DOCSLIB.ORG

Savills Studley Report Boston Office Sector Q4 2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Savills Studley Report Boston Office Sector Q4 2018 Savills Studley Research Boston Savills Studley Report Boston office sector Q4 2018 SUMMARY Market Highlights STRONG YEAR FOR LEASING RENT UP SLIGHTLY "Boston was considered a top contender A flurry of mega-leases late in 2018 pushed The average asking rent for Boston/Suffolk for Amazon. Virtually unrivalled annual volume to more than 14.0 msf – a County rose by 4.0% to $48.98. The Class A sharp increase from 2017. asking rent jumped by 5.0% to $58.42. expertise in AI and robotics, world-class universities and a deep tech ecosystem AVAILABILITY RATES DIP SALES DOWN were selling points. Several of the The market's overall availability rate ticked Office property sales during the first eleven down by 10 basis points to 13.7%, driven months of the year totaled $4.6 billion, a region's most ambitious suburban largely by decreasing availability in suburban 38% decrease compared to the first 11 developments now must go back to submarkets. Conditions remain tight in months of 2017. Boston/Suffolk County, with single-digit square one in their search for an anchor availability rates in Back Bay and Seaport. tenant." Savills Studley Research Savills Studley Report | Boston Costs Soar but Rally pushes Office-Using Employment Trends on for Now Millions Boston’s overall economy and office market 0.62 5% continued on a steady path of expansion 0.60 during 2018. The region added nearly 3% 25,000 office-using jobs (a 4.2% increase) 0.58 during the last 12 months. The growth 0.56 1% eclipsed much weaker growth nationally, 0.54 and was more than double Boston’s 1.6% -1% increase in the prior 12 months. 0.52 -3% 0.50 Companies continue to aggressively chase skilled personnel, regardless of cost. Talent 0.48 -5% centers such as Boston have consequently 0.46 thrived even as wages, home prices and -7% 0.44 the cost of doing business soars. A recent 2014 2011 2012 2013 2015 2016 2017 2018 0.42 2009 2010 -9% report from affordable housing developer Boston Office Emp. Boston % Change U.S. (% Annual Change) Winn Companies details how expensive it Source: Bureau of Labor Statistics^ has become to build a home in the Boston region. According to the report, it now costs on average $500,000 to produce a single Class A Availability Rate Trends residential unit in a multifamily development Class A Availability Rate Trends While many tech firms spend with a blind eye to cost, they can not solve the problem 25% of a depleted labor pool. 22.1% 21.5% 20.0% Boston lost out on the Amazon stakes, 20% 20.3% but the region market has captured many corporate tenants and is still seeing 16.6% 14.3% extensive growth. The region ends 2018 15% with even tighter market conditions than this time last year. Vacancy rates are well under 10.0% 5% in Cambridge and surrounding areas. 10% Construction activity is gaining significant momentum in areas such as Waltham, but 6.5% conditions remain tight. Boston ended 2018 5% with an availability rate of 13.7%, a decrease Boston Region Suburban Cambridge Boston/Suffolk of 170 basis points from year-end 2017. Availability rates are in single-digit territory 0% within Boston/Suffolk County, including a Q4 '13 Q4 '14 Q4 '15 Q4 '16 Q4 '17 Q4 '18 8.9% rate in Seaport and 8.0% in the Back Bay. Suburban submarkets in Route 495 corridor remain much softer, exceeding 20% Class A Asking Rent Trends ($/sf) in some areas. Class A Rental Rate Trends $70 Development Spreads, Despite $61.54 Roadblocks $60 $58.42 Development continues to push into a broader geography. The Boston Planning $50 $45.30 and Development