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

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SPOTLIGHT: DATA CENTER & NETWORK SOLUTIONS

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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

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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.
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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.
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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

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Building Today for a Stronger Tomorrow: CBRE Cares New England Year in Review

cbre-cares-ne-logoAs New England’s largest commercial real estate services company, CBRE/New England (CBRE/NE)—led by its dedicated professionals—has a significant impact on the industry and the communities in which its employees live and work. Each professional represents CBRE/NE in their neighborhoods, and the company fully appreciates the importance of that responsibility. The motto, “Building on Compassion,” is a regional and national call-to-action that will challenge our employees to expand their leadership positions in their communities by supporting charities and rebuilding lives.

CBRE/NE manages approximately 36 million square feet of properties across New England and the CBRE Cares New England program is designed to harness the aggregate potential of CBRE/NE tenants and employees. In 2016, participants contributed towards several causes that included days of service paired with similarly themed collection drives.

Food Drive: Over 2,500+ Pounds of Food Collected

In conjunction with a variety of local food pantries affiliated with Feeding America, CBRE Cares facilitated its seventh annual Food Drive in March to collect and distribute non-perishable goods to families in need across New England. Over the course of just two weeks, CBRE Cares collected a total of over 2,500 pounds of food donations. Our Connecticut team also bagged two tons of apples for Foodshare, a local initiative founded on the mission of ending hunger in the state.March 2016 312.JPG
A capping-off event took place on March 3 at the Greater Boston Food Bank (GBFB) where CBRE/NE volunteers united with directors to help achieve GBFB’s mission of ending hunger in eastern Massachusetts. Over the course of the day, we had 60 volunteers who contributed to sorting 13,754 pounds of food, making it possible for the GBFB to supply 10,798 meals to those in need.

Put Your Clothes to Work Drive: Over 3,000 + lbs Collected
cbreIn June, CBRE Cares partnered with the Goodwill Clothing Collaborative and participated in its “Put Your Clothes to Work Drive.” Gently used and clean professional and business attire were collected at buildings across our portfolio. CBRE/NE collected and distributed over 3,000 pounds of clothing for aspiring professionals. Over 500 individuals who are enrolled in job training programs now have access to these donations, free of charge, to help establish their interview and professional wardrobe.

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On June 9, CBRE/NE teamed up with Cradles to Crayons for a day of service at their Brighton Giving Factory. Volunteers enjoyed a day of fun as they created “KidPacks” to help Cradles to Crayons work towards their mission of providing basic necessities for children in need. At a separate event in August, several employees helped 188 people pick out wonderful new outfits to give them the confidence to make a great impression and ace any upcoming job interviews.

Book Drive: Over 2,700 Books Collected

BookDriveRecap_2016.jpgBy providing kids with the tools so many take for granted, our August book drive allowed kids to focus on what’s really important—enjoying a good book and expanding their imagination.
CBRE Cares partnered with the United Way to collect and distribute over 2,700 books to children across the region.

Bed Build: 30 Beds Built

On October 21, CBRE/NE volunteers worked together to build furniture for toddlers to fulfill a basic need that most of us take for granted—a bed. Beds were distributed through agency partners to families with children transitioning out of homelessness and foster care. Our partner, Boston Cares, has worked with skilled furniture makers to develop a simple bed design and assembly process that allows volunteers with minimal training or experience to produce beds that are attractive, sturdy and easy to assemble.img_3589

Toys For Tots/Gift Giving Drive

During the holiday season, CBRE Cares organized a Toys for Tots Drive to allow local underprivileged children and families to experience a happy holiday. The drive recently wrapped up, but donations are still being made to the properties throughout our portfolio. ‘tis the season of giving after all!

Our employees and tenants always find time to give back to our local organizations throughout the year and some individuals make the extra effort to volunteer on their own time. Read more about their efforts here.

CBRE/NE Cliffnotes: 3Q16 Downtown Boston Office Market

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Short on time? Here are the highlights of our third quarter Downtown Boston marketview. To request the full report, fill out the form at the bottom of this post.

The Downtown Boston Office market sustained consistent activity through the summer, with overall market conditions continuing to put Boston in the top-performing markets across the country.

Overall Class B rents continue to reach historical highs, ending the quarter at $45.51 per sq. ft, as companies are using real estate to impact culture change more than ever.

The modernized amenity offerings that have been created in Class A buildings in order to compete with creative Class B space have now become the norm. Will we start to see Class B assets creating similar amenities to maintain competitiveness?

In the CBD, traditional professional services firms continue to shrink office footprints to increase efficiency. Availability increased by 10 basis points (bps) while vacancy increased by 30 bps, ending Q3 2016 at 7.7%.

Boston Properties delivered 888 Boylston Street, the newest high-rise building to the Back Bay submarket since 2001. Setting a new benchmark in sustainable buildings, the project was 77% pre-leased upon delivery.

The Seaport continues to attract out-of-market companies. Red Hat announced a 40,000 sq. ft. urban office at 300 A Street. America’s Test Kitchen leased 52,000 sq. ft. at the IDB at 21-25 Drydock Avenue.

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To request the full report, please submit this form: