0 Construction to Begin on ‘Ink Block’

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Graphic rendering of the Ink Block in Boston's South End

Photo Credit: Elkus Manfredi (via BBJ)

Ink Block is on the move and the transformation of the Herald’s HQ will commence later this year.

The Boston Business Journal reports on the construction, noting the Ink Block is “designed to re-imagine the former Herald site in the South End at Harrison Avenue and Traveler Street, Ink Block will feature 475 apartments in five buildings and 85,000 square feet of retail space, including a flagship 50,000-square-foot Whole Foods Market, which will be the chain’s largest location in Boston and the first-ever full-size grocery store in the South End.”

For additional information on the former Boston Herald HQ, jump over to the BBJ’s full article.

0 Kendall Square to Offer Rent Control to Start-ups

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Offices at 300 Technology Sq in Kendall Sq.Is rent control coming to the Cambridge office market? Cambridge is moving to create price-capped office space for start-ups in Kendall Square.

According to a Boston Globe article, Cambridge “is poised to become the first community in the country to require commercial developers to set aside lower-cost offices for start-up companies and budding entrepreneurs.”

The full Globe article is available on the BostonGlobe.com.

0 Boston Commercial Real Estate Market Going Strong

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Office building at 1 Brattle Sq. in Cambridge, MaMultiple media outlets and commercial real estate firms are saying the same thing; the office market has made up for recession losses. This is primarily attributed to the following: financial, life sciences, technology, biomedical and engineering firms.

A Boston Herald editorial delves into the numbers further:

“The first quarter started with strong leasing activity in several sectors, from financial to life sciences, technology, biomedical and engineering firms. The vacancy rate in Greater Boston dipped below 15 percent for the second quarter in a row, yet spiked 27 basis points because of a number of spaces that were known to be coming to the market, including Monitor’s 196,000 square feet at 2 Canal Park in Cambridge and IBM’s building at 5 Technology Park in Westford.”

Follow the link to read the full article on BostonHerald.com.

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0 Boston Commercial Market Shows Full Recovery

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office space at 10 Langley Place in Newton MaThe recovery is well underway which is evident by the downtown vacancy rate dropping below 10 percent.

According to a Banker & Tradesman article, referencing  a Jones Lang LaSalle (JLL) report on commercial leasing, “Boston is officially in growth mode and has exceeded its pre-recession jobs peak…high-tech and life sciences continue to grow, at 9.8 percent and 5.9 percent year-over-year, respectively.”

Additional details on the commercial market recovery are available on the Banker & Tradesman website.

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0 Boston Seaport Maintains Broad Appeal

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Office in Boston's Seaport district at 2 seaport laneThe Seaport continues to attract tenants and residents as well as investors that want to partake in one of Boston fastest growing markets.

Biznow interviews various tenants and investors to get their direct take on the transformation of the Seaport and Innovation District. You can also jump over to our submarket overview of the Boston Seaport for more information on what the neighborhood offers local businesses.

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0 Boston Office Vacancy Rates Drop to Lows of ’09

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Building at the intersection of 262 Washington Street and 85 Devonshire Street in BostonWe have seen the largest decline in vacancy rates in Boston since 2009, to just below 10 percent.

Banker & Tradesman breaks down a recent report from Colliers International, noting, “the first quarter represents the eighth consecutive quarter of positive absorption in the Boston market. The downtown submarket was the tightest space in the city, with a 12.7 percent vacancy rate at year-end. The Financial District was primarily responsible for the solid results with 278,000 square feet of positive absorption, followed by the Seaport at 125,000 square feet.”

The full article is posted on the Banker & Tradesman website.

0 Boston Office Market Reflects Recovery

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office building at 121 high street in BostonBoston is on the move and the migration of tenants downtown continues. Rents continue to rise while vacancy continues to drop; that signals a recovery. The next piece that is on the forefront is speculative construction, which usually appears when vacancy drops below 10 percent.

The World Property Channel, quoting figures from Jones Lang LaSalle, notes that “high employment in the high-tech sector and life sciences are the industry’s major drivers in the region’s recovery, growing at 9.8 percent and 5.0 percent year-over-year, respectively.”

Additional figures are available on the World Property Channel website.

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0 39 JFK St. in Harvard Sq. Sold for $33.1M; Price Exceeds $1,600 per SF

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Logo for Boston Realty AdvisorsThe Real Reporter covered the sale of 39 JFK St., noting, “one of Harvard Square’s most prominent buildings has changed hands at a mind-boggling price cresting $1,600 per sf, scooped up by a foreign investor in an off-market transaction orchestrated by Boston Realty Advisors. The $33.1 million exchange of 39 JFK St. offers a double dose of déjà vu, with the same buyer in 2012 acquiring three Harvard Square assets in two separate trades also negotiated by BRA’s team of Michael d’Hemecourt, Christopher D. Sower and Jason S. Weissman.”

To view other properties from BRA, jump over to BostonOfficeSpaces.com’s commercial listings.

0 Office Rents in Boston On the Rise

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Commercial real estate construction in boston

Photo Credit: Boston Globe

As the recovery takes hold, office rents are rising accordingly across all submarkets in Boston’s Central Business District.

According to a Boston Globe editorial, “the Boston-area office market has almost fully recovered from the economic downturn, with companies filling up large chunks of space and driving a steady uptick in rents…the influx has pushed the vacancy rate below 10 percent for the first time since the end of 2009 — a threshold that often triggers larger rent hikes and even speculative construction activity.”

Additional details are available on the BostonGlobe.com..

 

0 Boston’s Small Businesses Leading the Recovery

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155 Seaport Boulevard office building in Boston's SeaportAfter just attending the Bisnow 2nd Annual State of the Seaport District it is very clear that small business are in fact leading the recovery. Dave Greaney, president of Synergy Investment, who’s company caters to these firms, has seen an impressive upswing in new tenants gravitating downtown and specifically to the Seaport/Innovation District. Rents have risen more than 50% in the last 24 months and are expected to continue to climb.

The Boston Globe reports, “From a bread maker in Andover to an auto parts maker in New Bedford, small businesses are reporting growing demand, increasing sales, and an improving outlook.”

More information on the Boston recovery is available on the Boston Globe website.