0 Usable vs. Rentable Square Feet

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42 Floors logoSo what does it all mean? Here’s a quick explanation of the difference between usable square feet and rentable square feet, along with calculation for it – courtesy of 42floors.com:

Usable square feet
The exact square footage of the commercial space you’re leasing. This refers only to those facilities that your company will exclusively occupy, including office space, storage space, and private bathrooms.

Rentable square feet
Rentable square feet is calculated by taking the actual usable square footage and adding a percentage of the common areas.

The Calculation
The formula to determine the USF and the RSF are:  RSF = USF X (1 + Add-On %)
Add-On % = (rentable SF / Usable SF – 1)

 

0 South Station to stock new Bitcoin ATM

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Bitcoin ATM image, going to Boston

Credit: coindesk.com

Looking to convert your cash?  South Station is home to a new Bitcoin ATM.

According to the BBJ:

“the controversial and sometimes confusing digital currency Bitcoin, launched an ATM dispensing machine that has been set up by a Boston company called Liberty Teller.”

To read more changes headed to South Station, jump over to the Boston Business Journal’s full article.

0 Government Center T Stop to Close for Two Years

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Government Center T stop closing sign

Credit: Boston Globe

Planning your new commute to Boston City Hall?  The Green Lines Government Center T Stop is scheduled to close on March 22nd for two years.

An announcement from the MBTA on Wednesday, reported in the Boston Magazine, notes “that Government Center Station at City Hall Plaza would be closing down for two years beginning on March 22, so that the transit agency can begin repairs and upgrades to the stop, and improve connections between the Blue and Green Lines.”

The article includes the following quote from the MBTA:

“If your trip usually included Government Center Station, please allow an additional ten to fifteen minutes for your travel,” according to the T. “The bus will make stops outside State Street Station, Government Center Station, Bowdoin Station, and then return to Haymarket. No fares will be collected on the shuttle bus.”

You can read the full Boston Magazine article, here.

0 Kendall Square Lures Startups from Boston Suburbs

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1 Kendall Sq. office space

Credit: OneKendallSquare

More companies are moving into the city and vacating their suburban campus model.  Why is the occurring?  Talent, employers want to make it easy for the existing workforce and also for future new hires.  Most younger workers don’t wish to have cars and would prefer to walk, bike or T to work. Cambridge, among other downtown hubs, are reaping the benefits.

The Boston Globe notes the recent lure of Kendall Square and the Seaport in Boston:

The suburban exodus means demand for commercial space around Kendall Square and the Seaport is greater than it’s ever been. The danger is that all this demand prices out the small companies that are driving the innovation economy’s urban movement in the first place.

The full article is available on the Boston Globe’s website.

0 400 Atlantic Ave. in the Financial District Sells for $50M

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400 Atlantic Avenue in Boston

Credit: Boston Business Journal

Trades in the fully-stabilized office sector continue to bring strong numbers and show no sign of slowing down in Boston’s Financial District.

From the BBJ:

Colonnade Properties has sold 400 Atlantic Ave., the 100,000-square-foot office building between Boston’s Financial and Seaport Districts, to Credit Suisse on behalf of a private client for $50 million.

The full article is available on the Boston Business Journal’s website: 400 Atlantic Ave, Sold for $50M.

0 Boston Companies Migrating from Suburbs to Downtown

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Five Hundred Boylston St. in Boston's Back Bay

Credit: Boston Business Journal

Companies continue to look to relocate downtown from outside the city, when they wish to attract younger technology talent. The profile of the new recruit is car-less and prefers walking or public transportation as their primary means of transportation.

A recent example of this migration is VMTurbo. The cloud technology company is moving from Burlington to 500 Boylston St. in the Back Bay.
The BBJ spoke with an HR executive at VMTurbo, and posted the following quote, indicative of the city-bound migration:

“Most of the employees that we hire are not people who own cars for the most part — they use the T,” [human resources executive Veronica] Curran said.

The full article on VMTurbo’s move to Boston’s Back Bay is available on the Boston Business Journal.

0 How Startups Pick their Hometowns

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View of skyline

Credit: BBJ

Frequently when I meet with young companies their initial request is, what will it cost?  My reply is usually is, “ If it was free and the perfect configuration, but in Western Massachusetts, would you take it?”  The reply, “No.”

Companies that are in growth mode care about access to qualified potential employees. In the Boston market we see many companies prefer to be within the city core as opposed to be outside the city for that simple reason. The younger workforce doesn’t own or doesn’t want their commute to involve an automobile.

According to a research report on the Boston Business Journal, here’s are the three aspects that entrepreneurs say actually did sell them on their hometowns:

1. Population & talent

2. Livability

3. Strong area supply chains

The full BBJ article is available, here.

0 Billion-Dollar Sale includes two Buildings on Fan Pier

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Office building in Fan Pier, Boston

Credit: Boston Business Journal

Developers continue to permit, build and lease as their buildings come online and stabilize, they sell. We will continue to see trades within the office sector as our economy continues to grow and outperform the national average.

The most recent indication of this trend is the sale of two buildings on Fan Pier. According to the BBJ, Senior Housing Properties Trust plans to acquire the two office buildings in Boston’s Seaport District. A closing is expected in the next few months. The nearly 1.7-million-square-foot deal includes 1.1 million square feet of office space while the remaining portion is the underground garage.”

Additional details are available on the Boston Business Journal.

0 MA Job Growth Strongest Since 2000

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MA jobs growth

Credit: The Boston Globe

Our local economy continues to grow and outperform the national average. This is mirrored by the increased price of office space per square foot that has surpassed pre-recession levels.

The Boston Globe reported on the strong year in 2013:

“Despite the impact of automatic federal budget cuts known as sequestration, the state gained more that 55,000 jobs in 2013, compared to about 49,000 in 2012 and 43,000 in 2011, the state Executive Office of Labor and Workforce Development reported Thursday. It was the best year of job growth since 2000, when the tech boom — shortly before it went bust — drove the creation of about 95,000 jobs.”

The full article is available on the Globe’s online outlet here: The Boston Globe

0 Demand Grows for Office Tower at Seaport’s Pier 4

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Pier 4 Seaport low for Office Tower

Credit: Boston Herald

Will the Seaport see a new tower in the near future? Office demand is strong and New England Development is looking to accommodate.

According to a recent Boston Herald article, “strong demand for new Seaport District office space has prompted New England Development to settle on an office tower for the second phase of its 1 million-square-foot, mixed-use Pier 4 project.”

The full article is available here: Boston Herald real estate