Overview [SITE]Site Characteristics [MKT]Market Conditions [OPP]Opportunities [CNST]Constraints...
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Transcript of Overview [SITE]Site Characteristics [MKT]Market Conditions [OPP]Opportunities [CNST]Constraints...
Overview
[SITE] Site Characteristics
[MKT] Market Conditions
[OPP] Opportunities
[CNST] Constraints
[DEV] Development Opportunity
[SITE] Site Characteristics
[MKT] Market Conditions
[OPP] Opportunities
[CNST] Constraints
[DEV] Development Opportunity
Charlestown
•unleveled, unimproved
•Land Area: 40,000 SF
•Surrounding Uses: warehouse, commercial office, light industrial,
institutional
•BRA owned
•New Rutherford Avenue Local Industrial (LI) Sub-district
•Max FAR: 2.0
•Max Building Height: 45 feet (3-4 stories)
•No regulations on lot dimension, yard, and usable open space
•Parking Requirement: office 2, industrial 0.5 space/1000SF
Site Characteristics
[SITE] Site Characteristics
[MKT] Market Conditions
[OPP] Opportunities
[CNST] Constraints
[DEV] Development Opportunity
Boston Office Market: Supply
• Current construction activity is very low. The forecasted completions are below 1% of total inventory (next 5 years).
• Residential conversions of Class B & C office buildings erode the office inventory, leaving users of small office space with fewer options.
Boston Office Market: Demand
Boston Office Market Trend, 1993-2010
02468
101214161820
1993
Data: TWR Boston Office Submarket Report 2005
[SITE] Site Characteristics
[MKT] Market Conditions
[OPP] Opportunities
[CNST] Constraints
[DEV] Development Opportunity
Access
Public Transportation Highway & Throughfare
[SITE] Site Characteristics
[MKT] Market Conditions
[OPP] Opportunities
[CNST] Constraints
[DEV] Development Opportunity
Price-Competitive
Proximity to Bioscience Cluster
Constraints
• Office market is still in trough
• Lower rents than in other areas
• Unappealing urban environmental quality
• Lot size + Zoning
[SITE] Site Characteristics
[MKT] Market Conditions
[OPP] Opportunities
[CNST] Constraints
[DEV] Development Opportunity
R&D Sub-Market
On The Bright Side
Proximity to life science center -- Cambridge
Increasing R&D employment in Boston MSA
High rents in Boston/Cambridge ($40-45/SF NNN)
Small firms relocating for cheaper rents
Caveat
New construction
Summary
• Office market rebound
• Good accessibility
• Affordable relocating destinations for bio-science
• Local employment benefits
• Timing essential
Thank you!!
R&D Pipeline
Site Size (sf) Area Notes
NorthPoint +2,000,000 East Cambridge Proposed
301 Binney Street 435,000 East Cambridge Proposed
650 Kendall Street East 275,000 East Cambridge Proposed
7 Cambridge Center 231,000 East Cambridge Under Construction
750 Main Street 175,000 East Cambridge Proposed
670 Albany Street 161,255 Back Bay Under Construction
source: Colliers International (colliers.com)