NAI Hunneman

Evan Gallagher & Matthew Davis of our Leasing & Advisory Service Group recently represented DrugDev in the company’s relocation to Boston’s Innovation District.

Drug Dev Lease

Innovation Drives Leasing in the Financial District

By Liz Berthelette – Director of Research

Boston has seen unprecedented growth in the innovation economy this cycle, which is impacting commercial real estate patterns throughout the downtown markets.

Once the center of finance and professional services, Boston’s Financial District has become a hotspot for young, creative companies. Close to 100 TAMI (technology, advertising, media and information-based) companies; including DataRobot, PayPal and Localytics, now boast a Financial District address.

TechCompanies-Lower-Floors

 

The Seaport (aka the Innovation District), on the other hand, is filling up with more traditional office users like law firms and consulting companies. Goodwin Proctor, PwC and Boston Consulting Group are just a few of the big-name firms that are making the move across the Fort Point Channel. In fact, according to a BBJ article, more than 2 million square feet in professional services, law firms and consultancies have relocated from traditional downtown submarkets to Boston’s hottest neighborhood.

Not only is tenant demand shifting between locations, but also within product types. The influx of these TAMI tenants into the Financial District has led to increasing demand for lower floor office space. With higher ceilings and larger floor plates, these spaces are more flexible and allow firms to customize their workspaces. More affordable rents are an added benefit, especially among tenants being priced out of the Seaport and Cambridge. As a result, office space below the 10th floor has been outperforming in the Financial District with vacancies ending the second quarter at just 8.2%. Conversely, vacancies above the 20th floors were 13.7% at the end of the quarter.

The Financial District has long been the center of activity for the Boston economy, and the movement of tech firms into the neighborhood signals the emergence of the tech industry as a pillar of Boston’s economic future.

A version of this blog post originally appeared in the August 19th issue of NEREJ.

A review of the First Half of 2016: Commercial Real Estate Markets

By Liz Berthelette – Director of Research

With the first half of 2016 in the books – and a month into Q3 –  let’s take stock of Greater Boston’s commercial real estate markets. Below are some of the top market highlights from the first two quarters of the year:

  1. The metro added more than 39,000 jobs during the first six months of the year, which is more than half of the jobs added in all of 2015. The metro area’s unemployment rate also reached a 10-year low during the second quarter.
  2. While venture capital funding (both in number of deals and dollar volume) abated in the second quarter, year-to-date Boston-based companies have raised $2.5 billion in funding.
  3. The local lab market is tighter-than-ever with metro-wide vacancies at just 2%. However, the lack of available space is hampering deal volume.
  4. Conditions in the office market held steady through the beginning of the year, but fundamentals are beginning to slow down as sublease availabilities are on the rise.
  5. The industrial market continues to outperform, with year-to-date net absorption surpassing the office and lab markets combined.

2016-MidYear-Stats

Mixed signals in the marketplace have led to an uncertain outlook for the remainder of 2016. Below are some market trends we expect to see in the next four months.

  1. Short-term leases will likely gain more traction. Young tech companies and startups seeking flexibility as well as firms exercising more caution in the face of economic uncertainty will drive these types of deals.
  2. M&A activity is solid. Nationally deal flow has been more measured following the blockbuster years of 2014 and 2015. However, several MA-based companies are reportedly ripe for acquisition.
  3. Rent growth will remain positive; however, with rates nearing cyclical peaks we expect more modest gains going forward.
  4. The recent Brexit vote could result in an uptick in foreign buyers looking for U.S. assets, and Boston has long been a target for foreign capital.
  5. Demand will remain strong for modern, high-quality space in both the office and industrial markets.
  6. Continued strength in the local lab market will drive more landlords to consider building out lab space in office and industrial buildings.

NAI Hunneman Intern Spotlight – Kevin White

White_1Up next in our Intern Spotlight is Kevin White, intern with our Research Department (no relation to the former Mayor of Boston). See what a typical day of running numbers and market write-ups is all about for this Worcester native and University of Puget Sound junior.

NAIH: Describe a typical day in the research department?

KW: I spend my day helping Liz Berthelette (Research Director) update our Microsoft CRM database to reflect the current state of the metro Boston real estate market. I also provide help to brokers with market write-ups, building information, and various in-depth maps.

 

NAIH: What’s your background (school, hometown, hobbies)?

KW: I was born and raised in Worcester, Massachusetts, and attended Saint John’s High School in Shrewsbury. I attend the University of Puget Sound, where I’ll be a junior in the fall and I’m double majoring in economics and a specialized discipline called International Political Economy (IPE), a major carried by a few, select schools. My hobbies focus around sports, playing intramurals basketball and softball at school and closely following the Red Sox and Bruins. I am also a sports correspondent for the school newspaper.

 

NAIH: Why did you pursue an internship at NAI Hunneman? What do you hope to take from the experience?

KW: I believe it’s the type of job that an economics major could expect once graduating. I wanted to experience how to exactly apply my knowledge outside of the classroom. I hope to glean the workings of the commercial real estate industry, as well as learn how to be a productive member of a workplace.

 

NAIH: How have you been able to apply your skill set to your job and what kind of an impact have you made here so far?

KW: I’ve always been skilled at analyzing documents, so I have easily been able to comprehend and summarize various documents related to the Real Estate market, saving the research department time and man-power on going through the articles themselves. I am also an efficient, and have been able to quickly work through updating various aspects of the CRM database, including rents, building owners and building addresses.

 

NAIH: What skills have you been able to acquire?

KW: I have begun to learn the different software used by NAI Hunneman’s Research Department and worked on my writing skills, which will help hone my skills as I begin to look for a job after college.

 

NAIH: Why are you interested in Real Estate?

KW: From what I have seen of commercial real estate, I like how easy it is to develop relationships. Everyone knows one another, and these types of connections are important in any industry. The ease with which such connections can be forged makes working in Real Estate ideal. While friends back home may be delivering pizza, I’m helping deliver the 25th floor of a class A office building, something worth hundreds of thousands of dollars. I really enjoy being involved in something so significant.

 

NAIH: How’s the relationship with the other interns?

KW: Pretty good, Billy and I met during the company softball games, which was a nice icebreaker. Nick has been a good cubicle neighbor, although I do feel bad, because I sometimes listen to stand-up specials like John Mulaney & Mitch Hedberg and I can’t help but laugh sometimes, so he either thinks I’m crazy and is weirded out or he thinks that research is a hilarious time and he’s jealous he isn’t doing it too.

 

NAIH: What’s the favorite part of your job so far?

KW: The free lunches are pretty cool. But throughout the past few weeks, I have enjoyed different meetings, especially with groups like Compstak. Also, I enjoy using the mapping software to develop different maps for the brokers. Gaining proficiency in this software is one of my goals for the summer. I really like writing and analyzing articles for the blog-it’s helping me improve my reading and writing skills.

 

NAIH: What do you see for your future? Has it changed since starting the internship?

KW: I have considered many different paths for when I graduate, oftentimes split between working in the government sector or as a businessman. I always thought that I would join either financial or consulting services, but after working with NAI Hunneman, an opportunity to sign on with a close-knit commercial real estate company like this has been added to the list.

 

NAIH: What’s your favorite part of Boston? Favorite building?

KW: Working in the Seaport has given me an affinity for the neighborhood, but I truly enjoy walking along Newbury Street in the Back Bay the most. As for my favorite building, it has to be Fenway Park, but if that doesn’t count, Old City Hall is a close second.

Cathy Minnerly & Ovar Osvold of our Leasing & Advisory Service Team recently completed a 10,042 SF lease transaction at Walpole Park South, Bldg. 2 in Walpole, MA

WalpoleParkSouth - DynamicMedical - Tombstone

Q&A with Sean Hannigan: NAI Hunneman Grows Industrial Team

Sean H Blog Photo

NAI Hunneman is excited to welcome recent Bentley University graduate Sean Hannigan to his new full-time position as an associate on the industrial team. Having worked as an intern with both our downtown and industrial teams over the past two years, Sean has had the opportunity to learn from our team members across different industries. One of the reasons Sean knew he wanted to join NAI Hunneman full-time was his positive experience during the internship program, in which he was a true member of the team working toward a larger end goal to enhance the level of service as a firm. Here’s what Sean had to say about his new role:

NAIH: What did you learn as an intern at NAI Hunneman that has helped you transition into your new role?

SH: The internship was extremely hands-on, which made my transition to my current role a lot easier. While I was an intern, I was able to shadow Peter Evans and get a feel for different office spaces and properties. I was also able to work with a brand new CoStar database as well as the new NAI Hunneman database which is something I work with frequently in my current position. The team at NAI Hunneman does a fantastic job of allowing the interns to actually experience what the commercial real estate industry is like.

NAIH: Tell us more about your experience at Kraft Sports Group – how did that experience prepare you for this role?

SH: During my sophomore year at Bentley, I worked for Kraft Sports Group as a game day and events intern. Working games for the Patriots and the Revolution was always fast-paced, so it taught me a lot about how to think on my feet and make quick yet informed decisions. This role definitely helped prepare me for the fast pace of the commercial real estate industry.

NAIH: What made NAI Hunneman the right choice for you as you begin your career in CRE?

SH: I knew NAI Hunneman was the right choice for me because during my internship, I was always treated like a valued member of my teams. The interns sit in on all team meetings, and are always encouraged to share their opinions as well. I remember, in only my fourth or fifth week at the firm, Peter Evans had me speak on behalf of the downtown team in a big development meeting. That moment really made me feel like I was an essential team member, and is a large part of the reason why I wanted to continue my career at NAI Hunneman. The commercial real estate industry is often stereotyped as competitive and independent, but here you really get the feeling that we are all in this together.

Additionally, when I met with David Slye, he impressed upon me that he didn’t care who I knew or what college I had attended, he was looking for people to that were the right fit to join the team. When I joined the team, I knew it was because he thought I was a good fit, which I took as a true compliment and really helped begin my growth at NAI Hunneman.

NAIH: What is it like being a millennial in CRE?

SH: As a millennial in commercial real estate I think I feel more comfortable using new technology – like our new database system at NAI Hunneman, which I work with often. But specifically at NAI Hunneman it is encouraging to see people close to my age like Ovar Osvold in leadership roles because it shows the younger people like myself that hard work pays off.

NAIH: You have a leadership background from your time at Bentley University. How has that helped in your career thus far?

SH: My past leadership roles as well as my education at Bentley were instrumental in my career thus far. Bentley requires all of its students to take foundational business courses, so even though it wasn’t my focus I took some marketing and accounting classes that have already helped in my new role. The leadership programs that I took part in were incredibly important with networking and practicing for job interviews. Bentley’s career services program actually help set up the interview that eventually led to my internship at NAI Hunneman, so I always felt like the school really had my back.

NAIH: Who will you be working with on the Industrial team?

SH: In my role on the industrial team, I will be working with Cathy Minnerly, Ovar Osvold and Glenne Bachman. I will be doing a lot of shadowing of Ovar, as well as assisting with showings and deals and keeping our database up to date. For example, earlier today I canvassed a few properties with the team, which is great exposure to both the landlord side and the tenant side. I look forward to learning more about the industry, and am really excited to continue on my journey with the NAI Hunneman team.

###

June Employment Numbers Exceed Expectations

By Liz Berthelette – Director of Research

The June employment numbers were released Friday July 7th and the data significantly exceeded expectations. After May’s poor numbers, concerns over a possible economic decline grew as May saw only 11,000 jobs added to the workforce. In June, employers added 287,000 jobs, well above the projected 175,000. This represents the strongest month of job growth since October 2015. These June numbers helped lay to rest the concerns of economic downturn inspired by the poor May numbers.

The unemployment rate did rise to 4.9% in June, from 4.7% in May. However, experts look at the increase in unemployment as an indicator of people re-entering the workforce, which is a benefit for the economy in the long-run. The employment market may be on the cusp of vigorous competition, as wages rose 2.6% over the course of the cycle, the largest growth since 2009.

Employment Chart

The June data has been tied to the largest economic stories this month along with Brexit and the Federal Reserve’s ongoing discussion of raising interest rates. The return to steady job growth in June is welcome amidst the unrest over Brexit. While the aftermath of the decision did cause losses in the stock markets, it hasn’t led to a deeper economic recession within the U.S.

As for the Fed’s position on interest rates, these recent numbers lead experts to believe that rates won’t be raised this month. There is, however, a possibility of a rise later in the year, potentially as early as September. Traders of US short-term interest rate futures are projecting a 24% chance of a rate-hike by the end of the year, double what was projected prior to the release of the report, and a 35% chance by next June. The Fed will likely remain in wait-and-see mode to ensure that the United Kingdom’s decision to leave does not have any further impact on the economy.

The specific impact on Boston is yet to be seen, but may not be significant. The city is below the national unemployment average as it is, and is approaching full employment. The Bureau of Labor Statistics reports that the industries showing strong growth include healthcare and financial services, signaling a potential of job-growth within Boston. The healthcare industry added 59,000 jobs in the month of June, while the financial and information industries added another 50,000 jobs nationwide. Boston may not have seen much of a change in employment data, good news for the nation can only mean good news for the city.

NAI Hunneman’s Q2 Greater Boston Market Report is Now Available

Greater Boston’s commercial real estate markets posted varied results in the second quarter. While the lab market is tighter-than-ever and the industrial market continues to impress, absorption was flat in the office market and investment sales volumes are down across the board. Global economic conditions, BREXIT and the upcoming presidential election are some of the concerns weighing on business sentiment. With that said, Greater Boston is still on solid footing and the recent rebound in domestic job growth (287,000 jobs were added in June) could provide a boost to activity as we move into the summer doldrums.

Click Image to Access the Report

Click Image to Access the Report

Here are some highlights from our Q2 2016 market reports:

  • Conditions in the Greater Boston office market were relatively flat in the second quarter – recording roughly 27,000 square feet of positive absorption. Rising sublease inventory, consolidations and corporate relocations were largely responsible for the lack of movement. While office vacancies are 70 basis points lower than year-ago levels, they have inched up by 20 basis points since the first quarter. Landlords have been able to push through additional rent gains as fundamentals are still positive. However, the pace of growth is slowing and some landlords are beginning to ease on asking rents. While it is still too early to call for widespread weakness in the office market, we may see a turning point in the cycle this year.

 

  • Vacancies in the Greater Boston industrial market have fallen to a 15-year low; ending the second quarter at just 8.7%. Year-to-date the market has absorbed 2.3 million square feet of industrial space. Given such positive fundamentals, industrial landlords have been consistently raising rents in Greater Boston. As of the second quarter, lease rates expanded by 11.3% on a year-over-year basis, averaging $8.26/SF. Although leasing momentum has slowed from last year’s rapid pace, demand for modern, high-quality industrial space is solid.

 

  • The Greater Boston lab market posted another positive quarter with net absorption surpassing 465,000 square feet and vacancies reaching record lows at just 2%. Cambridge is still the epicenter of activity as demand for space continues to outstrip supply by a wide margin and vacancies declined to just 0.9%. This scarcity of space is driving tenants to execute forward lease commitments, consider build-to-suit construction and seek out quality space outside of Cambridge in the Longwood Medical Area and along the Route 128 belt. Fundamentals are expected to remain positive in the coming quarters, but the second-half of 2016 will be pivotal as macro headwinds may be on the horizon.

NAI Hunneman Intern Spotlight – Bill Rand

We’ve hired a group of bright, hardworking students to serve as summer interns. Over the next few weeks you will get to know them in our Intern Spotlight. Up first is Bill Rand, intern with our Capital Markets Team.

NAI Hunneman Intern Class Summer 2016

NAI Hunneman Intern Class | Summer 2016

 

Rand_6

Bill Rand |Capital Markets Intern | UMass Amherst

NAIH: Describe a typical day?

BR: My day usually begins by getting settled in and saying hello to everyone. Surprisingly people often respond to my “Good Morning”, with “Good, you?”… I then start my work for the day, due to confidentiality agreements I can’t disclose too much about what I actually work on, but what I can tell you is that it’s like really really important and cool.

NAIH: What’s your background (school, hometown, hobbies)?

BR: I am from Andover, MA and attend UMass: Amherst. My hobbies include playing club lacrosse, intramural sports, and hanging out with friends.

NAIH: Why did you pursue an internship at NAI Hunneman? What do you hope to take from the experience?

BR: I pursued an internship here because I have a strong interest in finance and real estate. Since I’m already an expert in capital markets, I hope that I can take away a better understanding of the brokerage, property management and marketing aspects of real estate.

NAIH: How have you been able to apply your skill set to your job and what kind of an impact have you made here so far?

BR: I feel that my skill set revolves around getting to know people and creating a network. I don’t think I’ve made too much of an impact though, because when I wished one of the partners a happy birthday and he asked me what my name was.

NAIH: What skills have you been able to acquire?

BR: Though I already knew how to use excel before starting here, I would say that it is the skill that I have been able to enhance the most.

NAIH: Why are you interested in Real Estate?

BR: Isn’t it obvious? For the girls.

NAIH: How’s the relationship with the other interns?

BR: I think we all get along very well. We’ve been here about a month so it’s not like I have their phone numbers or anything, but they’re good guys.

NAIH: What’s the favorite part of your job so far?

BR: Lunch-time, because it’s the best time of the day to meet and get to know people around the office.

NAIH: What do you see for your future? Has it changed since starting the internship?

BR: When I first began interning here I was pretty set on going into investments and working with the stock market, but now after starting the internship I am more interested in the principal side of real estate and building a portfolio.

NAIH: What’s your favorite part of Boston? Favorite building?

BR: I don’t have a particularly favorite part, but I feel like the best answer is to say here at NAI Hunneman. My favorite building is the PWC building in the Seaport, I park there and they are opening up a Chipotle on the ground level in the Fall.

 

 

David Ross, Gina Barroso, Henry Lieber & Patrick Grady of our Capital Markets Team recently completed the sale of 333 Turnpike Road in Southborough, MA

333 Turnpike Tombstone

NAI Hunneman’s Q2 Biotech Market Report is now available.

Biotech-EmailImage-Q2-16

NAI Hunneman’s Q2 Market Recap is now available.

RECap-EmailImage-Q2-16

Cathy Minnerly & Ovar Osvold of our Leasing & Advisory Service Team recently completed a 10,436 SF lease transaction at 40 Robbie Road in Avon, MA

NAI Hunneman completes 10,436 SF lease at 40 Robbie Road |Avon

Robert Tito & Gina Barroso of our Capital Markets Team recently completed the $3.26 Million sale of 466-472 Broadway in Chelsea, MA

466-472 Broadway Sale

3 Reasons You Should be Talking About the Class B Market in Downtown Boston

As we explored in our Q1 2016 market report, Downtown Boston’s Class B office market continues to attract investors. Since 2014 we’ve seen nearly $3 billion in transactions with sales volume surpassing $700 million during the first half of 2016 alone.

Class B Office Sales : Downtown Boston

Class B Office Sales : Downtown Boston

With this rising demand for Class B office properties in Boston, sales prices have skyrocketed. On an annual basis the median price-per-square-foot topped $450 in 2015 and has averaged more than $400/SF in the first half of 2016. Cap rates have also compressed by nearly 300 basis points from 2011 to 2015.

