by Reid Leveillee and Cameron Veidenheimer, 2017 CBRE/NE Hartford Interns
Dunkin’ Donuts Park, in its maiden season as home of the Hartford Yard Goats, has been named the Best Double-A Ballpark in America, per a recent poll conducted by Ballpark Digest. The online poll—which began May 30th before concluding on June 20th—achieved participation by 178,000 fans, with each of the 30 Double-A ballparks in the nation considered. Dunkin’ Donuts Park faced fierce competition (with Pennsylvania club Altoona Curve coming in second) and is a testament to the draw of the Yard Goats’ new home. The park has already sold out 15 times this season, including 11 of the last 17 games.The park’s design emphasizes socialization as a critical part of the game experience, with a multitude of concession options on offer, as well as amenities including the Travelers Fun Zone. This endeavor clearly has resonated with visitors to Dunkin’ Donuts Park, and their rapid incorporation of the park into the center of Hartford’s entertainment scene indicates the beginning of an exciting new period in Downtown North. The stadium’s function as another downtown entertainment option further provides employees with greater opportunity to meet, mingle and network in this evolving 18-hour city.
The ramifications of a revitalization of this section of the city are substantive and positive: increased vibrancy and available amenities in the area will be a boon for businesses as Hartford’s CBD expands northwards, furthering a collective optimism regarding the city’s future.
Short on time? Here are the highlights of our first quarter Greater Boston Industrial MarketView. To request the full report, fill out the form at the bottom of this post.
After ending 2016 with record-breaking absorption of over 3.4 million sq. ft., the Greater Boston Industrial market set its bar high. While it would have been difficult to replicate that sort of showing two quarters in a row, Q1 2017 was still a solid three months, with positive absorption in all three markets for a cumulative 440,000 sq. ft.
Vacancy remained low, with single-digit numbers across the board, and asking rents stayed elevated year-over-year.
Two distinct themes shaped and bolstered the market in the first quarter, the first being organic growth by local companies, and the other new entrants to the Greater Boston market—indicative of the area’s increasing visibility and appeal on the national stage.
On May 17, 2017, the New England Venture Capital Association (NEVCA) hosted one of Boston’s biggest award shows. For the past five years, the NEVYs have brought together the growing Tech and Life Science communities, all under one roof. This year’s event was held at Boston’s House of Blues.
Awards were presented to Tech and Life Science finalists in the following categories:
Healthcare & Life Science
- Deal of the Year: Jounce Therapeutics, Inc.
- Digital Health Company of the Year: Rest Devices
- Entrepreneur of the Year: Kurt Graves, Intarcia Therapeutics
- Exit of the Year: Nimbus Apollo
- Fund of the Year: Third Rock Ventures
- Hottest Early Stage Startup – Therapeutics: Magenta Therapeutics
- Hottest Early Stage Startup – Tools & Tech: 3Derm
- Rising Star VC: Michael Gladstone, Atlas Venture
- Angel of the Year: Joe Caruso
- Clean Tech Company of the Year: Sense
- Entrepreneur of the Year: Ric Fulop, Desktop Metal
- Fund of the Year: Highland Capital Partners
- Hottest Early Stage Startup: nuTonomy
- Next Pillar Tech Company: Turbonomic
- Rising Star Entrepreneur: Liz Powers, ArtLifting
- Rising Star VC: Juan Luis Leung-Li, General Catalyst
CBRE/NE’s Amarante & Brinch present Third Rock Ventures with the Fund of the Year award for Healthcare & Life Science (Courtesy of the NEVCA)
Congratulations to all of this year’s NEVY nominees and award winners!
For more information about the NEVCA and CBRE/New England’s expertise in Tech and Life Science communities, please reach out to Adam Brinch or Nick Amarante. Follow the NEVCA on Twitter for updates on upcoming events and other networking opportunities.
Short on time? Here are the highlights of our first quarter Boston Suburban Office MarketView. To request the full report, fill out the form at the bottom of this post.
Reebok’s headquarters relocation to downtown Boston in Q3 2017 will result in another large block of space becoming available in the Metro South market.
