Boston office market continues to see strong demand for space. The BBJ offers a breakdown by market:
“The Back Bay remains the highest priced submarket at $53.65 per square foot, but not much has changed from a year ago, when average rents were $53.35. Rents in the Seaport were flat at $38.46 per square foot. Charlestown rents dropped to $22.43, the lowest rate in the city, down from $23.10 a year ago, and Fenway rents were flat at $32.95 per square foot.”
Credit: Boston Business Journal
In addition to the development taking place on Main Street in Waltham, another mixed-use development offering street level retail and 230,000 square feet of high performance workspace is underway at 10 CityPoint in Waltham. The new project leased its first-class office space to Wolverine Worldwide for the headquarters of its Sperry Top-Sider, Saucony, Keds and Stride Rite brands. Broker’s focusing on the Mass Pike/128 submarkets are optimistic about the development as they feel it will attract more talent and businesses to the area, helping absorb vacancy in surrounding markets such as the office space in Needham and Newton.
Credit: Wicked Local
Wicked Local offers an assessment of the location’s commercial exposure:
“10 CityPoint, located on Route 128 at the exit 27 interchange, will be seen by more than 400,000 cars per day. The project includes street level retail and restaurant options and 230,000 square feet of high performance workspace, according to Boston Properties.”
Credit: Wikipedia
Did you get a law degree at Dartmouth? Are you looking for a job? Are you in need of legal services? Stop by 274 Franklin Street to learn more.
The Boston Business Journal describes the incubator’s mission:
“The University of Massachusetts School of Law Dartmouth has arrived on Boston’s legal scene, this week debuting a new venture in the Financial District that’s designed like a start-up incubator — but for lawyers to launch their careers…Called Justice Bridge, the center is located in basement space at 274 Franklin St. and it serves two purposes, first by employing graduates of UMass Dartmouth Law School and second by providing reduced-fee legal services for people who cannot afford the full fare of a Boston law firm but are able to pay something.”
Credit: The Boston Globe
Boston makes big claims about sports, education, medical and financial services. If you’re from here you have very strong opinions about how our town is better than all the rest. Well, we have a new one, most walkable.
The BBJ, citing a report from a Washington D.C.-based research group and George Washington University, claims, “the report concludes, the most-walkable cities will be, in order: Boston, Washington D.C., New York, Miami and Atlanta.”
The criteria for walkability, according to the research group:
“The report’s executive summary states: ‘Walkable urban development is characterized by much higher density and a mix of diverse real estate types, connected to surrounding areas via multiple transportation options, such as bus and rail, bike routes, and motor vehicles. For those living or visiting a walkable urban place, everyday destinations, such as home, work, school, stores, and restaurants, are within walking distance.'”
Seaport office space at 281 Summer St.
For a 400 year old city, we are experiencing record growth with billions being invested into new office, residential, and retail projects in areas of the city that were previously left for dirt lots or industrial space.
Bisnow.com, offers some historical perspective on the alternation and modernization of the hub over just the past decade:
“A decade ago, the waterfront—just across Fort Point Channel from the downtown Financial District—was still seen as the home of a languishing commercial port. Now the Seaport, aka the Innovation District, has new infrastructure, new buildings like Hanover’s (above), and a flock of cranes bringing more product online. Skanska is building a new HQ for PwC; State Street recently completed its relo into Channel Center; The Drew Co is quickly leasing apartments at Waterside Place; and The Fallon Co is selling super luxury condos on Fan Pier. The Seaport has come alive, Douglass says, with spectacular views and a condo market that’s heating up.”
There is some new artwork in the Financial District across from the Langham Hotel. Ab Initio, created by Brad Howe. His work from 2011 to present can be found, here.
Credit: BBJ
The Boston Business Journal notes, “the stainless steel work, titled “Ab Initio,” a Latin phrase meaning “from the beginning,” was created by Brad Howe, a native of Brazil who lives in California. It features splashes of black and red color as well as holes that allow pedestrians to see through it…’The holes enable you to look through so they can engage the city from more than one standpoint instead of something that is solid and blocks the view'”
Click through to the BBJ to read additional details on the work.
Over the 2nd quarter of 2014 the greater Boston office tenant gobbled up 25,555 RSF per day. Not just week days, but weekends included, which dropped our vacancy to 16.3 percent. What does that mean in building size? 2 Prudential Towers of activity.
From BostonSF.com:
“The amount of capital looking to be deployed in the Greater Boston market is abundant and aggregate sales volume is on pace to be the highest level since 2007.”
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?
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.”
Credit: WiredNYC
“WiredNYC is an initiative of the Bloomberg Administration aimed at bringing transparency to broadband connectivity in NYC office buildings. Our core mission is to encourage landlords and tenants to share information about broadband infrastructure in their buildings.”
Why does this matter in Boston? Because they are coming.
The goal is for landlords to market the amenities they have, which have been verified by a 3rd party — wiredscore — while providing tenants with a 3rd party opinion of what the building is wired for.