Agency approved almost $7 billion in new developments $40 $39.45 $35.29 during 2018. The approval and entitlement process remains a high hurdle to clear $30 in Downtown Boston and Cambridge, $22.64 keeping development activity restrained $24.51 $20 and adding to already significant costs. $18.04 Some suburban areas in the Route 128 and $10 Route 495 Corridors have a bit more land Boston Region Suburban Cambridge Boston/Suffolk and approval is not generally as contentious $0 as in Cambridge or the heart of Boston. Q4 '13 Q4 '14 Q4 '15 Q4 '16 Q4 '17 Q4 '18 Hobbs Brooks Management is about to start demolition on 225 Wyman Street, with 02 Q4 2018 plans to construct a 507,000-sf office or lab building once it secures an anchor tenant. Availability Rate Comparison Overall Rental Rate Comparison This would be the largest office building on Route 128. Also in Waltham, engineering Cambridge 6.6% Back Bay $55.29 firm Simpson Gumpertz & Heger signed a Neighborhoods District 6.7% Financial District $52.07 110,000-sf lease at 20 CityPoint in Waltham Back Bay 8.0% Cambridge $49.81 and a 14,000-sf lease in the Prudential South Station/Ft Pnt Channel 8.9% Seaport/South Boston $38.29 Tower. The firm will relocate from its office at Route 495 South 9.5% US Index $34.69 41 Seyon Street in Waltham. Worcester 12.1% Neighborhoods District $34.51 Financial District 12.7% Route 128 West $29.48 Bullish on Boston Route 128 North 13.2% Boston Region $29.05 Southern New Hampshire 13.7% Close-in Suburbs North $24.65 In the Financial District, HYM Investment Boston Region 13.7% Route 128 North $23.29 Group and National Real Estate Advisors Close-in Suburbs North 14.1% Route 128 South $21.16 recently secured a major investor at One Route 128 West 15.1% Route 495/Mass Pike West $19.85 Congress. DC-based Carr Properties US Index 17.9% Route 3 North $18.49 acquired a 50% stake in the 1.0-msf Route 128 South 18.5% Route 495 North East $17.48 tower being built at Bulfinch Crossing. Route 495 North East 20.0% Route 495 South $16.33 Construction work should now start in 2019 Route 495/Route 2 West 21.7% Route 495/Route 2 West $15.97 with a completion date of 2022, but the Route 3 North 21.9% Worcester $14.69 partnership will likely await the signing of an Route 495/Mass Pike West 26.5% Southern New Hampshire $14.65 anchor tenant before going vertical. The site 0% 5% 10% 15% 20% 25% 30% $0 $15 $30 $45 $60 will eventually include another 150,000-sf office building and a 200-room hotel topped by 50 condominiums. The complex will Major Transactions be linked via a pedestrian walkway to The Tenant Sq Feet Address Market Area Hub on Causeway, anchored by Verizon. Sanofi 900,000 Cambridge Crossing Cambridge Carr Properties is bullish on Boston. It also Boston Dynamics 175,000 200 Smith St Route 128 West recently acquired 200 State Street, paying Elevate Bio 146,000 200 Smith St Route 128 Corridor $222 million for the 304,000 sf building Gumpertz & Heger 124,000 20 CityPoint & Prudential Tower Route 128 West adjacent to Faneuil Hall Marketplace. Medidata 117,026 110 High St Financial District ezCater 100,000 40 Water St Financial District In a market loaded with talent, Cambridge iTeos Therapeutics 107,000 200 Smith St Route 128 West is the center of the region’s innovation Pioneer Investments 99,000 60 State St Financial District engine. Top life science and biotech firms Avid Technology, Inc. 99,765 75 Network Dr Route 128 North are beating down the submarket’s door as Morrison Mahoney 60,000 250 Summer St Seaport/South Boston they try to tap into top talent in both Kendall Sum of Leases 1,927,791 Square and East Cambridge. Goldfinch Bio was reportedly considering a 40,000-sf to (BGI) unveiled