0 Boston Office Market Leads the Nation

Posted on December 4, 2014 by Wil Catlin

Charts courtesy of Marcus & Millichap via MHN Online

Boston continues to lead the nation with one of the most stable office markets which is due to a strong local economy.

Research data from Marcus & Millichap, published on MultiHousingNews.com, reaffirms this claim:

“Over 38,500 jobs were created in 2013 in the city, increasing payrolls 1.5 percent. By the end of 2014 employers will add 40,200 new jobs, of which 14,000 will be office-using positions—a 2 percent increase from last year…Developers completed approximately 4.2 million square feet of office space over the last twelve months as compared to merely 1.4 million square feet in the previous year. Around 5.2 million square feet currently under construction in the metro area is expected to come online throughout 2016.”

“According to Marcus & Millichap, approximately 3.2 million square feet of office space is set for completion by the end of 2014—a 1 percent increase from 2013—with new inventory being heavily concentrated in the Boston/Suffolk County and Route 128 North submarkets.”

You can read the full report on MHN Online.

0 BBJ Interviews Kenneth Goldberg of Bernkopf Goodman

Posted on December 4, 2014 by Wil Catlin

Credit: BBJ

A true professional; I have had the opportunity to sit across from Ken and I appreciate his perspective, approach and candor.

The BBJ published a riveting interview with Ken Goldberg that I compel you to read: Outside the Box: Kenneth Goldberg of Bernkopf Goodman.

Here’s an excerpt from the interview:

“Is there anything else that might surprise people about you? There are a lot of people who are a whole lot smarter and I work hard to make up for that. I might be up all night or well into the night to prep for a meeting — just to be fully prepared. I come across on the ball and in command. But I prepare so that I’m the best prepared in the group.”

0 Cambridge Office Space Consumed by Tech Companies

Posted on July 9, 2013 by Wil Catlin

Currently the East Cambridge/Kendall Square office market continues to see tight vacancies with increased rents. Of the 27 Class A buildings that list availability the average asking prices is $58.17 PSF this includes direct and sublets. The rumblings are these prices will continue to march North squeezing those with limited financial capacity. The squeeze is due, in large part, to an influx of technology companies consuming clusters of prime commercial real estate in Cambridge.

According to a recent BBJ editorial, “the list of companies swallowing chunks of new space and driving up rents in the process reads like a Who’s Who of Silicon Valley. Amazon.com just locked in 100,000 square feet at 101 Main St., while Oracle Corp. and Twitter Inc. recently rolled up a flurry of acquisitions to bring their local footprints to 82,000 square feet and 30,000 square feet, respectively. Facebook is on the prowl for a local 5,000-to-10,000-square-foot toehold, while Google Inc. remains Boston Properties’ best friend as it incrementally adds to the 300,000-plus already under contract at 4 and 5 Cambridge Center.”

Follow the link to read the full Boston Business Journal article, Cambridge tenants get whipsawed by big tech

Cambridge Office Space for Lease
Commercial Real Estate in Kendall Sq.