CBRE/New England Research Highlighted at State House Day

495_legislators.jpg

On Thursday, April 12, our Évianne Netherwood-Schwesig’s research on the 495/Metro West market was displayed at 495/MetroWest Partnership’s annual State House Day. The 495/Metro West market extends along the Interstate 495 corridor from Westford in the north to Foxborough in the south, and spreads east-west along Route 9 from Natick to Shrewsbury. While once primarily an industrial economy, the area today supports a broad spectrum of white-collar occupiers, including a growing cohort of tech and life science companies.
Map of 495 metroWest
A high-level overview of Évianne’s findings is below:

  • Although 2018 began in the red, absorption was positive in three of the four preceding quarters. Continued healthy tenant demand indicates that the market is on solid footing.

Absorbtion

  • Vacancy has declined steadily over the last three quarters, as increasing numbers of tenants look for affordable alternatives outside the Boston urban core.

Vacancy.PNG

  • 495/Metro West rents have seen modest growth in recent years, as is to be expected as the market gains attention. However, rents remain at a dramatically better value than in the Boston urban core, where rapid growth has driven the rental gap even wider.

Class A

  • Specific 495/Metro West company statistics can be found below:

End Charts

To read more about Évianne’s findings, click here.

Just Released: CBRE/NE 2018 New England Market Outlook

2018_NEMO_NEBlog_01

It’s almost time to say goodbye to our 2017 Summer Interns

GoodbyeInterns-Email_2017.png

SPOTLIGHT: DATA CENTER & NETWORK SOLUTIONS

Data Center & Network Solutions Spotlight.jpg

For more information on our Data Center & Network Solutions group, please reach out to our experts Rich Modliszewski and Brad McLaughlin.

SPOTLIGHT: DEVELOPMENT & PROJECT MANAGEMENT

Clayton_Mark

By Mark Clayton, Executive Managing Director of Development & Project Management

  • This past year, a noticeable rise was seen in construction costs. For both labor and material costs, there was an increase of approximately 3.5-5% in the Boston market.
CRA_14_CafeteriaTowardKitchen_B_p_09FO.jpg

CRA

  • The Boston market’s average construction costs are higher than the rest of the country, ranging from $110-125 per sq. ft. This compares to a national average of about $100 per sq. ft.
  • Due to the higher-than-normal volume of work in the Boston market, when choosing a consultant, it is important to evaluate their existing workload to ensure they have the capacity to meet expectations.
  • Most new space designs are moving away from traditional office concepts and in the direction of a more open and collaborative environment.
  • Furniture and AV components have become a critical part of the open environment concept, adding to overall first-time costs.
Broadcom20160324-8.jpg

Broadcom

  • Workplace strategy has become a buzzword in the industry. Understanding how and where people work is critical in the initial design process, and providing flexibility for employees has become a competitive differentiator.
  • Due to the volume of work in the City of Boston, the overall permitting process timeline has been extended, which should be taken into consideration when reviewing a complete construction schedule.

Interested in reading more of our spotlights? Look no further. Read more in our 2017 Market Outlook.

 

CBRE/New England 2017 Winter BioView: A Look at the Greater Boston Life Science Market

Bioview_HTML_winter_2017.jpg

CBRE/NE 2017 New England Market Outlook

html_2017nemo_01