plans for 401 Congress 60,000-sf at Cambridge Crossing campus. Street Goldfinch currently leases just over 14,000 a development is the obstacle. Developers sf at 215 First Street in Kendall Square. are often going into the approval process with a tenant in hand. Boston Properties in November. The tower will be built About the only thing stalling leasing is M&A won unanimous approval for a 18-story on a 1.1-acre surface parking lot next to activity. Shire Plc recently backed out of tower in Kendall Square to be built on the the MBTA World Trade Center Silver Line its 350,000-sf lease and build-out at 500 current site of the MIT Coop bookstore at Station. Kendall Street. The pharmaceutical firm is 325 Main Street. Google will be the likely in the midst of a $62-billion acquisition by anchor tenant. Boston Properties will also Initial plans for 401 Congress Street are Takeda Pharmaceuticals. This opens up a build a new head house for the Kendall running into some opposition. The final rare massive block in the tight market. The Square MBTA station and connect to product will still have to be ironed out. space is likely to garner a lot of interest. Google’s office at 355 Main Street. The Much of the haggling centers around public Following Sanofi's take down of the entirety proposal faced some hotly debated issues, space. Current configurations call for a of Cambridge Crossing, other tenants including the impact of the building on an street level “grand hall” to be occupied by looking for big blocks of space are in a tight adjacent rooftop garden. Boston Properties eateries or non profits. Performance areas spot. Other options, including traditional will remedy this by building a staircase from and two separate civic spaces are planned corporate office spaces, are leasing up the street to the garden.
Load more

Recommended publications
  • Boston Office Market Report
    BOSTON OFFICE MARKET REPORT SECOND QUARTER 2018 NO SIGNS OF SUMMER SLOWDOWN Greater Boston's market showed no signs of weakening during the second quarter by recording strong growth from numerous industry types. The market continued receiving inbound demand as well as converting organic growth into significant expansion. Most notably, Amazon's commitment to nearly 430,000 square feet at Parcel L4 in the Seaport reflects inbound demand while Wayfair's torrid expansion into roughly 395,000 SF in the Back Bay at 222 Berkeley and 500 Boylston Street exemplifies organic growth. The region's demographics and economy have remained solid which has supported and promoted Boston's recent expansion. Firmly rooted in education, technology and life sciences, Boston's diverse economic base has submitted strong job growth through increased recruitment and skilled labor retention from the area’s leading universities and institutions. Looking forward, expect durable market conditions and a diversified economy to guide the region's commercial real estate market to a strong performance over the next several years. 3.5% 3.8% # $2.6B 2ND MAY MAY MA QUARTERLY NATIONALLY IN MASSACHUSETTS NATIONAL VC FUNDING (Q1) QUARTERLY (Q1) UNEMPLOYMENT UNEMPLOYMENT VC FUNDING CLASS A MARKET ASKING RATE VS. DIRECT VACANCY TRENDS $64.00 16.0% $61.00 14.0% $58.00 12.0% GLOBAL DESTINATION $55.00 10.0% World leader in medical innovation and $52.00 8.0% technological advancement $49.00 6.0% TOWER SALES RIPPLE $46.00 4.0% EFFECT Will recent Class A Tower sales push $43.00 2.0% rental rates even higher? $40.00 0.0% 201720162015201420132012201120102009200820072006 YTD2018 TECHNOLOGY & Average Asking Rate Direct Vacancy (%) INNOVATION HUB Fortune 500 leaders and 1,900 homegrown startups CLASS B BUILD TO SUIT AND ASKING RATE VS.