Class B Office Pricing: Downtown Boston

Class B Office Pricing: Downtown Boston

We can attribute these market conditions to three core factors:

  1. Limited Class A properties for sale: There is a limited number of Class A properties for sale in the Downtown market. Many of the city’s trophy office towers have already traded in this current cycle and a majority of these new owners tend to hold assets for 10 or more years.
  2. Increased appetite for risk: As the expansion cycle continues in Boston investors are willing to move further out along the risk spectrum, bolstering demand for non-core buildings.
  3. Tight fundamentals: Increased leasing activity, below average vacancies and rising asking rents have made Class B assets more desirable to potential buyers.

The following examples illustrate just how frenzied pricing is in this segment of the marketplace.

2016SalesTrends

While it may be a great time to be a building owner, office tenants are facing severe ‘sticker shock.’ The aggressive underwriting accompanying these hefty price tags continues to put upward pressure on Class B office rents. “Demand for Class B space in Boston continues to rise and so are prices. 33-41 West St., a 38,000-square-foot Class B building in Downtown Crossing just sold for $16 million – which more than doubled its previous sales price,” said Bob Tito, EVP, Capital Markets Group.  “We don’t see this increased appetite for Class B properties slowing down especially with limited Class A space available.” As a result, smaller, price-sensitive firms may have to look outside of the core downtown area for value options.

Check our blog and market reports in a few weeks for an update on market activity in Q2.

Class A office space available in strategic Route 1 (Norwood, MA) location. Contact Ovar Osvold or Cathy Minnerly for details.

1EdgewaterDrive-SocialMedia

NAI Hunneman Carl Christie, Robert Tito & Dan McGee of our Capital Markets Team recently sold Planet Fitness Plaza in Stoughton, MA – $4.9 Million

Stoughton Planet Fitness-SOLD-Email-Landscape

Ben Sutton & Peter Evans of our Downtown Leasing & Advisory Service Team recently represented Zagster in its relocation to 25 First Street in Cambridge.

Zagster-Just Signed

Ovar Osvold & Cathy Minnerly of our South Leasing & Advisory Service Team recently represented Claris Vision in relocating their operations to 7,879 SF at 175 Paramount Drive in Raynham

Claris Vision-Just Signed

As Venture Capital Retreats Nationally, Boston Remains a Bright Spot

Venture capital funding is holding steady in the Boston market amid broader concerns of a bursting tech bubble. As reported in the Felder Report last week; overvalued startups, reduced funding, a non-existent IPO market and increasing layoffs are becoming more commonplace — particularly in startup hubs like Silicon Valley, Seattle, Denver and Austin. Though trends in venture funding should be monitored closely in the coming quarters, it’s not time to hit the panic button in Boston yet.

After 2015’s banner year, over $1 billion in venture funding flowed into the Boston market during the first quarter of 2016. While this does represent a 20% decline from last year’s blockbuster first quarter, it is well above the fourth-quarter low of $724 million. The thriving life science industry continues to account for a large share of funding in Greater Boston with more than 60% of total volume in the first quarter. Comparatively, funding for life science companies in Silicon Valley was less than 25% of the total. The outlook for growth in life sciences and healthcare is bullish, which could minimize risk and bolster the market’s already healthy demand for lab space in Boston.

Total Funding Chart

The metro area also saw an increase in Series A funding compared to year-ago levels. This bodes well for demand growth from local startups as their commercial real estate needs tend to expand following early funding events.

Funding by Series Chart

As the U.S. enters into the later stages of this expansion cycle frothiness in tech economies is a growing concern. Boston is not devoid of risk, but conditions in the local startup market are favorable as venture capital investors continue to favor the biotech sector.

To see more cutting-edge analysis from the NAI Hunneman Research Department, check out the 2016 Q1 Market Reports.

NAI Hunneman is pleased to announce the newest member to its Leasing & Advisory Services Team

NAIHunneman-NewHire-MarketllBlount

95 Acres of shovel ready, biomanufacturing sites available at the SouthCoast Life Science & Tech Park on Rt. 24 in Fall River

Contact mdigiano@naihunneman.com  or cminnerly@naihunneman.com for more details.

FallRiver-AerialSheet-PRINT

What’s driving interest in flex space? Q&A with NAI Hunneman’s Jason Rexinis

As the office market remains steady, a trend toward combined spaces is emerging. Companies that recently received funding or are trying to bring their research and development (R&D) teams in-house are now looking for spaces that can accommodate both office and lab/R&D components. What does flex space need to attract these tenants? We caught up with NAI Hunneman Assistant Vice President Jason Rexinis to find out more about flex space and what this trend means for the market:

Q: What exactly is flex space?

Jason Rexinis: Flex space is an interesting term. It is the combination of office, R&D, engineering or some capacity of lab space. When people think of traditional flex space they mostly think of large industrial parks that are just shipping and receiving terminals for companies like Amazon or Coca-Cola. But these spaces are not always for shipping companies – more recently buildings are developing and incorporating R&D/light lab spaces, which can help attract a wider range of tenants.

Q: What types of tenants are seeking flex space?

IMG_4663

Cugene Inc. signed a 7,350-square-foot lease for their R&D operations at 411 Waverley Oaks Road in Waltham

JR: Tenants that are interested in flex spaces right now are focused on R&D, engineering, biopharmaceuticals and medical devices. These companies are increasingly looking for both office and lab components, and the market for these spaces is pretty tight. Since January, we have already seen a tremendous amount of activity for the flex/R&D spaces in some of the buildings we represent in the 128 west market. Recently, biopharmaceutical company Cugene Inc. signed a 7,350-square-foot lease for their R&D operations at 411 Waverley Oaks Road in Waltham, a current target location. Medical device companies are also in the market for flex space, and these companies like to cluster together. Often when one signs a lease other firms will follow. Many potential tenants are companies that were established in traditional office buildings but in order to grow they are now looking for combined office and engineering space. Companies that have gotten funding for biotech lab requirements are also now looking at flex space solutions.

Q: Why the shift from traditional to new R&D spaces?

JR: I believe we are seeing this shift because of the current demand for experimentation areas. Growing biotech and R&D companies now want to perform internal experiments instead of outsourcing parts of their business. This is a win-win for many potential tenants because they don’t need to pay for lab space in another location and they can monitor everything going on under one roof.

Additionally, flex space offers more opportunities than traditional office space can. Not only is it cheaper than most traditional offices, but tenants can be more versatile within the four walls of the space as long as the building allows it. Another benefit is that these companies don’t need to worry about being too loud for their neighbors like they would in an office park.

Q: What amenities should new R&D spaces have?

JR: Because of this high demand for R&D and flex spaces, traditional office buildings do not have direct access to loading. There is usual a shared common area for shipping and receiving. . Access to loading is still a large concern for most tenants, so space on the ground floor is ideal. Many tenants need a small room for lab experiments, and often require VCT non-static tile flooring and some benching, while others may need ventilation as well. However, ventilation can get expensive, so in these cases space on a higher floor may be a better fit.

Q: Where is the real demand for flex spaces? Where are the most active spots?

JR: Landlords who have flex space availability are in high demand right now, especially along the Route 128 Loop. Due to high prices for lab space in Cambridge, tenants are seeking alternative locations for their operations. The real demand right now outside of Boston and Cambridge is in Waltham, Lexington, Newton and Watertown, along with an emerging cluster in Bedford. Towns that don’t have much lab space (like Burlington) are starting to feel a slowdown, which is a big part of the reason why Bedford is getting a lot of attention. As flex space continues to fill up, we will continue watching for new suburban markets that may emerge as a good fit for tenants.

Jason-RexinisJason Rexinis is an Assistant Vice President with NAI Hunneman’s Suburban Leasing & Advisory Service Team. Jason advises clients on leasing & sale transactions in the 128 Market including Waltham, Burlington and Lexington.

##

Peter Evans & Ben Sutton of our Downtown Leasing & Advisory Service team recently completed a sublease on Behalf of AZTherapies at 222 Berkeley Street.

AZTherapies-Just Signed

A quick look at some Q1 successes for NAI Hunneman.

Q1-2016-SuccessGraphic

Q&A with Markell Blount: NAI Hunneman’s newest Assistant Vice President of our Cambridge/Life Science Team

Markell Blount - Assistant Vice President | Cambridge/Life Sceince Team

Markell Blount – Assistant Vice President | Cambridge/Life Sceince Team

We sat down with the newest member of our team, Markell Blount, who will be focused on the Cambridge/Life Science market in his new role at NAI Hunneman. With more than 15 years of experience in software management consulting under his belt, Markell made the move to commercial real estate a few years ago and is eager to be a part of our entrepreneurial team and make his mark in the life sciences market.

Q: What brought you to the NAI Hunneman team?

Markell Blount: When I made the switch to the commercial real estate industry I spent a lot of time doing some homework on what type of firm I wanted to work for. The entrepreneurial spirit of NAI Hunneman is one of the main things that attracted me to the company, as well as its history in the industry and the strong leadership headed up by CEO David Slye. He has the company headed in an exciting direction, and I am grateful to be on board.

Q: It’s only been a few weeks since you’ve joined, but what have you been focused on so far?

MB: I have spent time in Cambridge getting the lay of the land, as well as connecting with clients and other contacts in the market. At the same time, I am working to learn more about the new areas that I cover, including some properties in the suburban market.

Q: What is one thing you learned in your previous roles that you’ve brought to the NAI Hunneman team?

