0 Boston’s Newest “Innovation District” Emerging in Downtown Crossing

Posted on by
office space for lease on Arch Street in Boston

33 Arch Street, Boston

Why are Tech and E-Commerce companies moving to Downtown Crossing?

  • Value – This seems easy, but a low to mid $30’s rent is still achievable within the Class B portfolio of options
  • Location – The neighborhood includes Class A office Towers, the new Millennium Place Condo’s, grocery store
  • Amenities – Live, Work, Play
  • Transportation – This area sits above the Red, Orange and Green Line and is a short walk to the Blue Line at State Street

From BostonSF.com:

“According to a new commercial real estate market report released by Cresa, Downtown Boston is still considered one of the country’s most dynamic office markets. As traditional industries, such as banking and financial institutions, in the Financial District continue to downsize and consolidate, large blocks of inventory are becoming available to tenants. And as technology and e-commerce companies continue to populate Downtown Crossing, the area is becoming Boston’s new ‘Innovation District.'”

 

0 DeFazio Park in Needham: Talks of New Building Swirl

Posted on by
MSBA logo

Credit: Massachusetts School Building Authority

Looking for new office space in Needham? A new multi-family development? A new neighborhood? These are just a few of the questions that local Needham residents have been wondering since discussions have progressed about reconstructing the Hillside school.

According to Wicked Local, “the Hillside school reconstruction project is moving into feasibility phase after an affirmative vote last week by the Massachusetts School Building Authority.

The full Wicked Local article is available on Needham.WickedLocal.com.

0 Needham Crossing Progressing

Posted on by
Needham Crossing development

Credit: prnewswire

The Town of Needham is experiencing a boom in development. With an abundance of newly-constructed office buildings in Needham, recent zoning changes as well as the state’s add-a-lane highway project –- which will include on- and off-ramps for Route 128 at Kendrick Street -– Jeremy Freid, a partner in the suburban arm of Boston Realty Advisors, believes said change will send positive signals to the business community.

A Needham Times editorial on WickedLocal, Let Needham Crossing thrive, includes a progress report on the commercial development:

“The biggest boon to Needham Crossing came in late 2012 when TripAdvisor agreed to move its headquarters there after Needham Town Meeting approved $1.8 million in tax breaks for the company in exchange for construction of a new headquarters and the hiring of 250 additional employees over five years. The new headquarters is slowly coming to fruition. Its steel frame is already up, and the project is moving toward a 2015 completion date.”

0 Boston Suburban Office Parks get Reinvented

Posted on by

Owners and developers across Eastern Massachusetts are seeking to reinvent the suburban office park. In communities such as Waltham, Newton and Needham, developers are adding restaurants, hotels and other amenities to replicate the idea of “live, work, play,” which is an increasing popular attraction in the city. Needham’s soon-to-be largest office tenant, Trip Advisors, will benefit directly from this “live, work, play” attraction.

Wells Avenue office park in Newton, MA

Credit: The Boston Globe

The Boston Globe quantifies the divide between Boston’s urban and suburban landscapes:

“Along Interstate 495, the vacancy rate for Class A offices is hovering at nearly 18 percent, compared with 11.5 percent in Boston and less than 6 percent in Cambridge. Commercial rents are depressed. Offices lease for only $20 per square foot in the region, less than half of what similar space fetches in Boston and Cambridge, according to Jones Lang LaSalle, a commercial real estate firm.”

0 More Office Towers Wanted in Boston

Posted on by

The Boston office market needs more towers to accommodate the forecasted future growth and tenant demands of strong infrastructure with abundant amenities.  Tower’s no longer solely focus on traditional tenants, now prospective tenants range technology firms to ecommerce.

office towers in Boston

Credit: Wikipedia

Cathy Thompson, Executive vp at DTZ, discussed in an interview with the BBJ the notion that Boston is still very much a landlord’s market:

“In the Back Bay and Seaport submarkets, vacancies in the Class A towers are in the low single digits. Some the spaces in the upper floors in the Back Bay towers are commanding rents in the $80s (per square foot). In the Seaport, the top rents are in the low $60s in the new spaces. There’s a flight to quality, an upgrading of space. Landlords are taking advantage of the fact that there isn’t much high quality space available right now for blocks of space above 75,000 square feet.”

The full interview with Ms. Thompson is available on the Boston Business Journal’s website.

0 Bike Markers to Line Needham Streets

Posted on by
bike markers stenciled on street

Credit: Urban Turf

The Town of Needham plans to add bike markers to the shoulder of Greendale Avenue and Kendrick Street, two of the major roads connecting Needham to Newton. In addition, the Town is updating their plans to add Bike paths to the Highland Avenue/Needham Street corridor, ultimately making biking safer for those employees commuting to work via bicycle. Needham and Newton office buildings along the corridor will soon be able to offer their Tenants amenities such as heated bike storage units and bike paths.

 

 

0 MA Unemployment Down to 5.5 Percent

Posted on by
ma.gov logo

Credit: Mass.gov

Our economy is strong and show no signs of letter up.  Office rents are continuing upward as concessions continue downward.  Back Bay rents in some towers are commanding in the $80’s PSF while the Seaport is in the $60’s.

The BBJ notes “Massachusetts added 3,700 jobs in June and the rate is the lowest since August 2008.”

Additional details, including a breakdown by sector, are available on the Boston Business Journal.

0 This is What Today’s Class B Office Space Tenants Value

Posted on by

What tenants value in Boston class B office space

·         75% of current market demand is within the creative economy i.e. Tech, Advertising, Architecture & Design

·         Landlords using demand to improve spaces and increase rents. Spending TI money now for long term increase their lease ability.

·         Small suites are disappearing, especially in the Seaport. Does it make sense to go smaller?

·         Low rise Class A vs quality b/b+….the price gap is narrowing.

·         Sublease and move?…tenants are weighing this options as rents continue to rise and their current leases have value.

·         Red Line is still the demand driver…tenants are looking towards new stops (Park St., Central, Davis) where value exists.

·         Unique amenities are important i.e. bike storage, pet friendly, shared conference space, ROOF DECKS!

0 Solar Power Buildings Now Common in Boston Markets

Posted on by
Solar power going on Brookline office bulding

Credit: Wicked Local

The Town of Brookline has now hired a new solar developer to install new rooftop solar array’s on multiple buildings throughout the area adding to a trend that is becoming increasingly common among buildings in nearby markets. Needham and Newton office buildings are following suit as newly constructed buildings and properties under renovation are adding solar arrays to their composition. Be on the look out!

According to a Wicked Local post, “the town submitted a number of new buildings to Blue Wave for solar consideration…Once installed, Brookline would enter into a “power purchase agreement” with Blue Wave in which the town would set guidelines for buying power generated by the solar panels. The town would not, however, spend any money for the installation of the panels, and will not own the panels once installed.”

The full article is available on Wicked Local’s Brookline website.

0 New Developments in Watertown Trigger Site Plan Review Committee

Posted on by
Watertown MA logo

Credit: ci.watertown.ma.us/

Developers in the town of Watertown will now be required to hold Site Plan Review meetings to allow nearby residents the opportunity to voice their opinions about new developments. Although Residents in West Watertown have been holding similar meetings for years, one councilman was quoted on Watertown’s edition of Wicked Local, saying, “it’s good to finally formalize these meetings. Good proposal.” Similar meetings are held in nearby Towns such as Needham and Newton to discuss newly developed office and retail buildings. You can imagine how busy this group may be with the abundance of Needham and Newton office space coming to the market in the next several years.