    [Show full text]
  • 109 Causeway Street ®
    BOSTON, MA 109 Causeway Street ® West End/North Station Retail Space for Lease ±1,600 SF • Available immediately • Prime corner location in the heart of the West End/North Station market, one of Boston’s fastest growing neighborhoods • Situated immediately across the street from TD Garden, home of the Boston Bruins and Celtics; North Station, one of the three busiest commuter hubs in Boston; and Boston Properties’ Hub on Causeway development • Heavy pedestrian traffic in front of site from daily commuters, neighborhood residents, and visitors for events at TD Garden Ben Ravelson Robin Estus 617.239.3646 617.239.3604 [email protected] [email protected] ATLANTICRETAIL.COM ATLANTA | BOSTON | CHARLOTTE | LOS ANGELES | PITTSBURGH | WEST PALM BEACH © ATLANTIC RETAIL 2020 The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. LOVEJOY WHARF (157 LUXURY CONDOS) 93 HEADQUARTERS NORTH STATION 6,248 RIDERS/DAY (GREEN & ORANGE LINE) 20,000+ DAILY INBOUND RIDERS ON COMMUTER RAIL AVALON NORTH STATION 500 LUXURY APARTMENTS THE BEVERLY (239 RESIDENTIAL UNITS) COURTYARD MARRIOTT Friend Street (220 KEYS) Causeway Street 500,000 SF OFFICE SITE (UNDER CONSTRUCTION) 256 KEYS HEADQUARTERS NORTH STATION LIQUORS 440 RESIDENTIAL UNITS (UNDER CONSTRUCTION) BOSTON, MA Ben Ravelson Robin Estus 617.239.3646 617.239.3604 109 Causeway Street [email protected] [email protected] SITE AERIAL ATLANTICRETAIL.COM © ATLANTIC RETAIL 2020 DN OFFICE 5' - 6" " 9 114 - ' 6 44 SF PT.304 " 9 - ' 8 STAIR DN 107 15' - 3" 120 SF KITCHEN 112 309 SF PT.302U.O.N NORTH STATION LIQUORS LUGGAGE BAR 106 115 22 SF 74 SF 7' - 7" COUNT 2 FTE STAIR 108 ELEVATOR LOBBY 14' - 5" 78 SF 9' - 10" 104 2 A " " 33 SF 5 2 A903 - - ' ' 8 7 2 PT.301U.O.N CORR.
    [Show full text]
  • Boston New Construction & Proposed Multifamily Projects 3Q17
    Boston New Construction & Proposed Multifamily Projects 3Q17 ID PROPERTY UNITS 220 145 Thorndike Street 150 1 Elevation 492 221 Mercier 50 2 Balsam Place 192 222 Pleasant Street 100 4 Cirrus 398 223 113 Boston Post Road 60 6 Village at Clark Brook, The 144 224 Weston Quarry 345 11 Westerly, The 280 225 1205 Worcester 164 231 12 Paddock Estates at Boxborough 244 226 Concord Street & Kendall Street 196 17 Island Creek Village Phase III 120 227 Fabric Place Redevelopment 200 6 18 Veridian, The 95 228 Mount Wayte Plaza 240 19 Residences at Colcord Pond, The 91 229 70 Sprague Street 521 230 20 Counting House Lofts 71 75 230 Tri City Road & High Street 144 21 Residences at Joan's Farm, The 96 231 Apple Ridge 102 232 Pleasant Street 256 118 22 Edge Merrimack River 156 233 Bridge Street Waterfront Phase II - IV 522 25 Webster Village 76 234 Lexington Manor 97 26 Wallace Farm 240 235 Wayfarer Property 133 27 Modera Hopkinton 280 Orient Heights Redevelopment Phases Total Lease-Up 2,979 243 II - IV 253 56 31 Nova Residences of Quincy 171 244 Commons at Weiss Farm, The 264 35 Washington Mills Phase II 198 18 245 Ledges at Woburn 168 43 Avalon at the Hingham Shipyard 246 341 2nd Avenue 195 41 Phase II 190 43 River’s Edge Phase III 56 250 Devine School Redevelopment 92 19 251 230 Beal Street 300 235 46 Residences at Riverfront Landing 228 252 Bartlett Fields 234 123 26 47 Tremont at Third Avenue, The 115 253 Lodge at Andover 248 Phase II 120 51 Residences at Great Pond, The 234 254 39 Grant Street 79 52 Landing 53 172 255 Modera Marshfield 270 124 53
    [Show full text]
  • (NOI), Temporary Construction Dewatering, One Congress Tower