MB: I actually started my career in the software management and consulting industry where I worked for fifteen years, which gave me entrepreneurial and leadership experience that I bring to my team here at NAI Hunneman. I had always wanted to work in real estate, but it is a hard industry to break into when you’re older so it was a tough fight to get into the business. I have experience in the life sciences space from my previous position at Cushman & Wakefield and I am also bringing my expertise in branding and positioning to the team.

Q: You’re also a former Boston College Eagle and football player. How has your experience as an athlete helped you in the real estate industry?

MB: Any athletic sport correlates to what we do in the real estate industry. Playing football has taught me to work hard, prepare and to make no excuses. That mentality from sports carries over well to real estate, and it helps me look at how to make myself better each day. I think athletics plays right into being a broker because it teaches you how to work as a team, strategize and become a leader.

Q: What trends are you seeing and what are your predictions for the next 12 months in the market?

MB: I have been seeing a continuous cross-migration in the Cambridge market, where small companies are being priced out and larger companies are moving in. There’s virtually no space available in Cambridge, so many of these smaller companies are looking for space in the nearby suburbs like Waltham and Lexington, and some are even heading west to the Worcester area. The current pricing and lack of availability in neighborhoods like Kendall Square and West Cambridge is leading this cross-migration, and I predict that this will continue in the coming year. This means that suburban locations vying for these tenants will need to have walkable amenities in order to successfully entice these companies that are used to the convenience of the city.

Q: What are you most looking forward to at NAI Hunneman?

MB: Right now, I’m looking forward to gaining market share in the life sciences industry. I think this industry is an exciting place to be right now, with a lot of robust growth. Moving forward, I want to help the team figure out how we can continue to add value in the market and help grow the life sciences practice at NAI Hunneman. As a local guy who fought to get into the real estate industry, I know an entrepreneurial and expanding firm like NAI Hunneman is a great fit for me.

###

5 things life science companies should prioritize in lab space

Evan-Gallagher-1Evan Gallagher, Executive Vice President, NAI Hunneman

In the Greater Boston lab market, companies that are looking for a new home or expanding rapidly are finding an extremely tight market. These companies prioritize the lab and the amenities they need for their work, which can mean looking at locations they may not have considered previously. This prioritization of the lab space itself illustrates how important specific features are to these companies.  From the flow of space to a building’s existing infrastructure, here are the factors that tenants should consider within the four walls of lab space today:

  1. Flow: The ability for separate stages to flow naturally from each step and enhance efficiency is important to the way life science companies operate and conduct experiments. Tenants look at the shape of the building as well as column spacing – columns that are spaced too closely together result in small, tight spaces that do not allow for much freedom for a lab build-out. Companies must consider a host of buildings in order to finding a space where they can achieve the flow objectives they are looking for.
  2. Floor plates: Buildings with a large floor plate are desirable for lab tenants who need between 50,000-80,000 square feet of space. This breaks down to a floor plate in the 35,000-40,000-square-foot range, in which tenants will be able to set up equipment effectively and without squeezing too much into a tight space.
  3. Natural light: Offices with natural light have been shown to facilitate a positive work environment, which can make for a more enjoyable workplace. This lab feature is crucial to creating a vibrant work environment that makes the workplace enjoyable, and is especially important for companies looking to attract the best talent in the world.
  4. Infrastructure: In today’s market, there are two types of buildings where we find lab space. One has centralized infrastructure, which is designed from the ground up and allows a facility to be really -efficient – these buildings are also in higher demand, and are therefore more expensive. Another option is a facility that over time has been modified and converted into lab spaces, which generally has no centrally designed systems. Here, tenants need to carefully consider the space. Both options have pros and cons, and this consideration is part of the overall decision-making process. Tenants tend to lean toward centrally designed buildings, but this means they are faced with fewer options and premium pricing.
  5. Equipment: When jumping into a search for the right space, working with a tenant to compile a list of equipment the company helps us refine a list of buildings to consider. This is a crucial element because in a sense, the equipment list is the DNA behind the deal. What tenants are bringing to the space will determine what needs for power, HVAC, backup energy and other capabilities exist. Plus if a company is using hazardous materials they will need to know the requirements and restrictions of the building.

In the life science industry we can help make sure our clients understand all of the considerations that go into finding the right lab space for them – especially for those companies that are relatively young or those that are experiencing accelerated growth. Talking through a building’s flow, how natural light can energize a space and a company’s future needs is part of how we serve our clients and find the space that is right for them.

A version of this blog post originally appeared in the April 15 issue of NEREJ.

NAI Hunneman Q1 Market Report – Positive Results to Begin 2016

On the whole, Greater Boston’s commercial real estate markets posted positive results in the first quarter. Net absorption was positive, vacancies continued to decline and rents are still climbing. Looking forward, we expect fundamentals to remain positive in the near term, but 2016 will be a pivotal year as macro headwinds may be on the horizon.

Here are some highlights from our Q1 2016 market reports:

  • The Greater Boston office market kicked off 2016 on a positive note. Last year’s strong leasing activity helped to push quarterly net absorption above 1 million square feet, and metrowide vacancies fell below 12%. The first quarter of 2016 was marked by handful major lease transactions, including BNY Mellon, Putnam Investments, Optum and Kronos, but none was more newsworthy than GE’s announcement to relocate its corporate headquarters to the Seaport District.
  • Coming off a strong fourth quarter, the Greater Boston industrial market continued to impress during the first three months of 2016. First-quarter net absorption totaled more than 900,000 square feet, which was almost solely driven by the Route 128 markets. Though a few large move-outs along Route 495 led to some negative net absorption, but overall vacancies breached 10% — representing a 150-basis-point decline from year-ago levels.
  • The Greater Boston lab market posted another strong quarter with net absorption surpassing 600,000 square feet and vacancies reaching record lows, at just 3.3%. Cambridge is leading the charge as demand for space is outstripping supply by a wide margin and vacancies declined to just 2%. This scarcity of space has lead tenants to execute forward lease commitments, look outside of Cambridge (and even the premier suburban markets) for lab space and consider build-to-suit construction.

Q1-2016-MarketReport-EMAIL_Page_01 Q1-2016-BiotechReport-EMAIL_Page_1

2015 Leasing Successes

Leasing-2015Success-EMAIL

2015 Property Management Successes

PropertyManagement-2015Success-EMAIL

Why Boston is a Huge Value Tech Market in the U.S.

Tight market conditions, rapidly rising rents and seemingly high barriers to entry are weighing on Boston-area tech companies. Many firms have been priced out of hot markets like Kendall Square and now the Seaport District, and available space in desirable locations is becoming increasingly harder to find. This outlook may seem challenging, but when pitted against similar top-tier cities around the country, Boston is more affordable than several other areas.

This infographic highlights several different data points, cost in particular, among major U.S. tech hubs. Where does Boston stack up? Findings include:

BostonValue-TechMap-3Charts-BLOG

  • VC Funding (2015): 4th with 10% of the U.S. total
  • Tech Employment: 2nd with roughly 160,000 jobs
  • Tech Wages: 4th at $118,800 per year
  • Real Estate Costs/Employee: 6th at $6,010 per year
  • Total Costs (Wages + Real Estate): 6th at $124,899 per year
  • Top Submarket Rents: 4th at $60/SF in the Back Bay

Looking at the data, Boston is squarely in the “value” markets, with all-in costs per employee in line with Seattle and slightly below Washington D.C. Silicon Valley is arguably the deepest and most dynamic tech market in the country, but tenants have to pay a significant premium for both real estate and employee wages (70% more when compared to Boston). San Francisco isn’t much cheaper and Manhattan boasts some of the most expensive residential real estate prices in the country.

For tenants that want and/or need to operate in one of these key tech markets, Boston offers several cost advantages.

NAI Hunneman honored at CBA Awards

Each year, the Commercial Brokers Association (CBA) recognizes the Greater Boston area’s most significant deals and honors local professionals for their work. Professionals of all markets come together to celebrate achievement in the real estate industry. NAI Hunneman was nominated for five awards this year, and we were excited to support our nominated colleagues at the event.

CBA2

Cathy Minnerly and Ovar Osvold were honored with the award for Industrial Deal of the Year for their work with Martignetti Cos. and the closing of an $11.5 million deal for 115 acres in Taunton’s Myles Standish Industrial Park. NAI Hunneman represented Taunton Development/MassDevelopment Corp. in the deal. The beverage distributor plans to invest $100 million in a new 680,000-square-foot headquarters and distribution facility.

NAI Hunneman represented the Fall River Redevelopment Authority in its sale of 77 acres in SouthCoast Life Science & Technology Park to Amazon for a 1.1-million-square-foot distribution center, for which Mike DiGiano, Cathy Minnerly and Ovar Osvold won the Community Impact Award. The distribution facility in Fall River will create more than 500 full-time jobs.

Congratulations to our team and all nominees and winners for a job well done! Here is the full list of NAI Hunneman nominations this year:

  • Evan Gallagher and Ben Sutton were nominated for Most Creative Deal of the Year Under 40,000 SF.
  • Mike DiGiano, Cathy Minnerly and Ovar Osvold were nominated for the Community Impact Award.
  • Cathy Minnerly and Ovar Osvold were nominated for Industrial Deal of the Year.
  • Cathy Minnerly was nominated for Broker of the Year.
  • Ovar Osvold was nominated for Rising Star of the Year.

CBA4

 

Largest high tech manufacturing facility in New England offers robust infrastructure at unparalleled value

If you’re currently in the market for a substantial amount of manufacturing space in Massachusetts, you should be looking in North Andover. Osgood Landing is one of the state’s few sites where companies can find more than 500,000 square feet of first-class office, manufacturing and R&D space.

