What the Real Estate World is Thankful for This Year
With the holiday season upon us, the real estate world certainly has a lot to be thankful for. This particularly applies to Boston, where the market continues its hot run. Here's a few things we're thankful for this year:
Amenities for suburban tenants
These days, the best employees are attracted to companies that embrace experience-based amenities that allow them to live, work, and play. One example is APEX Center in Marlborough, which catapulted the Route 20 area into livelihood. They've since attracted several other highly coveted companies to the area, ranging from Exagrid from Westborough and Mercator Group from Maynard to Persivia from Lowell- all of whom have recently signed commitments to relocate to Marlborough.
Turnkey solutions and spec suites for quick moving groups
It's frustrating to discover that your costs are going to be more than expected. It's even worse to discover that your transaction is bogged down by red tape. That's why we're incredibly grateful for turnkey build-out solutions that are easily implemented into the system. When landlords invest in improving their office space up-front, they generally always see the benefit in the end. This means as a tenant, there's less you have to cover out of pocket and faster transaction periods.
Boston out as Amazon HQ2
The city of Boston's bid to be the location for Amazon's second headquarters was extremely controversial. So when the company CEO Jeff Bezosthat Amazon would instead set up shop in Queens and Arlington, Virginia, Boston could breathe easy. While bringing in such a huge business to Boston may sound like a good idea in theory, it could actually be quite detrimental to the foundation of our city. Can you even imagine your commute with 50,000 more people?
Though plenty of Bostonians rely on the MBTA system for their work commute, the T has issues when it comes to functioning properly. An older infrastructure system tends to break down more and can be severely obstructed by heavy snow. And the last thing Boston needs is more people on the road. Traffic is terribly clogged, with average Boston-area driver spendsin rush hour traffic. The idea of adding thousands of Amazon employees into the mix would be devastating.
On our holiday wish list: Affordable industrial and flex space
Finding affordable space for a client is always a great experience. But this can be challenging, particularly since activity in the industrial and flex sector is rampant. With vacancy down and rents increasing in the greater suburban Boston area, many users don't have all that many options. Even with build-to-suit opportunities and (we hope) a prospect of new supply in the market, landlords are faced with the astronomical prices of construction. As a result, tenants must deal with longer leases, less concessions, and increasing rents.