    April 19, 2018 US Environmental Protection Agency Office of Ecosystem Protection EPA/OEP RGP Applications Coordinator 5 Post Office Square – Suite 100 (OEP06‐01) Boston, Massachusetts 02109‐3912 Attn: Ms. Shelley Puleo RE: Remediation General Permit (RGP) Notice of Intent (NOI) Temporary Construction Dewatering One Congress Tower – WPB‐2 1 Congress Street Boston, MA 02114 VERTEX Project No. 27026 Dear Ms. Puleo: On behalf of our client, BC ONE CONGRESS TOWER JV, LLC (the “Owner”), and in accordance with the National Pollutant Discharge Elimination System (NPDES) Remediation General Permit for Dewatering Activities – Massachusetts General Permit, MAG910000, included herewith are the Notice of Intent (NOI) and applicable documentation as required by the US Environmental Protection Agency (USEPA) and Massachusetts Department of Environmental protection (MassDEP) for construction site dewatering under the Remediation General Permit. Construction dewatering is planned in support of redevelopment of the property located at 1 Congress Street in Boston, Massachusetts (the “site”), as shown on the attached United States Geological Survey – Topographic Map – Boston South. Redevelopment activities which will require dewatering include excavation for the construction of a new high‐rise commercial building, and the installation of subsurface utilities. We anticipate dewatering will be conducted continuously during the excavation activities for proposed redevelopment. SITE DESCRIPTION The site is located in an urban area of Boston, Massachusetts. According to the Boston South 2015 USGS Topographic Map, the site is located in a densely developed urban area in downtown Boston, Massachusetts. Per the City of Boston Assessor’s information, the site is currently occupied by an 11 story, 1,355,000 square‐foot building.
    [Show full text]
  • Boston Condo and Rental Market Report Year End 2018
    Boston Condo and Rental Market Report Year End 2018 2/1/2019 Introduction Although 2018 was considered a banner year with over Buyers are moving around, following the value. Specific 4000 closings and record high prices, it is also being neighborhoods mean less as Boston develops the infill recognized as the beginning of the “adjustment cycle.” After between them, resulting in a blending and overlapping that years of record – breaking absorption and year over year skews some of the specificity prevalent in years past. The double digit appreciation, the market has hit the pause key ingredients of public transportation, ease of walkability button. and an established sense of place are more motivating than a defined neighborhood boundary. The last quarter of 2018 witnessed a shift in the market from an over heated Sellers’ market to a more balanced Amenities and parking are at the forefront of decision- demand model. The high-end new construction market making. Bostonians still love their cars and although has provided sufficient supply such that those buyers have we have witnessed some constriction on that demand, several choices.. and are taking their time making them. selling any new construction with 2 bedrooms requires With over 1500 units at over $1450 per foot either on a parking space for optimum pricing. Amenities are alive the market or coming on the market within the next 12 and well, now expecting elevated concierge services, months, the supply within that silo is several years’ worth of curated programming and sufficient outdoor spaces such inventory. Fortunately, Boston’s appetite for the high-end that their “vertical neighborhoods” can be self-sustaining.
