0 Boston Office Trends: Seaport, Kendall Sq. and Back Bay Near pre-2008 Crash

Franklin Street office space in Boston

Image Credit: Boston Globe

The value option in Boston office leasing, the Financial District, holds the single largest concentration of office space and workers. Submarkets like the Seaport, Kendall Square, and Back Bay are pushing numbers in excess of the pre-2008 crash.

From the Boston Globe:

Data from the Boston office of Colliers International show that vacancy rates for the upper reaches of buildings in the Financial District — floors 20 and above — are at their highest in nearly a decade. And as a whole, the Financial District lost more tenants per square foot in 2016 than any other area in the city, ending up with nearly 850,000 more square feet of vacant space than in 2015…The Seaport District remains the new “it” address, with companies leasing an additional 400,000 feet of office space in 2016.

0 Seaport is Bustling; Time To Find Boston’s next Hot Neighborhood

101 seaport blvd office building

Credit: Boston Globe

Prior to having a Starbucks, some complain that there isn’t a Starbucks around; once Starbucks opens in the area, some complain that the neighborhood has become gentrified.

Take this passage from a recent Banker and Tradesman article as affirmation:

A new Starbucks has opened facing the Fort Point Channel on Congress Street across from the Children’s Museum. And with that, it is official: the Seaport has been gentrified. The search for the next hot neighborhood must begin now, because the Seaport has jumped the shark…Hyperbolic, perhaps, but nonetheless true. The neighborhood’s conversion from the gritty artist community of Fort Point to the shiny office tower haven of the Seaport is all but complete.

Simple enough, the Seaport has seen a dramatic transformation and has some of the most expensive office building trades in Boston – in excess of $1,000 per square foot at 101 Seaport Boulevard.

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