Technology and real estate are not words that traditionally occupy the same sentence, but Jamestown has managed to make this happen at the Innovation and Design building in the Boston Seaport.
According to Promodo.com, “One of the powerful things about using technology to connect and inform tenants is that managers are able to understand their occupants on a much higher level. ‘By getting a look into what tenants are engaging with on the app, we are able to help landlords and property managers better serve their tenants and increase retention,’ Garbarino said. ‘We’re able to tell them how many tenants are actually aware of the property amenities, which they are engaging with, how often they engage with different content on the app and more.'”
More information on the Boston Innovation and Design building is available on its website.
Credit: Boston Herald
The Seaport continues to evolve and welcome new businesses. L.L. Bean opened April 5th at One Seaport.
From the Boston Herald:
The 8,600-square-foot store at One Seaport (60 Seaport Blvd.) — the company’s fifth in Massachusetts and 35th outside Maine — is a fraction of the size of its almost 300,000-square-foot flagship store in Freeport, a destination many Bostonians have made pilgrimages to for years…To accommodate the new store’s size constraints, the company had to carefully select its merchandise. Selections at the Seaport location will include town-to-trail apparel for adults and children, and equipment ranging from full-sized kayaks to light, packable gear like inflatable paddleboards suitable for small apartments, said spokesman Eric C. Smith.
“The idea here was to curate it for someone who either lives here or visits here,” Smith said. “But we will continue to learn a lot from this store as our first urban one.”
It appears that Boston Harbor will become the connection between North Station and the Seaport via new ferry service.
According to Curbed Boston, “The Massachusetts Convention Center Authority and a handful of private companies, including Vertex, are working toward launching weekday ferry service from Lovejoy Wharf near North Station to the Seaport District-slash-South Boston waterfront…The authority has issued a request for proposals to underwrite the service for a year, with an eye toward extending it for three additional years. If the authority can line up the private funding—and it looks like it can—then service could start in late August or September.”
You can read more on Curbed, here.
Gone are the days when tenants would start looking for Boston office space one-to-two years in advance. Prospective tenants now find themselves shopping for immediate occupancy, and are only interested in spec suites that have been prebuilt by the landlord to meet today’s connectivity demands.
Tech has dominated the ongoing positive cycle in Boston’s office market, and the industry’s reputation as a disruptor has extended into how landlords appeal to potential tenants. While law firms and financial firms are known for making space decisions far in advance, the tech community has compressed the time from site tour to move-in…Their growth is more explosive than a bank or insurance company; thus, they wait until the last minute.
As life science firms turned Cambridge into a lab-dominant market, the historically tech-heavy Kendall Square passed its tech reputation across the river into areas like Boston’s Fort Point and Seaport neighborhoods.
Traffic in and out of Boston is going to look a little different if Amazon HQ2 comes to town. Boston Harbor could host the seaplane shuttle to New York and other future destinations to help alleviate the added burden.
Credit: Boston Herald
From the Boston Herald:
Boston and Somerville were identified together by Amazon last week, though they bid separately on hosting HQ2, which could cost $5 billion and bring 50,000 new jobs. The bids identify numerous perks and benefits for the company, with Boston promising seaplane service if it is selected.
“Establishing seaplane operations in the Boston Harbor will provide scheduled service between Boston and New York City, providing additional means of transportation between these two major metropolitan areas (in addition to bus, train, and air),” the bid reads. “There has been considerable collaboration to date with government agencies on the feasibility and implementation of this service.”
Where do venture-backed companies focus when coming to the 617 area code? Unsurprisingly, the list focuses on the city core with areas like the Seaport, Financial District, Back Bay, Kendall Square and some clustered at the 90/95 interchange.
Credit: City Lab
Here’s a national perspective from City Lab:
While many large, high-tech companies like Facebook, Google, Apple, and Microsoft have their main campuses in suburban areas, cities and urban areas house the majority of venture capital–backed startups. My own research estimates that 55 percent of all venture capital investment now flows to urban neighborhoods. In the Bay Area and Boston–Cambridge, more than 60 percent of venture capital investment gravitates to these neighborhoods.
Additional information is available on CityLab’s website.
Boston continues to win large corporate tenants from our neighboring states.
In an article on the Courant, Alexion said “its headquarters would move from New Haven to Boston to support plans for growth…[noting] Boston will provide access to a ‘larger biopharmaceutical talent pool and a variety of life-sciences partners to further support future growth initiatives.’”
The full article is available on the Courant.
Related Office Space Listings
Seaport Office Space for Lease
Your office rents in Boston are directly impacted by the distance to the nearest MBTA stop. Simply put, expect to pay more the closer you are.
Banker and Tradesman notes, “despite the departure of several large office tenants for the Financial District and Seaport, Back Bay still has Boston’s highest-priced office space. Buildings within a 5-minute walk of Hynes Convention Center station on the Green Line average $66.69 per square foot, partly reflecting the completion of Boston Properties’ 888 Boylston tower anchored by Natixis Global Asset Management.
You can read additional analysis on the impact of the MBTA on Boston office prices on B&T.
We all agree, finding garage parking in Boston can be a challenge. What about parking under the Charles River or under the Fort Point Channel?
Image Credit: Curbed
In a recent article the Boston Globe notes, “in a city like Boston, where the most parking-starved areas are surrounded by water, the payoff could be significant: helping to reduce the pollution and traffic caused by drivers circling the block hunting for spot, making parking more affordable, and freeing up more street-level space for other uses.”
The Globe article also includes the following comment of the feasibility of such an undertaking:
“It’s definitely very possible,” said Arthur G. Stadig, vice president of Walker Parking Consultants, who said a client of his Boston firm — whom he declined to identify — recently toyed with the idea of extending part of a planned parking garage into the harbor…It’s just a matter of is there that right combination of a development that’s close to the water, needs the parking, and is feasible from all different aspects,” including cost and securing regulatory approvals.”
You can read the full article on the Globe’s website.
Credit: Boston Globe
Can track 61 save the Seaport from its own success? To be clear, it could help and we could use it.
From the Boston Globe:
Originally a freight line that was part of the industrial rail yards along the South Boston Waterfront, Track 61 has been unused for many years while around it a new neighborhood of glass-walled offices, luxury condos, and hip restaurants has sprung up.
The roughly 1.5-mile spur [that] cuts across the Seaport District from the southwestern edge of South Boston…is coming back to life [to test] new Red Line subway cars that are being built for the Massachusetts Bay Transportation Authority in Springfield.
The work will include an electrified third rail along Track 61 to power the Red Line cars, a new shed, and other improvements.