
A focus on engagement, productivity, and being a value-add player
By Wil Catlin | March 30, 2020
We are in the middle of the largest test of remote work in history. As such, most of the national workforce is going through many “first times” together. Some of us have enjoyed remote access for years, while others are figuring it on the fly. All of us are determining how to be productive in a new environment. Here are some tips to help you navigate this new normal.
Breathe
Many companies, including Boston Realty Advisors, are set up virtually and are open for business. Everyone has had a smartphone since the beginning of time. We answer emails in bed, on the toilet and during vacation. Now is not the time to be a deer caught in the headlights. It is a time to lead, advise and differentiate. Take a breath, keep your business hat on and forge ahead.
Communicate
In all scenarios – good, fun, challenging and daunting – communication is key to professional success. Today and for the next couple of months, we need to lead with empathy and be clear. In a world of an abundance of data, new technology and artificial intelligence – Emotional intelligence is a key skill that will serve you and your clients today and into the future.
Engage, Connect & Care
Speak with your clients. Everyone is in the need of some level of advisory or will simply need an ear. Be there. Ask about family. Discuss your business. Ask about their business . Plan forward and be direct, “How can I help?”
When in question, pick up the phone and ask. Do not overdo it and be authentic. Your authenticity and thoughtfulness will speak volumes and have a lasting impression.
Top of Mind
Be relevant and present. Stay on point and add value. If you’re already active on social media, you have some built in training. Do not share or post just to check the box. That’s the fastest route to being ignored. Share industry news to be relevant. Share what’s working for you during this temporary insanity. Share a list of neighborhood restaurants that are delivering. Be thoughtful and get beyond the echo chamber to stand apart.
Self Starter
So much of our daily fabric has already changed. Try not to change too much more of your workday. Wake up at the same time and get ready for work. Most of you are in a role where being a self-starter is a requirement. It’s time to find or refind that self-starter in you. Be ready to work and lead by example.
Dedicated Space
You will need to define a space to work within your home. This is a space for you to habitually go to and a place that’s understood and respected as your work area. If you’re tight on space, a dedicated chair at the kitchen table will suffice. Tips include – Identify space with natural light; consider a sturdy desk; invest in a comfortable office chair; provide yourself with a good mouse, keyboard, and headset; and pay for the strongest internet connection possible. Perhaps, now is the time to invest in that stand-up desk you’ve been talking about.
Munchies
Try not eating at your home workspace. It’s both a distraction and a bad habit. Think about it. Your kitchen is just a few steps away. When was the last time you sat down with your spouse or kids to have lunch? You’re home. Take the time to sit down with your kids – or not – and then get back to work. Your dedicated space to work is a place to be productive.
Attire
Be comfortable and don’t be lazy. If it helps putting on a button-down shirt every day, do it. If you’re more comfortable wearing your Sunday’s best, do that. You are your best judge. Be ready to work.
Exercise
Staying active will keep you fresh and sharp. When working from home, try not to get trapped in your workspace for long periods of time. It’s important to walk away from your computer. For example, a 10-minute walk is powerful. Do not look for distractions. If you have 10-minutes between calls, instead of mindless time online, do a load of laundry or wash the dishes – and then get back to work.
Brainstorm
Lack of time and not enough bandwidth are traditionally our worst friends. How many times have you said, “Great idea, but I don’t have the time”? Refresh those ideas. What will our new reality look like? Use this time to prepare. Those that are present and proactive will come out of this pandemic a step ahead.
Work/Life Balance
Welcome home. All chores and honey-do lists no longer have to be left exclusively for the weekend. Break your day up to help out. Accomplish a task at home and get back to work. When you effectively juggle work and life, you will find a new sense of accomplishment and discover new levels of productivity. Stay focused and on task.
A New Tomorrow
We are living in extraordinary times. Technology will bring new opportunities to our work life, but it will not replace the built environment. The office will always be a necessity. The questions are – what will it look like and what will each company be solving for.
Be Ready
When the economy normalizes, companies still value having people together in a physical space. Don’t let today’s challenges or the newness of working from home become a distraction. If you’re stuck, you will not be ready for when we get the green light.
0 Boston Realty Advisors is Open for Business
We quickly transitioned to our new temporary reality and instituted a new morning ritual called – “Zoom with Wil.”
The all hands-on (employee only) virtual call jump starts our day, providing each of us the opportunity to connect, share information, and learn from one another.