Renowned as the largest high tech manufacturing facility in New England, Osgood Landing has a reputation for innovation and efficiency – beginning with Western Electric in the 1950s. More recently, Lucent Technologies employed more than 12,000 people at the site. Located at 1600 Osgood Street, today the site has almost one million square feet of available and sub-dividable space that sits within 169 acres of land, which will allow tenants to expand onsite. The property boasts flexibility and large blocks of space, while only being a short drive to both Logan International Airport and Manchester Regional Airport – Lawrence Municipal Airport is also right next door, and there is a rail line directly to the site.

OsgoodLandingAerial

 

Located just off Interstate 495, Osgood Landing’s location in North Andover allows access to Boston in addition to the region’s highly skilled workforce and economic infrastructure, while tenants can enjoy a far lower cost profile than locations closer to the urban core. The site also provides the ideal infrastructure for a corporate headquarters as well as large scale manufacturing uses – including on-site MVRTA public bus service, and green initiatives like a solar power array and high efficiency gas boilers. The site’s robust infrastructure features 50 MVA clean power from dual feeds, 10,000 ton total HVAC capacity, 500 pound per square foot floor load in manufacturing area and there is extensive plug and play bus duct in place.

Tenants will also find an array of unique features and benefits at the campus, with more than 40 acres of free parking, a 300 seat auditorium, on-site food service, a 150 seat private executive dining room, flexible space, and fully automated utilities with built in redundancies. These amenities will attract a highly skilled workforce living in the affordable Merrimack Valley and Southern New Hampshire.

Osgood Landing is one of few options anywhere with the size, infrastructure and value to meet the needs of the largest companies in the world.  A state designated economic target area, future tenants from innovative industries – from life science and biotech to medical device and the high tech manufacturing and assembly sector – will find unparalleled infrastructure and amenities as well as limitless opportunity to expand with growth.

For More information on Osgood Landing Download our Marketing Brochure

##

What does General Electric’s move to the Seaport District mean for Boston?

Ben Sutton & Jeff Becker

With General Electric’s announcement that it will move its headquarters – and about 800 jobs – to Boston, many see the move as validation for the region’s reputation as a “magnet for innovation,” and a testament to the incredible transformation that has unfolded in the last decade and a half. Regarding the move, CEO Jeff Immelt noted, “We want to be at the center of an ecosystem that shares our aspirations.” Boston’s Innovation District will certainly be a fit for a company looking to attract a technologically fluent, collaborative, dynamic and creative workforce as GE remakes itself into “an industrial company for the digital age.”

In the wake of GE’s announcement, we may see other companies follow suit and begin searching for space in the Seaport District (including those that work closely with GE already). But the area hasn’t always been a hotspot for innovation and technology companies. Historically, Boston has actually been cost-prohibitive for companies looking to move. According to Moody’s Analytics, the cost of doing business in the city has traditionally been higher than the national average – it is currently 23% higher – and the business costs of cities like Dallas or Charlotte are much lower. As the Seaport has transformed over the course of the last 15 years (and seen an influx of large firms move across the Fort Point Channel), companies are now willing to pay more money to be here – where investing in innovation makes financial sense, and the access to talent and amenities outweighs the price differential.

Still, could anyone have imagined that GE would move to the Seaport District 30 years ago? The Seaport District is wildly different today than it was then. Two experts at NAI Hunneman, Ben Sutton and Jeff Becker, weigh in based on their experiences in the neighborhood.

Value of space:

According to Jeff Becker, the price for brick and beam office space in the Seaport District in 1985 was $10-12 per square foot, and for industrial space, it was around $2-4 per square foot. The neighborhood provided great value, but it wasn’t necessarily attractive to companies like GE back then. Today, Ben Sutton says “We see rates in the high $40s, around $47 or $48 per square foot” (a comparable rate to low-rise space in financial district towers but the real value is the proximity to like-minded companies). The Seaport also provides a strategic location with access to downtown.

Industries represented in the Seaport:

The Seaport has traditionally been thought of as an industrial area. “As the heart of Boston’s industrial past, it was home to fisheries and waterway transportation dating back to 1865 when Boston Wharf put up its first building,” says Jeff. As a multidisciplinary and industrial hub, it supported the infrastructure of the downtown and metro area and it wasn’t known for one sector. Mayor Menino’s vision for the “Innovation District” ultimately reshaped what companies thought of the Seaport. Rebranding and investing in key players has been a big part of this effort – think big players like Vertex, Goodwin Procter, PricewaterhouseCoopers, Fish & Richardson and Fidelity Investments alongside emerging technology firms that are pushing the boundaries of innovation and reshaping the workplace, like WeWork and LogMeIn. “The Seaport District is known for its tech companies and startups, which can lease space that works for them as they grow,” adds Ben. Growing software companies like Workable, Skyhook and Autodesk call the Seaport District home, and will soon call GE a neighbor. Landlords like Clarion Partners, Invesco and Jamestown have also been instrumental in helping turn the Seaport District into a place where these companies can thrive.

Seaport-Market-Aerial-Blog

Identity and culture:

The Seaport District has embraced a new and distinct identity, moving beyond the notion that the neighborhood is only an industrial area that supports Boston. But the area is not just a hot neighborhood for emerging companies. As a haven for creative tech types, it’s also a destination where we’ve seen increased residential development, hotels, new hip restaurants and a significant retail presence. As Ben says, “The Seaport is a place where we see younger companies looking to cultivate the type of work environment they want, with a particular lifestyle.” Class B, brick and beam office space that features an open floor plan is attractive to tenants, and this in turn drives interest in more projects – those that meet the “work, live, play” attitude of employees, like new eateries and mixed-use projects with a residential component that employees can call home. Developers are eager to meet these needs: the last big parcel of open land at Seaport Square was recently sold with plans for development. GE has taken note, and with this move has reaffirmed what Bostonians have been witness to: established firms and up-and-coming startups alike now look to the Seaport as the newest arm of Boston.

GE is one of the latest companies to move to the bustling Seaport District, but it certainly won’t be the last. And with the company’s decision to move comes a larger discussion for GE: how will they reshape their culture and identity in a new location? The move also gives even more credence to the buzz behind this corner of Boston’s hot real estate market, where the vacancy rate is at a historic low. All of this has implications for Boston beyond the Seaport. Boston is the innovative ecosystem CEO Jeff Immelt was looking for.

NAI Hunneman’s Downtown Team

NAI Hunneman’s Downtown Leasing & Advisory Service team consists of Peter Evans, Ben Sutton, Jeff Becker, Brooke Blue and Colin Gordon.

##

Where are the next real estate value markets in Boston?

The concept of value in the downtown Boston office markets has changed over the past few years. As discussed in NAI Hunneman’s Q4 2015 Office Market Report, market fundamentals are currently favoring Boston landlords, resulting in limited space options and rising rents. Downtown asking rents are averaging almost $52 per square foot, with rates in what have traditionally been secondary and tertiary submarkets reaching new heights.

Once providing reprieve from escalating rents, these areas have grown into well-established, desirable office markets in their own right. The Seaport has attracted firms like PwC, Autodesk and General Electric. Arnold Worldwide and Primark recently opened shop in Downtown Crossing and the Leather District is now home to dozens of young startup companies. Boston Properties is currently underway on a landmark, mixed-use development at the Garden in North Station.

The result of these trends is two-fold.

  • Tenants that want to be downtown are paying premium rents, as they measure value in terms of amenities, access to labor, etc.
  • Price-sensitive firms are seeking alternative locations outside of the core downtown markets — particularly along public transit routes. Companies have been able to find relief in submarkets like Somerville and Charlestown, but even these areas are tightening quickly.

So, what is the next frontier for price-sensitive firms in Boston? Activity will push out of the core along the subway lines:

  1. South along the Red Line toward UMass and Quincy.
  2. South along the Orange and Silver lines into Roxbury and Dorchester.
  3. North toward Chelsea and Everett (future home of Wynn’s casino).
  4. North along the Blue Line to East Boston, where new residential developments are popping up.

Boston Value Market_012916

 

As these areas heat up, we’re sure to see a change in rents downtown, stretching out along the subway lines. What will be the new value areas? Only time will tell.

For more information on these or any downtown markets please contact our Downtown Leasing Team consisting of Peter Evans, Ben Sutton, Jeff Becker, Brooke Blue and Colin Gordon.

Greater Boston CRE Market Ends 2015 with a Bang – 2015 Q4 Market Report

Q4-MarketReport-ImageIn like a lion, out like a lion is an accurate summary of commercial real estate activity we saw in Q4 2015. In our new Q4 2015 market report our Director of Research, Liz Berthelette, analyzed trends and data in office, industrial and life science markets. Due to strong employment gains, corporate relocations and expansions, and increasing capital flows to the area, the Greater Boston office market ended 2015 on a positive note. Our report for this quarter focuses on key takeaways from this growth including:

  • Positive absorption, strong leasing and rising rents can be found across all property types.
  • While a reshuffling of tenants resulted in negative absorption in a handful of downtown submarkets, there are few large blocks of space available. Look for vacancies to decline further in the near term as committed space becomes occupied.
  • The Cambridge lab market is tighter than ever. Tenants looking for space, particularly in East Cambridge, will continue to face limited availabilities.
  • Industrial market conditions are favorable as well, with owner-user sales and build-to-suit construction bolstering activity.

The Greater Boston industrial market roared to life at the end of 2015 helped by the region’s healthy, diverse economy. Looking forward, modern industrial facilities will remain in high demand with increasing rental rates, while older buildings will be considered for redevelopment. Dive into this and other big trends in our Q4 2015 market report. You can view the full report here.