    [Show full text]
  • And the Reinforcing Work at Bulfinch Crossing
    THE JULY 2019 LOCAL and the Reinforcing Work at Bulfinch Crossing IN THIS Boston’s Bulfinch Crossing at One Congress Street · 4 An Inside Look at Local 721 · 13 ISSUE Reinforcing Ironworkers Across North America · 8 New Officer Training 2019 · 20 54915_IW_July_2019.indd 1 7/16/19 12:48 PM 1750 New York Avenue, NW, Suite 400 Washington, DC 20006 THE p (202) 383-4800 · [email protected] ironworkers.org VOLUME 119 | JULY 2019 | NUMBER 6 INTERNATIONAL OFFICERS ERIC DEAN KEVIN BRYENTON General President Fourth General Vice President 1750 New York Avenue, NW 1434 Chemong Road North Suite 400 Unit 12-13 Washington, DC 20006 Peterborough, Ontario K9J 6X2 p (202) 383-4810 · f (202) 638-4856 Canada p (705) 740-0890 · f (705) 748-3028 FEATURES JOSEPH HUNT General President Emeritus ROBERT BOSKOVICH 1750 New York Avenue, NW Fifth General Vice President 4 Boston’s Bulfinch Crossing at One Congress Street Suite 400 2700 South River Road Washington, DC 20006 Suite 118 Reinforcing Ironworkers Across North America p (202) 383-4845 · f (202) 638-4856 Des Plaines, IL 60018 8 p (847) 795-1710 · f (847) 795-1713 WALTER WISE 13 An Inside Look at Local 721 General President Emeritus DON ZAMPA 1750 New York Avenue, NW Sixth General Vice President New Officer Training 2019 Suite 400 1660 San Pablo Avenue 20 Washington, DC 20006 Suite C p (703) 627-0401 Pinole, CA 94564 29 NARSC’s Reinforcing Steel Industry Award p (510) 724-9277 · f (510) 724-1345 RON PIKSA TAUC’s Craftsperson of the Year General Secretary JAMES MAHONEY 32 1750 New York Avenue, NW Seventh
    [Show full text]
  • Greater Boston Market Viewpoint
    GREATER BOSTON MARKET VIEWPOINT 3RD QUARTER 2016 BOSTON The downtown Boston market continued to exhale after tenant movement in the Seaport (Pier 4, 121 Seaport) to creative office space at North Station (Hub on third quarter. Vacancies moved up to 11.1%, a 0.7-percentage-point increase from Causeway) to the redevelopment of 40 Water Street. Additional projects totaling the past quarter and more than two percentage points from the cyclical low set several million SF of new inventory are either proposed or permitted to move at the end of 2015. This slowdown was not unsurprising: tenants continue to forward. GE is the latest to join the development fray, submitting plans for a shuffle space, as tenant migration to the Seaport is having long-lasting impacts on 389,000 SF office headquarters in the Seaport, including 293,000 SF of ground- other submarkets within downtown. No single submarket vastly underperformed, up development to complement the existing Necco buildings on-site. but tenant movement by Steward Health, Houghton Mifflin, Neighborhood Health, • Demand growth is being driven by the TAMI sector. Tech companies in particular, and the FBI all contributed to the sluggishness. While no signs of a recession are some migrating from the ultra-tight Cambridge market or fresh off a round of looming, the property markets may be showing signs of topping out. Landlords venture capital funding, are increasingly drawn to the CBD’s relative value. still hold pricing power, as rents rose again this quarter, and despite the recent Another key factor is the CBD’s transit connectivity—tenants can maintain access increase in vacancy rates, they are in line with the city’s long-term average of 11.1% to the Red Line, which links them to the tech center of Kendall Square.
