0 Office Space in the Greater Boston Suburbs is Heating Up

office space available in Boston suburbs

Credit: B&T

Is Boston office space getting too expensive with vacancy rates just above 8 percent?  Class A Boston assets are trading nearly double pre-recession levels while suburban comparable assets are still trading 23 percent below the pre-recession levels.

According to a post from Banker&Tradesman, “with fewer Boston trophy properties in play this year, investors may bid up demand in top-tier suburban markets…Properties in suburban core markets such as Route 128, Route 9 and Watertown are selling for just 21 percent above the 2006-2007 peak. Properties in all other Boston suburban markets are selling for 23 percent below the peak.”

Additional details are available on Banker and Tradesman.

0 Suburban Office Space Outside of Boston Draws Interest

233 Cochituate Road, Framingham, MA

Office building in Boston suburbs

Moving out to the burbs, who would have thought?  With innovation and technology booming in the greater Boston area, Boston proper is running out of space. With arms wide open, the suburban market place is gearing up and ready to accommodate.

Posh areas have revitalized their sleepy town centers and have agreed that designating suburban land for commercial space must be done in order to utilize the real estate properly. There is a need for housing, there is a need for social adventure, and there is s definite need for space!

Northland Investment Corporations undertook this project as they saw the pressing needs and desires. Back in August, the Town of Waltham underwent a huge makeover, from its quiet town center now being primed to focus on luring the full lifestyle package changing the stereotype of the lethargic 1950’s old school, soda pop Main Street into a modern, young and vibrant center.  When the development of Marc at Moody and Main began many questioned the intent, but this is a great way to bring flair and affordability, convenience, and energy into the region. Situated just 7 miles from the heart of Boston with some of the best transportation in the country, is a plus. A true live, work, play environment has been achieved. With more and more influence and expansion the burbs are not heading back to sleep.
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0 Office Space Boom in Boston Area Suburbs

new office building in Needham for TripAdvisor

Credit: Boston Globe

The greater Boston economy is strong with jobs, construction and capital.  Many office users are seeking value while trying to straddle the live-work-play model for their staff.  Not every company can be located within a five-minute walk of South Station, nor can they offer free parking to their employees. What we are seeing is locations that offer infrastructure, reap the benefits of today’s strong office market.

A recent Boston Globe article remarked, “the western suburbs around Route 128 are experiencing a building boom, with new headquarters for growing companies such as TripAdvisor and Vistaprint among five huge developments under construction in Needham, Waltham, and neighboring towns…The attractions of the suburbs include much lower rents and lots of choices. Moreover, the workspaces — either new or newly renovated — are far from the souless corporate boxes of the 1980s that dotted the suburban landscape. The interiors of some new offices look as if they could comfortably fit along Seaport Boulevard in Boston or Broadway in Cambridge.”

Jump over to the Globe’s website for its full article.

0 Watertown Office Market Undergoing Rapid Change

watertown MA

Credit: ProgrammableWeb.com

Pleasant Street in Watertown is undergoing rapid change in regards to new construction and the purchase of existing buildings between there and Waltham. It is becoming a hotbed for CRE investors and start-up tech firms are beginning to trickle in from Cambridge because of how competitive the market is.

Maybe this trend will continue to push out into Greater Boston and will have a long term effect on Needham and Newton office space?

0 The Belclare in Wellesley Takes Shape

Wellesley office building Belclare being built

Credit: Wicked Local

The Wellesley Inn Site, home to a future re-development of Class A residential condominiums, is finally making progress after it has sat vacant for nearly a decade. Maybe this will motivate Ownerships along the Washington Street corridor to capitalize on the “highest and best-use” for their property. With a future influx of residents coming to the area, perhaps local developers will see the need to build additional office buildings in Wellesley and the strong markets surrounding such as Needham and Newton.

Wicked Local offers the following quote from John Warshaw, developer of Belclare in Wellesley:

“It was a bit of a challenge at the beginning to get people interested,” [Belclare developer Jordan Warshaw] said, “Once it got going there’s been great momentum.” After only a few months on the market, Warshaw said that nearly half of the new units were spoken for. Eight months into construction the residential units are nearly sold out.”