Life sciences areas outside of Cambridge that will grow in 2016

When looking at the life sciences market in the Greater Boston area, it’s almost impossible to avoid the headlines teasing the next drug patent or the next expected IPO filing. A topic less discussed is the imbalance of supply and demand for lab space. With only about 600,000 square feet of available lab space in Boston, Cambridge, Watertown, Medford, Somerville and Charlestown, life sciences companies are making sacrifices. One sacrifice is location. We have not seen many life sciences companies open to accepting lab space that is below standard. This has caused an expansion in existing life sciences clusters and even some new emerging markets.

However, the expansion of existing clusters will happen faster than emerging markets because:

  • Companies want to be near similar, existing companies. A “part of the club” mentality.
  • The town, in terms of getting permits and approvals, will have more experience and the process will be completed faster than towns that don’t.
  • A life sciences developer is more likely to make an investment in a building that is surrounded by a similar development.

Here are existing markets where life sciences clusters are forming:

  • Waltham: Boston Properties has had strong leasing growth lately with life science companies. A lab cluster is forming along Bear Hill Road and Second Avenue.
  • Lexington: Specifically 115 Hartwell Avenue. Hartwell Ave has become a cluster in Lexington for life sciences companies. It is easily accessible right off Route 2 for talent coming from Cambridge. Also, placemaking, which is a theme developed by King Street Properties, is effective in Lexington. This is when a high energy collaborative community is created with shared amenities that bring people together. The key to this is the high-level designs that make you feel like you’re in Kendall Square.
  • Bedford: One Patriot Park. This is the conversion of a former flex R+D building into a state of the art robust wet lab. Longfellow is the newest player to the game for biotech developers in the area.  Their leadership team has a ton of experience building labs in areas like Central & Kendall Square.
  • Woburn: 19 Presidential Way. The trend here is converting a large research and development facility for one big pharma tenant into a multi-tenant biotech facility.
  • Watertown: The Linx Project off Arsenal and 65 Grove Street are the hot projects in Watertown that everyone is talking about. These projects offer large blocks of space that are well located on the edge of Cambridge.

Next emerging markets to keep an eye on:

  • Somerville
  • Needham
  • Medford
  • Charlestown
  • Newton

For more information on existing and emerging life sciences areas, Evan Gallagher, executive vice president & principal, recently spoke with Don Seiffert of the Boston Business Journal. You can read the article here.

##

Cathy Minnerly Named Boston Business Journal 2015 Women of Influence Nominee

Cathy MinnerlyWe are delighted to announce that our Executive Vice President and Principal, Cathy Minnerly, has been chosen as one of Boston Business Journal’s 2015 WomenUp. This year’s group of nearly two-dozen women executives was nominated based on the impact they have made in their company, their industry and their community.

As always, this year’s Women of Influence group is nothing short of impressive. Cathy was nominated among several other successful Boston women leaders including Massachusetts State Senator Karen Spilka, Boston Red Sox Vice President and Club Counsel Elaine Weddington Steward, and COO of Dana-Farber Cancer Institute, Dorothy Puhy.

Cathy and the other Women of Influence will be honored at two upcoming events. The first is a private dinner exclusive to the Women of Influence honorees, and on December 8, the BBJ’s WomenUp/Women of Influence Award ceremony will take place. This event is where the business community will join in celebration of all nominees, and we cannot wait to support Cathy and represent NAI Hunneman.

In addition to her fantastic work at NAI Hunneman, Cathy is extremely active in the community. She is on the Greater Boston Real Estate Board, and a strong supporter of the Norris Cotton Cancer Center through the Prouty Ride for Cancer, The Child Fund, and The May Institute. Through her service, dedication and determination to NAI Hunneman and her community, Cathy Minnerly is truly a Women of Influence.

Here’s a deeper look at some of Cathy’s accomplishments and deals from 2015:

Join us in congratulating Cathy!

How the “Amazon Effect” is changing real estate

After courting the Fall River area for more than a year, dirt is moving on Amazon’s 1-million-square-foot distribution center in the South Coast Life Sciences and Technology Park, which is the latest and biggest in a string of deals that Amazon has made in Massachusetts. The 77-acre parcel was purchased from the Fall River Redevelopment Authority, with NAI Hunneman’s Mike DiGiano and Cathy Minnerly representing the land owner.

Amazon's site cleared at the Science & Technology Park at Fall River.

Amazon’s site cleared at the Science & Technology Park at Fall River.

The deal will be transformative for the gateway city of Fall River, and speaks to the “Amazon effect.” Outside of Massachusetts, the online retailing behemoth is changing the landscape of commercial real estate on a global scale. Headquartered in Seattle, Amazon’s impact on the local office market is unrivaled and even the Greater Boston area is feeling the effects. Locally, Amazon entered the metro’s office market in 2013 and now occupies more than 130,000 square feet of office space between two buildings. The majority of this space is located in Cambridge at 101 Main Street and there’s roughly 20,000 square feet located at 8 Technology Drive in Westborough.

Amazon is also turning the global industrial market on its head. In just five years, the firm’s warehouse footprint has more than doubled in the U.S. alone — surpassing 40 million square feet in 2015. Continued growth in e-retailing and digital shopping has led to two major trends in warehouse demand: the proliferation of modern, mega distribution centers (in excess of 1 million square feet) and greater demand for smaller, urban warehouses. Both of these trends are playing out within the Boston metro.

With a 305,000-square-foot distribution center at 1000 Technology Center Drive in Stoughton (former Reebok space) and Kiva Systems (an Amazon-owned robotics company) occupying 209,000 at 300 Riverpark Drive in North Reading, Amazon has already made a splash in the local industrial market. The latest 77-acre deal will result in a new distribution center will initially employ 500 people and eventually reach nearly 2,000 during peak seasons.

As demographic trends continue to shift in the U.S., with Generations X, Y and Z becoming an increasing larger share of the total population base, so will consumer behaviors. Ultimately, customers are increasingly seeking more digital shopping options, shorter delivery times and faster service. Retailers, including Amazon, are reacting to these changing patterns. In Q3  this year the firm leased 96,000 square feet at 201 Beacham Street in Everett — likely to bring its Prime Now concept, which offers customers deliveries in as little as 1 hour, to Boston.

Amazon’s continued expansion into the metro, mainly in Boston’s industrial market, bodes well for future commercial real estate demand and local job growth.

Amazon Chart

NAI Hunneman’s Capital Markets Group Brokers $13.6 Million Multifamily Sale

Christie & McGee Represent Seller & Procure buyer in Sale of 32-units in at the Corner of Commonwealth Avenue in Brighton

31 & 35 South Street | Brighton, MA

31 & 35 South Street | Brighton, MA

BOSTON—NAI Hunneman, a leading provider of commercial real estate services, recently brokered the $13.6 Million sale of a 32-unit multifamily property located at 31 & 35 South Street in Brighton, MA. The buildings were purchased 100% leased through August 2017.

Executive Vice President Carl Christie, assisted by Sales Associate Dan McGee represented the seller J&W South Street LLC and procured the buyer Akelius US, LLC,

“These properties are very attractive to student and young professional renters, and usually remain leased due to the proximity to Boston College and Downtown,” said Christie. “The characteristics of the assets were a perfect match for the buyer who has been focused on acquiring multifamily assets in and around Boston.”

Located near the intersection of South Street and Commonwealth Avenue, 31 & 35 South Street are two adjacent brick apartment buildings totaling a combined thirty-two units. The property includes off-street parking and is only a short walk to the MBTA Green line stop at the corner of Commonwealth Ave.

About NAI Hunneman:

Headquartered in Boston, NAI Hunneman is a leading provider of commercial real estate services to corporations, institutions and the private market. NAI Hunneman is a member NAI Global, the premier network of independent commercial real estate firms and one of the largest commercial real estate service providers worldwide. NAI Global manages a network of 6,700 professionals and 375 offices throughout the world. NAI professionals work together with its global management team to help clients strategically optimize their real estate assets. To learn more about NAI Hunneman and the NAI Global Network please visit http://www.naihunneman.com

###

NAI Hunneman & China Railway Rolling Stock Corporation bring railway plant to Springfield

655 Page Blvd. Springfield

655 Page Blvd. Springfield

A 40 acre site in a gateway city, renowned for its manufacturing history, is now the new North American hub of China Railway Rolling Stock Corporation (CRRC), one of the largest rail car builders in the world. With 175,000 employees and annual revenues of $32 billion (2013 report), CRRC bought this shovel ready site in Springfield from Pinnacle in April for $12 million to house a 201,000 s/f plant to build 284 new red and orange line MBTA train cars. The selection of this site was the culmination of years of work between CRRC and NAI Hunneman.

In 2010 through his working relationship with MassEcon Michael DiGiano, executive vice president, NAI Hunneman began working with CRRC (then CNR) for an initial site selection for the project. While Mike and his team collected data on more than 50 potential sites, there were specific critical criteria that needed to be met to accommodate such a large and specialized project. When the RFP for the MBTA project was formally issued in 2013, CRRC and NAI Hunneman were already focused on Western Mass. based on the initial search and work completed in 2010. They were drawn to Western Mass. because of the manufacturing labor force, and the opportunities for large rail served industrial sites.

Specifically, what they needed was a site that was rail accessible for the train cars, was 40-50 acres and had a lot of power. They also needed a site that was level, clear and ready to go. Despite looking at more than 50 sites, this list was quickly cut down to sites in Springfield, Chicopee and Westfield based on the project’s needs.