    [Show full text]
  • Boston's Economy Pre-Pandemic Baseline the Boston Planning & Development Agency
    Boston's Economy Pre-Pandemic Baseline The Boston Planning & Development Agency We strive to understand the current environment of the city to produce quality research and targeted information that will inform and benefit the residents and businesses of Boston. Our Division conducts research on Boston’s economy, population, and commercial markets for all departments of the BPDA, the City of Boston, and related organizations. The information provided in this report is the best available at the time of its publication. All or partial use of this report must be cited. Author: Boston Planning & Development Agency, Research Division. Date: May 2020. Information: Pease visit bostonplans.org/research-publications for more information. Requests: Please contact us at bostonplans.org/research-inquiries with additional questions. Research Division Director Senior Demographer Research Manager Interns Alvaro Lima Phillip Granberry Kayla Myros Lena Clark Lucy Hewitt Deputy Director Senior Researcher/ Data Research Assistants Christina Kim Manager Emily Korest Jing Chen Allison Van Twisk Senior Economist Matthew Resseger Research Associate Kevin Kang Visit our website Follow us on Twitter BostonPlans.org twitter.com/BostonPlans Brian P. Golden, Director Contents Summary of Recent Trends in Boston's Economy ............................................................................... 4 Economic Growth ............................................................................................................................................ 5 Employment
    [Show full text]
  • Insight Report 2020 Market
    Downtown Boston 2020 Market Insight Report Winter/Spring ‘20 Winter/Spring 2020 Market Insight Report 1 Downtown Boston Market Overview Market Size Vacancy Sublease Available 61,225,985 SF 7.1% 1.8% 10.9% Arrows Indicate One Year Change Trends The Big Picture Year over year, overall vacancy in Downtown Boston is down 2%, and overall rents are up 11.2%. Most notably, the Seaport saw a $7.30/SF rent increase from Q3 2019. Static Noise Vacancy rates in all submarkets remained relatively static from Q3 2019. Can’t Stop, Won’t Stop Market supply constraint continues despite Please edit/update itemsthe nearlyin red. 15 Also,million confirmsquare feet previous in the quarters numbers. Graph below will update development pipeline. automatically. Lobby at 100 Federal Street | Photo Source: Cresa/Duncan Lake Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 3 Rent ($/SF) $56.00 $56.02 $ 56.01 $ 56.94 $ 56.94 $ 55.97 $ 57.38 $ 61.45 $ 61.26 $ 62.92 $ 66.02 $ 68.37 Rent and Coworking Corner VacancyHistorical Chart Vacancy (%) Rent10.6% & Vacancy10.3% 10.4% 9.8% 9.8% 7.8% 8.4% 9.1% 8.0% 7.2% 6.8% 7.1% Rent ($/SF) Vacancy (%) Approximately 60% of WeWork’s Boston portfolio is true coworking space, while the remaining 40% $70.00 11.0%11.0% is their HQ/custom product. WeWork is no longer actively seeking to lease any new office space in Boston as a result of their failed IPO and recent subsequent employee layoffs.
    [Show full text]
  • The Real Reporter a COMPENDIUM of COMMERCIAL PROPERTY & CAPITAL NEWS FEBRUARY 2, 2018 THIS WEEK’S ISSUE Housing Authorities
    The Real Reporter A COMPENDIUM OF COMMERCIAL PROPERTY & CAPITAL NEWS FEBRUARY 2, 2018 THIS WEEK’S ISSUE Housing Authorities . 2 Scituate Situation . 4 Developer John Rosenthal Wins Marathon, Alternative Energy . 10 Facilitating Change . 11 Breaks Ground on $240M Gerding Edlen JV Going for The Downs . 