Credit: ProgrammableWeb.com
Pleasant Street in Watertown is undergoing rapid change in regards to new construction and the purchase of existing buildings between there and Waltham. It is becoming a hotbed for CRE investors and start-up tech firms are beginning to trickle in from Cambridge because of how competitive the market is.
Maybe this trend will continue to push out into Greater Boston and will have a long term effect on Needham and Newton office space?
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.
Credit: TheArsenalProject
Watertown is changing and so is the landscape for retailers and office space within this active market. Typically known as a town with office space that is offered at a more cost-efficient rate when compared to office space within Needham and Newton, today Watertown is undergoing revitalization and reinvention in order to draw a new generation of enthusiastic shoppers and diners as well as tenants looking for creative, brick-and-beam office space.
From Wicked Local:
“Instead of focusing solely on retail, a modernized Arsenal Project will be reconfigured to become a vibrant destination of national, regional and local retailers, with fresh, new restaurant, retail and entertainment choices. Recent renovations that signal the changes to come include exterior building and landscaping upgrades, new common area seating and even, during the darkness of the winter months, a remote-controlled light show playfully executed on the brick sides of the buildings. Currently underway are interior and exterior energy-efficient lighting upgrades and a redesign of signage.”