Every morning “Zoom with Wil” features an industry guest speaker. Today, we were honored to have Christopher Rosser from WS Development. Mr. Rosser served in the military and discussed the similarities of battling COVID-19 to actual combat. Fundamentally, he said the best thing to do is, “Stay calm.” The following are other takeaways from his presentation and Q&A session.
- Stressed the importance of learning from this episode in order to be better prepared for the next time.
- Touched upon the value of convenience retail versus the potential hit that high-end retail will likely endure.
- Talked about coworking space and reminded the tuned-in group that most experienced operators budget and plan for reduction spikes.
- He warned against price cuts to prevent chasing a downward direction.
- When we return to normalcy, office leasing will rebound.
- Reminded us that the quicker we can overcome this disruption, the faster consumer confidence and spending will rebound.
0 STAY THE COURSE, DESPITE COVID-19
Letter to the Editor by Jason S. Weissman | Banker & Tradesman | March 16, 2020
The communal, personal and economic effect of the coronavirus has infringed every fabric of our daily lives. This unwelcome disruption has generated a panic that we must quickly transcend. Staying healthy is paramount – both physically and mentally.
We need to be mindful and act responsibly to minimize effected individuals. This includes properly washing hands and listening to the CDC. Companies that are set up with remote access for their employees will experience less impact to their business, and provide the ability to focus on their respective trades and the overall economy.
Still in its infancy in the United States, the economic consequences of the coronavirus epidemic have caused the stock market to crash and the US Treasury bond yields to hit record lows. While I hope the recent volatility diminishes, the market will likely not fully return until the spread of the coronavirus decelerates.
The same panic and speculation have crept into the real estate industry. Please stay calm and recognize that today’s realities are based on an event and not a bubble. Further, and unlike many plays in the equities market, decisions for real estate investments are based on a seven- to 10-year action plan.
Real estate fundamentals are strong. Gateway Cities are expanding in and around CBDs, with an abundance of liquidity waiting to activate their allocated dollars in both urban and suburban markets. Today continues to be a great time to buy a home and invest in high-quality commercial real estate.
While the drivers and circumstances were very different in the 2008 recession, the real estate investors that persevered were the landlords that stayed the course. When many owners froze out of fear, a few proceeded with their planned capex projects and growth strategy. Staying the course positioned their properties to achieve full occupancy and maximize NOI.
Do not let panic paralyze the entire country. Stay the course and stay strong.
— Jason S. Weissman
CEO, Boston Realty Advisors
0 The New Office Rewards Quality Over Value
By Commercial landlords consumed the past 10 years trying to accommodate a moving target, under the budgetary guise of “maximizing heads per square foot.” The open floor plan has been tried and tested in multiple formats – from coworking solutions to headquarter locations.
Architects, landlords, and tenants alike have learned from trying to accommodate the Millennial generation. Fast forward, Gen-Z is even more transient and pushing remote access to new levels. All the same, everyone needs a place to plug-in. In Deloitte’s recent marketplace survey on workplace flexibility, 89% of respondents said that a traditional work setting is essential for advancing their careers.
Quality office spaces, designed to maximize productivity, is the new trend and earning more dollars per square foot.
A recent Boston Globe article that featured “hoteling” in PTC’s new Seaport office was a great example of a quality buildout, and is the beginning of what landlords throughout Boston are doing to attract today’s workforce. 121 Seaport is a new build and in a league of its own. Boston is also fortunate to have an abundance of original brick and beam commercial properties being revived. This includes opportunities being activated via strategic investments, with a focus on today’s users.
Gould & Company, a private real estate investor with a large portfolio that dates back to 1970, recently reinvested in 727 Atlantic Avenue. They converged the unique architectural character from 1899 with modern-day office space – offering rare full-floor opportunities, with a premium window line. Gould & Co strategically selected 727 Atlantic for reinvestment because it’s only a few steps from South Station and across the street from WeWork South Station (AKA, the preferred venue for the blockchain sector). This CAPEX plan increased asking rents from the mid $30s to the mid $50s.
Another example comes from Synergy Investments and its investment at Center Plaza – 1, 2 & 3. When they purchased the 741,237 square foot interconnected buildings, they inherited mothballed space vacated by the FBI. Synergy transformed a vintage facility into a state-of-the-art workplace with improved entrances, excellent access, engaging public spaces, underground parking, and a plethora of building amenities. The investment attracted Spotify, Grubhub, and Twitter to lease space in Center Plaza – now over 90% occupied.