To begin the year, the Greater Boston Suburban Office market recorded 320,388 sq. ft. of positive absorption, as considerable activity in the Metro West bolstered the market, much of which was holdover from slow-moving deals in 2016.
Life sciences continued to drive demand, and as tenants began to shift outwards from tighter urban markets, buildings with strong amenities experienced the most success, as the push for quality office space continued to rise.
Availability dropped 20 basis points (bps) quarter-over-quarter to 20.5% as large tenant renewals and organic growth from established companies continued to be a theme.
Despite the decline in availability, vacancy increased 50 bps, quarter-over-quarter, to 18.1%, while rents remained relatively flat, ending Q1 2017 at $22.78 per sq. ft.
On May 12, 2017, the Huntington Avenue YMCA hosted Boston’s newest corporate competition, the 2017 Huntington Games. CBRE/New England competed against Boston Realty Advisors, Cushman & Wakefield, Engles & Völkers, First Republic, LINK, Millenium Partners and Prince Lobel Tye LLP for the coveted Huntington Cup. All proceeds benefitted the YMCA Achievers program, summer camps and other initiatives that are critical to the Greater Boston community.
2017 Huntington Cup Winners (from L to R): Nick Trocki, Brian Allyn, Taylor McKee, Andrea DeSimone & Mike Noonan (Courtesy of the Huntington Avenue YMCA)
Several CBRE/NE employees participated in this year’s intra-industry competition. The afternoon’s schedule was filled with a variety of wellness and team-building activities including high-intensity interval training, cycling, dodgeball and other fitness circuits.
CBRE/NE competing in a fitness circuit challenge (Courtesy of the Huntington Avenue YMCA)
For more information about the 2017 Huntington Games and other YMCA offerings, please visit your local community center.
Short on time? Here are the highlights of our first quarter Cambridge Office/Lab MarketView. To request the full report, fill out the form at the bottom of this post.
With the question of the day being whether the market has reached its peak, many have pointed to the fact that Boston rents are still well below their 2008 peak as evidence that there is still room to run. But does Boston proper alone still present the full picture of the market, or has the epicenter of demand shifted to the other side of the Charles?
The rental spike in Boston that preceded the 2008 collapse saw growth of 89.9% from trough to peak. By comparison, East Cambridge office rents have grown 110.1% since 2011. Whether Cambridge is the new bellwether of the Boston market remains to be seen, but signs of caution have already been sighted in the city.
This is not to say the Cambridge Office market is struggling by any definition. Indeed, the first quarter statistics remained robust across the board. Asking rents—already the highest in Greater Boston— continued to see very slight upward growth, absorption was in the black and vacancy was only 3.6%.
In the last few years, finding lab space in Cambridge has been challenging even for those that could afford it. In response, developers and investors have been rapidly putting steel in the air, and more have plans underway to do the same.
At North Point, DivcoWest’s new megaproject near Lechmere, 430,000 sq. ft. of lab space is on the table, while other buildings spearheaded by MIT and Alexandria are already underway to service the pent-up lab demand.
But much like the office side, Cambridge lab demand has been waning of late, leading some to wonder whether these new projects will come online too late in the cycle and only exacerbate a softening market.
Short on time? Here are the highlights of our first quarter Downtown Boston Office MarketView. To request the full report, fill out the form at the bottom of this post.
It was a relatively quiet quarter for the Downtown Boston Office market, echoing a theme seen across many of the Greater Boston submarkets—but with an unemployment rate of only 3.7% as of February, Boston’s positioning remains strong.
Vacancy was up to 8.6%, the highest it has been in three years, but asking rents continued to edge upwards.
Bifurcation of Class A and B rental growth has slowed: while in the past year Class B properties had seen much greater gains in comparison to Class A, in Q1 2017, both saw only modest gains.
Most of the activity in the quarter was seen in value low-rise Class A space in the Back Bay. This type of space can be particularly appealing to Cambridge tenants who want to remain in the urban core, but are being priced out of the options on the other side of the Charles River.