It was a great honor to have both Mayor Marty Walsh and Draft Kings CEO Jason Robins speak at our 2017 Boston Market Overview earlier this month. Keeping with the DraftKings fantasy sports theme, this year CBRE/New England representatives from Urban and Suburban leasing as well as our Capital Markets group reflected on last year’s MVPs and then selected their draft picks (predictions) for the upcoming year.
And so it began… with the kick-off from the 35-yard line, Andy Hoar, CBRE/NE President/Co-Managing Partner, set the pace for the morning’s program. John Butterworth, Executive Vice President/Partner of Urban Brokerage, introduced Mayor Marty Walsh, who has gone the distance up and down the field many a times, returning kick-offs from a variety of developers with hopes to score a touchdown in Boston.
Making moves past the first-down marker, Spencer Levy, Head of Americas Research for CBRE, carried the ball a bit further down field and opened the discussion on domestic and international trade, immigration, taxes, the power of voice, regulation, infrastructure and management style.
On draft day, every team has an opportunity to reflect and rebuild for the next season. Our CBRE/NE speakers did exactly that by presenting their 2016 highlights, in addition to their new year predictions. The game plan was presented and the players were ready to take the field.
Draft Pick #1: Out-of-Market Tech Demand
“Much like Tom Brady is the New England Patriots’ obvious pick for the 2016 MVP, out-of-market tech-driven demand is my obvious pick for the 2016 MVP.” – MC
Draft Pick #2: Cambridge 2016 MVP = Organic Growth
“While Downtown’s headlining deals came largely from out of market, in 2016 the Cambridge market’s MVP was…ORGANIC GROWTH! From Facebook to Amazon, Akamai to Hubspot, and Takeda to Shire, you’ve got some serious firepower reiterating the case for the connection to MIT and Harvard. The combined market cap for these 10 companies that executed expansion deals during 2016 is $1.8 trillion.” – AB
Draft Pick #3: Cambridge 2017 Player to Watch = New Development
“The current development cycle has delivered 16 new projects totaling 4.2 MSF in Cambridge. That represents a supply growth of 22% over the past nine years.” – AB
Draft Pick #4: Downtown 2017 Player to Watch = VIBE Drives Velocity
“Vibrant neighborhood, Innovative design, Bold amenities and an Entrepreneurial ecosystem. Simply,VIBE drives velocity.” – MC
Draft Pick #5: Urban Flex Pick = The Redefinition of Lab
“With Cambridge lab demand currently floating around 2 MSF of active requirements, demand is outpacing available supply by more than two and half to one.” – AB
Stay tuned for our next post, where we will reveal the draft picks from our Suburban and Capital Markets teams, along with Jason Robins’ keynote highlights. Here’s a quick snapshot of what to look forward to in this special CBRE/NE mini-series:
- Suburbs – Alison Powers, First Vice President; Andy Majewski, Executive Vice President/Partner
- Capital Markets – Brian Doherty, Senior Vice President/Partner; Biria St. John, Vice Chairman/Partner
- Hartford Market Overview – Patrick Mulready, Senior Vice President/Partner; John Reed, First Vice President/Partner; Alexis Augsberger, Senior Associate; Keynote Speaker: Ed Guay, Principal (Wintonbury Risk Management)
- Rhode Island Market Overview – Alden Anderson, Senior Vice President/Partner; Andrew Galvin, First Vice President; Tom Barry, Vice President; Keynote Speaker: Governor Gina Raimondo