by Web Collins, Executive Vice President/Partner of CBRE/NE’s Valuation & Advisory Group
With CBRE’s worldwide reach, I never know what the next telephone call or email will bring. This article is the result of recent assignments with very far-thinking real estate people, both within and outside of Boston. This article will address Boston from “the outside looking in” and conclude with the likely state of the market in 2014.
How The World Sees Boston
Beyond its well-known 24-hour city characteristics and the impacts of its educational institutions, what investors see is not a city made of 10 submarkets. They see the city of Boston as an urban area moving forward at a pace not seen in decades.
Investors see the city as having great vision in its setting of a forward-thinking urban fabric years ago. The city of Cambridge performed this changeover in the 1970s and 1980s with East Cambridge being the primary focus. The city of Boston had its changeover with the “Big Dig” in the 1990s-early 2000s.
East Cambridge and the Seaport are looked at as an integrated whole. They comprise some 2,125 acres of land, and an existing inventory of office/lab space of 31,600,000 square feet, which is expected to grow to over 50 million square feet of mixed-use space within 10 years. What Boston has is effectively a “city within a city.” The combination of East Cambridge and the Seaport are an integrated whole.
The only other places in the world where you find “cities within cities” are Canary Wharf in London, Hong Kong and perhaps Playa Vista in Los Angeles.
To read the rest of the article covered by New England Real Estate Journal, click here.