Ultimately, 655 Page Blvd. was chosen in a gateway city – Springfield – a city historically known for manufacturing. In addition to having rail access, the 40 acre site in Springfield had an Eversource substation with 6,000 kva of power – completely ready to go to handle such a large job. An old Westinghouse office building that was built in 1911 – the only surviving building of the seven that Westinghouse constructed on the site – will be converted to CRRC’s office. At a total space of 49,000 s/f, 32,000 s/f will be used for their office, and the rest will be used for storage.

Plaza Construction, based in New York is set to begin construction on the manufacturing plant in the spring of 2016 with completion in the fall of 2017. Building and design construction on the office space will begin this fall and should be complete by spring of 2016. The construction project itself will create 100 jobs with total project costs estimated at $95 million. Production of the rail cars will begin in the spring of 2018 with delivery of the first car in January 2019. It will create about 150 full time manufacturing jobs, and CRRC plans to make the Springfield plant their North American headquarters, bidding for other U.S. railway contracts.

Over these past five years, Mike has worked closely with CRRC through the whole process. From site selection to offering a “concierge” service where NAI Hunneman provided them with temporary office space, assistance with temporary housing, helped with vehicle arrangements, helped them secure other service providers to set up their office and more. NAI Hunneman also represented them to get 7,200 s/f of office space at 100 Summer St. in Boston.

This was more than a “real estate” business partnership. This was an example of working together to help bring in an international company and literally make them feel at home.

This post also appeared on NEREJ which you can view here.

David Slye is president and CEO, NAI Hunneman, Boston, Mass

NAI Hunneman’s Capital Markets Group Brokers $5.8 Million Retail Sale

Ross, Minnerly and Osvold Represent Seller & Procure buyer in the Sale of Route 1 Retail Center in  West Roxbury

NAI_Hunneman201500325-5BOSTON—NAI Hunneman, a leading provider of commercial real estate services, recently brokered the $5.8 Million sale of a 107,245 SF Retail Strip Center located at 1580 VFW Parkway (Route 1) in  the West Roxbury, MA.

Executive Vice Presidents Davis N. Ross and Cathy Minnerly along with Assistant Vice President Ovar Osvold and Sales Associate Gina Barroso represented the seller Development Trust and procured the buyer CQX LLC.

“1580 VFW Parkway is an outstanding location along one of the more heavily traveled retail thoroughfares in Eastern Mass,” said Ross. “There was a lot of interest from investors, developers as well as owner-occupants, based on the first-rate location along with the lucrative upside potential.”

“1580 VFW Parkway was perfect fit for CQX LLC.  We are aggressively on the market, and this was our first acquisition of many slated for the coming months.”  Says Matt Galvin of CQX LLC

Situated on 7.1 acres on the Dedham-West Roxbury line, 1580 VFW Parkway is minutes away from Interstate 93 providing convenient access to Downtown Boston as well as some of the most popular suburban communities in the region.

About NAI Hunneman:

Headquartered in Boston, NAI Hunneman is a leading provider of commercial real estate services to corporations, institutions and the private market. NAI Hunneman is a member NAI Global, the premier network of independent commercial real estate firms and one of the largest commercial real estate service providers worldwide. NAI Global manages a network of 6,700 professionals and 375 offices throughout the world. NAI professionals work together with its global management team to help clients strategically optimize their real estate assets. To learn more about NAI Hunneman and the NAI Global Network please visit http://www.naihunneman.com

###

NAI Hunneman completes 48,000 SF in lease transactions for Iconic Capital at 151 Campanelli Drive

Osvold & Minnerly represent landlord and procure tenants for Middleboro Office Location

02NAI Hunneman’s Leasing & Advisory Services Group recently completed two lease transactions totaling 48,000 SF of office space for two Massachusetts agencies at 151 Campanelli Drive in Middleboro, MA. The State 911 Department of the Executive Office of Public Safety & Security leased 22,000 SF, while the Department of Developmental Services leased 26,000 SF.

NAI Hunneman Executive Vice President Cathy Minnerly and Assistant Vice President Ovar Osvold represented the landlord 151 Campy Associates, LLC, an affiliate of New York Based Iconic Capital, and procured both tenants.

 “Both tenants were drawn to the building’s proximity to I-495 and its single story layout, making it the perfect location for immediate needs as well as future growth,” said Osvold. Ownership is thrilled to have two strong credit tenants which will also bring additional jobs to the region making a win for all parties involved.”

 “These two spaces were a perfect fit for the Commonwealth’s needs. The location is fantastic and they will be able to house all of their employees in contiguous space, each with a private entrance,” said building owner Jeremie Lederer of Iconic Capital. “This is also a great win for the town of Middleboro which has seen a recent explosion in economic activity; the market is almost 100% full. The team at NAI Hunneman did an unbelievable job in orchestrating this turnaround for our property.”

Situated on 7.2 acres of land and located directly off I-495 at the Route 44/18 rotary, 151 Campanelli Drive totals 58,510 SF of first class office and meeting space. In addition to its new tenants, the building is also home to Eastern Bank with drive through as well as wealth of area amenities including restaurants and local retail.

About NAI Hunneman:

Headquartered in Boston, NAI Hunneman is a leading provider of commercial real estate services to corporations, institutions and the private market. NAI Hunneman is a member NAI Global, the premier network of independent commercial real estate firms and one of the largest commercial real estate service providers worldwide. NAI Global manages a network of 6,700 professionals and 375 offices throughout the world. NAI professionals work together with its global management team to help clients strategically optimize their real estate assets. To learn more about NAI Hunneman and the NAI Global Network please visit http://www.naihunneman.com

###

Liz Berthelette joins NAI Hunneman as Director of Research

Liz_BertheletteElizabeth will elevate the research department at NAI Hunneman, taking a new strategic direction to bring clients sophisticated analysis and better results

Boston, MA – NAI Hunneman announced today that Elizabeth (Liz) Berthelette has joined the company as Director of Research. Berthelette will undertake the compilation and analysis of market data, including quarterly reporting, client market analysis, mapping, and geographic information systems.

“I was drawn to NAI Hunneman because the firm offered me the chance to be part of a team of dedicated real estate professionals that is in the midst of an exciting period of growth,” said Berthelette. “It’s a fantastic opportunity to use my passion for data and experience in the real estate industry to build NAI Hunneman’s research department and bring it to the next level.”

“With Liz coming on board at NAI Hunneman I see this jumpstarting the next phase of growth for our firm,” said David Slye, President and CEO of NAI Hunneman. “She is driven to use data to analyze and dive deeper into the market in order to understand the latest trends, which serves to bolster the work our team is doing in the market, and provide a higher level of service to our clients.”

Berthelette joins NAI Hunneman from Colliers International, where she was Assistant Director of Market Strategy & Research and provided research and analysis to commercial real estate brokers, focusing on strategic analysis for multi-market clients, labor market data and economics. She brings ten years of experience in research and analysis to NAI Hunneman, having also worked as a real estate economist at Property & Portfolio Research, a Costar company. At Property & Portfolio Research she conducted in-depth national, market and micro-market research and analysis for clients and authored multiple articles and white papers on economics, real estate and demographics. Berthelette has a B.A. from Assumption College in Economics, Global Studies and Geography where she graduated summa cum laude.

 

About NAI Hunneman:

Headquartered in Boston, NAI Hunneman is a leading provider of commercial real estate services to corporations, institutions and the private market. NAI Hunneman is a member NAI Global, the premier network of independent commercial real estate firms and one of the largest commercial real estate service providers worldwide. NAI Global manages a network of 6,700 professionals and 375 offices throughout the world. NAI professionals work together with its global management team to help clients strategically optimize their real estate assets. To learn more about NAI Hunneman and the NAI Global Network please visit http://www.naihunneman.com

###

Mark Doherty joins NAI Hunneman as Executive Vice President to Head New Retail Services Group

Mark_DohertyBoston, MA – October 22, 2015 – NAI Hunneman announced today that Mark Doherty has joined the company as Executive Vice President to lead the new Retail Services Group, which will include both retail leasing and capital markets expertise.

Doherty will build and manage the retail leasing team, collaborating with other service lines including structured finance, debt, equity and investment sales, which is his primary business focus. He brings experience with multi-property portfolio leasing, acquisitions, dispositions and portfolio dispositions, and he has negotiated in excess of 350 lease/sale transactions totaling more than 10 million square feet.

“We are thrilled to welcome Mark to NAI Hunneman, where he not only brings deep experience, but deep relationships on both the tenant and ownership s­ides of the business,” said NAI Hunneman President and CEO David Slye. “As head of the new Retail Services Group, Mark will help us better serve existing clients and offer these services to new prospects and clients. He analyzes and understands each client’s specific needs within the market to ensure success, and we’re confident he will bring that astute analysis and success to the tenants and landlords we represent at NAI Hunneman.”

Doherty joins NAI Hunneman from Mercury Properties, where he was founder and principal specializing in representing anchor retailers, junior anchor retailers including Home Depot, grocery stores including Stop & Shop, hotels, drug stores and cinemas. Notably, Doherty has been the exclusive broker for tenants including Harbor Freight Tools, Dick’s Sporting Goods/Golf Galaxy, Office Depot, Brinker International, Namco Pool & Patio Supply and Starbucks Coffee Company across New England. He has exclusively represented major national landlords in leasing over 1.5 million square feet of excess retail space.

About NAI Hunneman:

Headquartered in Boston, NAI Hunneman is a leading provider of commercial real estate services to corporations, institutions and the private market. NAI Hunneman is a member NAI Global, the premier network of independent commercial real estate firms and one of the largest commercial real estate service providers worldwide. NAI Global manages a network of 6,700 professionals and 375 offices throughout the world. NAI professionals work together with its global management team to help clients strategically optimize their real estate assets. To learn more about NAI Hunneman and the NAI Global Network please visit www.naihunneman.com.

