Credit: Boston Business Journal
So what does $2.3B look like in the City of Boston? We’ll soon find out. The BRA has just approved seven new projects collectively totaling $2.3 billion.
The Boston Business Journal published a gallery showcasing each of the seven projects. You can view the gallery via the following link: BBJ Slide Show.
Credit: Boston Business Journal
The starts and stops at South Station redevelopment – will we see condos or more office space?
A recent article on the BBJ’s website, quotes a senior vice president in Hines’ Boston office:
Seven years after getting permits for a 1.9-million-square-foot mixed-use project anchored by a 47-story office tower, Houston-based developer Hines is headed back to the drawing board. It plans to reduce office space and eliminate a 200-room hotel while increasing the number of residential units, said David Perry, a senior vice president in Hines’ Boston office.
For the full article, head over to the Boston Business Journal.
Credit: Boston Business Journal
This is not your corner drugstore, CVS will be opening a new 30,000 square foot store at South Station. CVS is among a number of new retailers going in at the Boston transportation hub.
The Boston Business Journal reported some details on the new South Station arrivals, stating “CVS was paying in the $40 range per square foot for a 30,000-square-foot space on two floors, while Tavern in the Square has locked up 780 square feet at $150 per square foot. Starbucks, with 150 square feet, and Barbara’s Bookstore, with 300 square feet, also are paying about $150 per square foot.”
The full BBJ article is available, here
Available Office Space
South Station and South Boston Office Space
Office rents have increased in excess of 40 percent in the last two years in the Innovation District. What will happen as those leases start to roll in 2014, will those tenants be able to afford the new rents?
Credit: InnovationDistrict.org
A recent editorial in the Boston Globe noted the challenges facing small businesses and occupants of the Innovation District:
“The Innovation District is in danger of becoming a top-heavy boutique neighborhood because it targets price-sensitive businesses, but has no way of providing stable rents. There’s no consensus about who should pay to keep office rents affordable at the very low end — developers, large companies, area institutions, or the city itself could all conceivably handle the job — and, even if consensus did exist, there’s no means of enforcing it.”
Jump over to the BostonGlobe.com for the full article.
Related Office Listings
South Boston Waterfront Real Estate
Photo Credit: InnovationDistrict.org
Rents continue to rise, but with that comes landlords willing to build new buildings. Office rents have continued up quarter over quarter within the Seaport and Innovation District. However, according to an article in The Boston Globe, “accounting giant PricewaterhouseCoopers LLP is negotiating to occupy a 16-story building that would be built along Seaport Boulevard.”
The complete article is available to all readers on The Boston Globe website: PWHC to Lease Office Space in Innovation District
Related Commercial Real Estate Stats
Boston Office Space Pricing and Market Rates
Photo Credit: Elkus Manfredi Architects (via Boston Globe)
The Boston Seaport, one of the hottest office markets nationally, continues its transformation with plans to build a pair of 22-story towers on Seaport Boulevard.
The Boston Globe posted an article earlier this morning, revealing, “a deal is emerging to build one of the South Boston Waterfront’s largest developments: a pair of 22-story towers on Seaport Boulevard that would include up to 800 apartments and a 300,000-square-foot retail and entertainment complex. The towers would be among the first major buildings at the long-planned Seaport Square project, a 23-acre complex that would eventually replace the district’s sea of parking lots with residences, office buildings, stores, restaurants, and public parks.”
The Boston Globe’s website offers additional details on the Seaport Square Project.
Related Office Space Listings
Boston Seaport Commercial Real Estate
Life really is good in the Fort Point and Seaport District! The influx of amenities and direct access to transportation had led the area to become a destination location for many office tenants. Vacancy rates have decreased and rents have risen, but employers along with employees love the vibrant atmosphere the area has to offer.
An editorial on the Boston Business Journal covering the relocation of the apparel company, Life is good, notes that the company is “taking 22,000 square feet in a renovated industrial building at 51 Melcher St. – space for about 70 workers.”
The BBJ coverage also expands upon the company’s expectations of Fort Point neighborhood.
Photo Credit: innovationdistrict.org
Rents are above $40.00 PSF, vacancy is below 4 percent for Class B space, but the good news is the Innovation District is humming. Companies are willing to pay a premium to be located among their technology peers; as it pertains to recruiting, applicants would much prefer to be there than outside the city.
A Banker & Tradesman report, quoting the Boston Redevelopment Authority, states “in the past three years, more than 200 new companies and 4,000 new jobs have moved to Boston’s Innovation District.”
The article also notes that technology companies are leading the charge, accounting for 30 percent of the area’s new job growth.
For more insight, jump over to Banker & Tradesman’s coverage of the growth of Boston’s Innovation District.
Photo Credit: affordablehousinginstitute.org
82 Devonshire St. in an iconic address in Boston as well as money managements circles worldwide. As I was walking past the building yesterday and client of mine commented on how he used to make sales calls there many years ago, I replied, I did as well. Many decisions have been made there that have guided Fidelity to the beacon of success that it is known as today. In the near future the ownership will change along with the occupants.
A Boston Business Journal article notes that the investment company, “has reportedly hired a real estate broker to market its former headquarters at 82 Devonshire St. in Boston’s Financial District for sale or lease.”
More details can be found on the BBJ, here.
The office market is strong within greater Boston and hasn’t this active with positive rent growth and absorption since 2007. This is due to a couple of components; flight to quality, migration to Boston from suburban markets, new companies entering the market and companies within Boston expanding.
The Boston Business Journal notes, the strength of the market; “greater Boston’s office market achieved more than 2.8 million square feet of positive absorption last year, the strongest showing since 2007”
Specific areas of growth in the Boston office market are detailed on the Boston Business Journal’s article, here. Alternatively, follow the link to preview available office space for lease in Boston.