0 Boston Suburban Office Parks get Reinvented

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 Newton & Needham Office Space: the next Kendall Square?

N2 development in Needham

Credit Wicked Local

A 500-acre parcel of land that borders Route 95 is undergoing a complete re-development as Mayor Warren and elected officials in Needham are trying to develop the parcel into an attractive place for high-tech companies to set up and begin their business. TripAdvisor, which currently employs 500 people in Newton on Needham Street, announced in December of 2012 that it couldn’t find suitable office space to grow its business in Newton.

Wicked Local reports, “last month Newton Mayor Setti Warren went as far as Israel as part of a mission led by Gov. Deval Patrick to promote the N2 corridor. The mayor returned with the news that he had interested several Israeli companies in visiting the corridor to consider expanding or relocating there. Officials say that’s good news for Newton and Needham because of the added jobs and tax revenue new businesses could bring in.”