Boston is a supply-constrained market and experiencing unprecedented growth. New commercial product is being delivered, and select B-Class space is being reimagined. Developers are also active in several suburban markets – such as the Davis Companies in Medford and Rubenstein Partners in Tewksbury. Regardless of the location, all office occupiers are in a race for talent and require a quality work environment that maximizes work productivity.
0 Millennials and Gen Z Still Value Traditional Office Space
Commercial landlords swept up in coworking and open office trends have not lost sight on the importance of physical office space in accommodating the Millennial and Gen-Z consumer.
By Mariah Brown | GlobeSt| March 10, 2020
Commercial landlords swept up in coworking and open office trends have not lost sight on the importance of physical office space in accommodating the Millennial consumer. Architects, landlords, and tenants alike note that Millennials, as well as their younger cohort Gen-Z, are more transient than previous generations and because of that need flexible work accommodations. However, both groups also desire an office setting to plug-in for longterm career confidence, according to a recent Deloitte survey on workplace flexibility.
According to the survey, 89 percent of respondents said that a traditional work setting is essential for advancing their careers. And landlords have no choice but to get creative in its office offerings to not only compete with coworking companies but as well as other office landlords for corporate tenants that are competing for young professional talent. “Regardless of the location, all office occupiers are in a race for talent and require a quality work environment that maximizes work productivity,” Will Caitlin, managing director and senior partner of Boston Realty Advisors, tells GlobeSt.com.
According to a recent GlobeSt.com article, In the office market, companies are meeting the demand for a seamless experience to attract and retain talent, or rather companies have been forced to comply, Jolanta Campion, director of research for San Diego at Cushman & Wakefield, tells GlobeSt.com. “Attractive, amenity-rich real estate is one of the ways companies are able to attract talent in this highly competitive market,” Campion said.
To keep up with the changes for office space, Millenial and GenZ groups have been drawn to traditional office spaces that aren’t your regular real estate and have a live-work-play mentality in mind. “These younger generations typically offer vibrant energy and drive, an existing and future talented labor pool and therefore potential job growth and economic expansion, new ideas and concepts that are helping shape and advance the region,” Campion said.
0 Boston Realty Advisors Congratulates Neighbor Schools on Office Lease in the Financial District
0 Boston Realty Advisors Congratulates iContour Anti-Aging Center on Office Lease in Back Bay
0 Boston Realty Brings Cambridge Mixed-Use to Market
By Connect Boston | February 24, 2020
A rare trophy mixed-use co-op property in Cambridge, 872 Massachusetts Ave., has been brought to the sales market courtesy of Boston Realty Advisors (BRA). The firm’s Jason S. Weissman, Nicholas M. Herz, Kevin R. Benzinger and Andrew B. Herald are scheduling tours, with a “call for offers” to follow.
Located within minutes of Kendall Square—said to be the world’s largest hub of life sciences and technology companies–and situated between Harvard University and the Massachusetts Institute of Technology, 872 Mass Ave. consists of 43 residential units, nine office units and 49 parking spaces. It’s being offered on an un-priced basis.
Earlier this month, BRA brokered the sale of 77-81 Park Dr. in Boston’s Fenway neighborhood. The Davis Companies acquired the two-building multifamily portfolio for a total of $28.5 million, or $518,000 per unit.
0 Five-floor retail and office building could fill Newbury Street parking lot
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Chicago-based L3 Capital, which famously bought the surface parking lot at 149-155 Newbury Street in Back Bay last summer for $40 million, detailed plans for the parcel, which has been billed as the last developable one along the famed drag. It wants to build a five-story retail and office complex there called the Aubry, according to a city filing.
Now to the Hyde Park-Roslindale borderlands, where busy developer City Realty has proposed constructing a 49-unit apartment complex with 61 parking spaces at 375 Cummins Highway. The development would replace what the developer described in a filing as “39,106 square feet of underutilized land.”
Staying in Boston’s outer neighborhoods, federal regulators are considering designating the Neponset River from Hyde Park to Lower Mills in Dorchester as so polluted it qualifies as a Superfund site. That would mean federal funding and expertise to clean it up, which in turn could spark new development along it.
Speaking of decisions that can lead to development, here are five major ones from the past 200 years that contributed to the very shape of modern Boston, including the razing of the West End and the filling in of the Back Bay.
And we updated our map of the projects to follow throughout 2020. Stay tuned.