Real Estate Articles of Note
March 12 – March 16, 2018
The following represents articles of interest to the Boston real estate community that appeared in various publications during the week. Certain news links may require site registration or subscription to access the complete article.
Massport wants public realm improvements as it seeks developers for remaining Seaport land
The Boston Globe — March 12, 2018
The Massachusetts Port Authority will require developers to factor in enhancements to “the public realm” when pitching projects for its properties on the South Boston waterfront. The port authority included this new provision in a request for proposals that it released on Monday for an office project on a 1.1-acre site along Congress Street, next to the Silver Line’s World Trade Center station.
'Tandem' hotels in Kenmore: Projects eye 'orphaned' corners
The Boston Herald — March 13, 2018
Two proposed hotels would add 677 guest rooms in Boston’s Kenmore Square and better connect two “orphaned” street corners, according to developers of the planned project. A new 24-story micro-hotel would replace the Citizens Bank at Commonwealth Avenue and Beacon Street. A 19-story hotel with underground parking would take the place of three buildings next to the existing Buckminster Hotel.
Langham Hotel Fights One Post Office Square Revamp
Banker & Tradesman — March 15, 2018
Redevelopment of the One Post Office Square office tower could cost its neighbor, the Langham Hotel, approximately $13 million in annual revenues, an attorney representing the hotel warned as the Boston Planning and Development Agency prepares to vote on the project tonight.
MBTA Silver Line expansion to Chelsea set to launch in April
Boston Business Journal — March 13, 2018
Next month's expansion of the Silver Line into Chelsea will plug the city into Boston's two commuter rail hubs and make it a prime location for transit-oriented development. "Chelsea will actually be one of the only places in close proximity to Boston where folks can get to both South Station and North Station easily," said Transportation Secretary Stephanie Pollack.
Wellness wave: Boutique fitness centers give landlords hot, less-risky lease options to attract tenants
Boston Business Journal — March 15, 2018
Developers and real estate experts say boutique fitness studios create an enticing culture of motivation for patrons, and fit nicely with a shift in retail from the merely transactional to what the industry calls the “experiential.”
Architect Selected to Study BCEC Expansion
Banker & Tradesman — March 15, 2018
A Missouri architectural firm has been selected to develop a master plan for expansion of the 70-acre Boston Convention and Exhibition Center campus in South Boston. The study is due for completion in early 2019.
Nauset Constructing Mixed-Use Complex in Central Square
Boston Real Estate Times — March 13, 2018
Construction is now underway for a mixed-use project that will transform an underutilized parking lot in the heart of Central Square into a transit-oriented development that will provide 46 apartments to supply-constrained Cambridge, MA.
Medford Office Property Sale Reflects Orange Line Demand
Banker & Tradesman — March 14, 2018
KS Partners has acquired 10 Cabot Road in Medford, a 107,026-square-foot office building anchored by construction company Bond Brothers, for $25 million.
Google-Backed Robotics Firm Relocates to Waverly Oaks Park
Banker & Tradesman — March 13, 2018
Cambridge-based Veo Robotics has leased 12,000 square feet for a new headquarters in the 1.2-million-square-foot Waverley Oaks Park.
Colliers In The News
Bargain Borough Buys Have Some Companies Reverse Commuting To The Suburbs
Bisnow — March 13, 2018
Historic price discrepancies give Boston’s suburbs some of the best commercial real estate values in the region, but companies have shied away. Demographic shifts may finally change that. Suburban developers have consistently maintained millennials would eventually move to the suburbs, and it appears the oldest millennials are doing just that. “The Boroughs are a potential opportunity for investors to buy assets, which are selling at a steep discount, differentiate that product and have a chance to lure the current millennials who are aging and looking to get out of the city,” said Colliers International Director of Research Aaron Jodka.
Can 495 Bounce Back? Office Developers Follow Youth Movement to the ’Burbs
Banker & Tradesman — March 11, 2018
Rent discounts in the Route 495 west submarket have widened to levels not seen in 20 years, according to research from Colliers International. That’s a reflection of double-digit vacancies in most communities. But demographic trends that favor urban living and workspaces for Millennials could swing back in the outer suburbs’ direction, pointing to a value-add strategy for commercial investors.
Bloomberg Baystate Business: Work, Toys, and Lightbulbs
Bloomberg — March 14, 2018
Boston Director of Research Aaron Jodka joined the radio staff at Bloomberg this week to discuss the potential effects that the bankruptcy of Toys 'R' Us could have on the Greater Boston real estate market. Their conversation begins at 21:59.
How Toys ‘R’ Us became the island of misfit toys
The Boston Globe — March 15, 2018
The liquidation of Toys 'R' Us could leave 30,000 employees out of work and over 735 storefronts across the country vacant. More than a dozen stores are within Greater Boston. “I can think about how excited I was as a kid to go to a toy store — my sister used to call it Toys ‘For’ Us. But my colleague just said that his grandchildren refer to Target as the toy store,” said Aaron Jodka, the Boston-based Director of Research at Colliers International.
The Day Geoffrey the Giraffe Died
Colliers in Focus — March 13, 2018
As Toys 'R' Us descends into bankruptcy, the former retail giant stands to vacate more than 600,000 SF of space in the Greater Boston area. Aaron Jodka, Director of Research for Colliers' Boston office, discusses the potential fallout of this event.