12 BY JOE CLEMENTS addiction, a casualty count for which he OSTON — For many of his hearfelt keeps a tally—“over 100,000 people dead pursuits, John Rosenthal has been res- in two years”— and a list tragically includ- Bolutely on the side of stopping things, ing the Newton native’s beloved nephew. whether it be nuclear plants along the San But as was evident Tuesday over- Andreas fault, looking the chronic home- Massachusetts lessness, gun vi- Turnpike and olence and now David Ortiz his frantic and Way, the lead- THE REAL REPORT painfully per- er of Meredith sonal crusade Management is to end the car- also capable of Curley Coup nage of opiod John Rosenthal Kelly Saito Frank F. Petz see page 74 BOSTON — Somehow this month, vet- eran real estate broker Christopher Curley took a step back in time and Newmark Lists Crown Jewels for Grander into the future simultaneously upon BY JOE CLEMENTS returning to NAI/ UINCY — Having last Hunneman after year bought two first- a hiatus of nearly Qclass office towers in 15 years. The firm’s North Quincy, Grander one-time Rookie of Capital Partners is hard- the Year explains ly abandoning the City of to Real Report his Presidents, but the home- grown opportunity fund Christopher Curley decision to accept a
    [Show full text]
  • BOSTON, MASSACHUSETTS 02110 • +1 617 9127000, F +1 617 9127001 • © 2020 CBRE, Inc
    RETAIL SPACE AVAILABLE FOR LEASE 226 CAUSEWAY STREET, BOSTON,MA MARKET OVERVIEW LOOKING WEST ON CAUSEWAY STREET Boston’s West End, historically dominated by the TD Garden (home to the Boston Celtics, THE OPPORTUNITY Bruins and over 200 annual events), is bursting with several mixed-use developments. 226 Causeway Street is a mixed-use retail, office and residential building adjacent to Boston’s With over 1,300 new residential units under construction, and thousands of additional units TD Garden. In addition to 193,000 SF of retail and Class A office space, home to TripAdvisor and within projects currently under review by the City, the West End has quickly become a vibrant, Boston Celtics employees, 226 Causeway Street has six floors of residential units with 108 luxury urban neighborhood. In addition to over 1,000 open businesses, the West End welcomed its condominiums known as Strada 234. With ±2,300 SF of prime corner retail space available, adjacent latest office anchor, with 500+ employees, Converse, with its world headquarters located at to the Hub on Causeway development and TD Garden with 3.5M annual visitors, take advantage of Lovejoy Wharf, with retail and restaurant space along Boston’s inner harbor. this exciting opportunity in this emerging submarket. As residential and office density in the trade area continues to grow at a rapid pace, the demand for retail, restaurants and services are at an all-time high. Recent improvements to NEIGHBORHOOD the MBTA’s Commuter Rail and Subway Lines have strengthened the connection to the West End from all parts of Boston and beyond, bringing consumers to the trade area throughout DEMOGRAPHICS the day and evening.
    [Show full text]
  • Boston Market Report
    2019 YEAR END BOSTON MARKET REPORT TABLE OF CONTENTS 2020 and Beyond: Boston’s Condo Market Forecast . 4 BOSTON CITYWIDE Overview . 6 Sales Price By Range . 7 Bedroom Growth . 8 The Leaderboard 2019 . 9 Pipeline . .. 10 BOSTON SUBMARKETS Allston/Brighton . 12 Back Bay . 14 Beacon Hill . 16 Charlestown . 18 East Boston . 20 The Fenway . 22 Jamaica Plain . 24 Midtown . 26 North End . 28 Seaport/Fort Point . 30 South Boston . 32 South End . 34 Waterfront . 36 GREATER BOSTON AREA SUBMARKETS Brookline . 38 Cambridge . 39 Note: Dorchester, Roxbury, Mattapan, Hyde Park, Mission Hill, Roslindale, and West Roxbury were not included in the submarket segment of this report. Condo sales in these neighborhoods were included in the Boston Citywide subsection. 2020 2019 AT A GLANCE 2019 was a landmark year in Boston’s condo AND market as a wave of new luxury construction projects throughout the city begin to close . Just as the closings at Millennium Tower did BEYOND in 2016, Pier 4, One Dalton, and Echelon sales pushed 2019 sales prices and price per BOSTON’S foot metrics to new heights and dramatically impacted the overall Boston condo market; CONDO MARKET for the first time, multiple buildings have had FORECAST sales that breached the $4,000/sf threshold, and average $/sf for buildings outside of Back Bay and Beacon Hill have crossed the $2,000/sf line . This signals that the top end of the luxury condo market continues to be strong in this economy heading into 2020 . SUPPLY AND DEMAND IN BOSTON The outlook for the broader condo market Boston as a whole remains in Boston also remains positive .
    [Show full text]