0 Is Speculative Development Fit to Take Off in Boston?

Posted on November 6, 2014 by Wil Catlin

Office building at 111 Huntington Avenue in Boston

The office market has clearly shifted from years past. We are seeing continued rent growth in all Boston office markets from Back Bay to the Seaport and Financial District. The time has arrived for speculative new office construction. Tenants are willing to pay for brand new construction that accommodates their culture and growth.

From Banker and Tradesman:

“’You’re hearing rumblings in the market about people starting to think about spec office development,’ said Carlos Febres-Mazzei, a senior vice president at CBRE/New England. Typically, speculative development takes off when vacancy rates fall to around 8 percent. With current construction costs, rents need to approach $70 a square foot to support ground-up development, said Febres-Mazzei said.”

0 Boston Office Vacancies Dwindling

Posted on March 26, 2013 by Wil Catlin

If you are out hunting for office space today you will get the benefit of paying more than your peers did a year earlier, combined with the privilege of having fewer options to choose from. What’s happened? The CBD of Boston is in the midst of a strong upswing across all submarkets with no sign of slowing down.

Statistics posted on the Boston Business Journal website note, “office vacancies dropped to 9.7 percent from January through March across the city’s eight submarkets, down from 12.4 percent for the same period in 2012. Citywide rents increased to $42.55 per square foot, compared to $41.68 a year ago, a two percent hike.”

The BBJ’s editorial on Boston’s first quarter market data includes additional market details.

0 Smaller Office Spaces Sought in Boston

Posted on November 16, 2012 by Wil Catlin

What is the profile of today’s workspace and how has it changed over the last 20 years? Well, employees are doing more with less and gone are the days of the private offices. Now people work in more collaborative environments.

Mike Hoban of Boston Business Journal reported “Boston’s downtown office market may be gaining significant momentum, but a second storyline emerging this year is one that will have longer lasting implications for landlords — the size of the deals are shrinking.”

More information is available on the BBJ’s “Tenants find small is beautiful.”

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