###

Q&A with Colin Gordon: NAI Hunneman Continues Downtown Team Expansion

Colin_GordonThe downtown team at NAI Hunneman is showing no signs of slowing down. With the hiring announcement of Brooke Blue a few weeks ago, we’re excited to welcome another Associate to the growing team. Hailing from the North Shore of the Greater Boston area, Colin Gordon is no stranger to the world of commercial real estate. He grew up surrounded by brokers and family members who worked in the industry. Colin’s positive attitude and strong belief in teamwork, stemming from his time as a college athlete, will help him thrive on the downtown team at NAI Hunneman. Here’s what Colin had to say about his first week as a member of our team:

Q: We know it’s your first week. What are you going to focus on these first few days?

Colin Gordon: I’ve been going through all the systems such as CoStar and others to familiarize myself with the tools I’ll be using as a resource to research the downtown area. I’ve also been reaching out to family, friends and different people in the industry to tell them about my new role, and introduce them to the downtown team here at NAI Hunneman.

Q: How did you first become interested in commercial real estate?

CG: I grew up on the North Shore with several family and friends who worked in the commercial real estate industry. The exposure to this industry at such a young age stuck with me as I grew up and was choosing a career. One of my mentors, Billy Curtis, is a developer in Boston and always told me, “real estate is a good field to get into.” Billy introduced me to people in the industry, my brother works at Transwestern and my dad has owned commercial properties. All these factors led me to pursue my own career in commercial real estate.

Q: How has your past experience at Rockhopper Group prepared you for your job now at NAI Hunneman?

CG: Rockhopper Group was a startup operating company that bought and sold apparel brands, selling thousands of units to do embroidery. I was able to see the company grow and was involved with several different departments of the company — marketing, sales, design, and business development. My job comprised of a lot of cold calling (which will definitely come in handy at NAI Hunneman), but I was also able to look at profit and loss sheets to learn how the company operated.

Q: What brought you to the NAI Hunneman team? And what are you most looking forward to at NAI Hunneman?

CG: I had met with CBRE, Cushman & Wakefield, Cassidy Turley and other firms, and they all had a very corporate feel – which I thought I wanted. When I got to NAI Hunneman, I realized I didn’t want that much structure. I wanted something with an entrepreneurial atmosphere and I instantly felt that when I met with NAI Hunneman CEO, David Slye. The downtown and suburban teams are very collaborative and if there is something in particular you want to work on, they will help make that happen. It’s not like other firms where you have to stay in your department and you can’t stray outside your role. Hunneman is a very collaborative environment that puts the best minds on a deal.

Q: How has your experience as an athlete helped you in the real estate industry?

CG: What I’ve realized is that you can’t do everything by yourself. At Hunneman, the team comes first – rather than the individual. As an athlete, I was able to learn how to work well on a team — it’s all about the end goal it’s not only all about you. David Slye told me you have to think about your client first, NAI Hunneman second, and yourself third – that’s how you play on the field or on the ice, as well. You want the win, but you need your team to help you do it.

Q: Are you seeing any trends in the downtown market?

CG: I’ve been seeing a lot of subleases. People are taking spaces for 5-10 years and then within a year or two they need more space. We’re trying to look to the future to help companies not have to move every few years. Some tech companies in the area are hiring more than 10 people a week, so we’re really trying to target how to find spaces for these growing companies.

Q: What is it like being a millennial in CRE?

CG: Years ago, it was just you, a phone and a phonebook to find and make deals. Now with social media, the amount of business being done online is enormous.  As a millennial, I grew up with this technology, learning how to correspond via email, LinkedIn and other social media tools. Even though business doesn’t necessarily need to be done face-to-face anymore, it’s still important to have these personable skills. I’m excited to use my personal and professional network both online and in person to make deals and grow Hunneman’s downtown portfolio.

Q: Who will you be working with on the downtown team?

CG: I’ll be working closely with Peter Evans, Ben Sutton, Jeff Becker and Brooke Blue. I’m looking forward to learning from Peter and Ben who are both more experienced than I am, and hopefully teaching them a few things, too.

NAI Hunneman debuts The Business Park at Myles Standish


The Business Park at Myles Standish
is a new development located adjacent to Myles Standish Industrial Park, New England’s largest and most successful industrial park. NAI Hunneman has been involved with Myles Standish Industrial Park for more than 30 years and Executive Vice President/Principal Cathy Minnerly has personally represented the park since 1996, overseeing more than 800 acres of development for industrial, office, and flex tenants.

Aerial-for-msbp blog

Myles Standish Industrial Park is already home to more than 100 companies, including General Dynamics, Comcast, Princess House, IQE Technology, Waters Associates and Verizon. Recently, NAI Hunneman brokered the $11.5-million sale of 115 acres at the park to Martignetti Companies, New England’s leading distributor of fine wines and spirits, who will construct a new, state-of-the-art corporate headquarters and distribution center.

The Business Park at Myles Standish, located at 1380 Bay Street, has 45 acres of land available for office, flex and biotech users. (Parcel sizes range from 2-acres up to 20-acres) Developed and managed by the Taunton Development/MassDevelopment Corp., The Business Park at Myles Standish is strategically located with direct access to Interstate-495 in Taunton, a Gateway City designated as a Platinum Bio-Ready Community by the Massachusetts Biotechnology Council. Companies locating here will benefit from a large skilled workforce, economic development incentives from the City of Taunton and the Commonwealth of Massachusetts, and Taunton Municipal Lighting Plant’s electric rates, which are some of the lowest in the state.

With parcels of land available to accommodate 20,000 square feet up to 300,000 square feet, The Business Park at Myles Standish is the final part of the equation that has resulted in more than 30 years of success that NAI Hunneman has brokered.

NAI Hunneman Brokers Sale of Lexington Multifamily Complex at Captain Parker Arms

Lexington, MA—September 24, 2015— NAI Hunneman brokered the sale of Captain Parker Arms, a 94-unit suburban multifamily complex with a value-add component located in Lexington, Mass.

The Captain Parker Arms | Lexington MA

The Captain Parker Arms | Lexington MA

NAI Hunneman Executive Vice President David Ross, Senior Vice President Lawrence Goldstein and Sales Associates Gina Barroso and Henry Lieber brokered the sale of Captain Parker Arms. NAI Hunneman has a longstanding relationship with the seller, Avalon II Massachusetts Value I, L.P., having previously brokered the sale of the complex to Avalon in 2010. For this deal, NAI Hunneman represented Avalon and procured the buyer, Residents at Captain Parker, LLC. The buyer will add Captain Parker Arms to their apartment portfolio in Lexington.

NAI Hunneman’s Capital Markets team has brokered a number of multifamily sales totaling over $100 million to date.

“The deal illustrates how hot the multifamily market is, especially for value-add multifamily units within Route 128, from the inner suburbs of Somerville to Lexington,” said Lawrence Goldstein, senior vice president, NAI Hunneman. “Buyers are finding historically low interest rates, and in this competitive market Captain Parker Arms saw about 25 bids.”

“This deal is a reflection of the confidence our clients have in NAI Hunneman’s multifamily expertise, and the success our team generates through our principally lead, full-service and collaborative approach to sales,” said NAI Hunneman President & CEO David Slye. “Institutional and local clients alike, count on our insight and experience in this important asset class to bring their investors the greatest value.”

Lexington’s vibrant town center is within walking distance of Captain Parker Arms, where residents will find a number of retail and dining options along with access to major thoroughfares and public transportation. The complex offers a first-class suburban living experience in one of the area’s most sought after communities, while providing the highest level of amenities, professional management and maintenance, with more than $1 million in capital improvements completed within the past three years. The location is also a draw for families looking to move to Lexington, as the complex is right near Lexington Center and Lexington High School, one of the top public school systems top in the state.

About NAI Hunneman:

Headquartered in Boston, NAI Hunneman is a leading provider of commercial real estate services to corporations, institutions and the private market. NAI Hunneman is a member NAI Global, the premier network of independent commercial real estate firms and one of the largest commercial real estate service providers worldwide. NAI Global manages a network of 6,700 professionals and 375 offices throughout the world. NAI professionals work together with its global management team to help clients strategically optimize their real estate assets. To learn more about NAI Hunneman and the NAI Global Network please visit www.naihunneman.com.

###

Q&A with Brooke Blue: NAI Hunneman’s Newest Member of the Downtown Team

The Downtown Team at NAI Hunneman is growing rapidly with the recent hire of Brooke Blue. A graduate of Boston College and formerly a tenant coordinator at JLL, Brooke is excited to begin this new role at NAI Hunneman, servicing the Back Bay and a portion of the Financial District. From her experience playing for the Boston College Women’s Lacrosse Team, Brooke thrives in a competitive environment and looks to translate that competitive nature to her work in real estate. She is thrilled to hit the ground running and launch this new leg of her career. We caught up with Brooke during her first week on the job, and here’s what she had to say:

Brooke Blue photo

 

Q: We know you just joined NAI Hunneman, what have you been up to so far?

Brooke Blue: Peter Evans and Ben Sutton have done a great job introducing me to the company and helping me settle in.  During my first week, I went on a leasing tour with Ben of four buildings in the downtown area –I learn best through observing – so this was a great opportunity to take it all in.  Peter also brought me around to the buildings we represent and explained what clientele we are trying to attract.

Q: How did you first become interested in commercial real estate?

BB: My Dad has been in the business for more than 25 years, so I saw him in this industry growing up.  After graduating in 2014, I knew I wanted to be in a goal-driven and competitive industry. Needless to say, and growing up seeing my dad’s line of work, real estate seemed like a perfect fit. I got a job with JLL in property management as a tenant coordinator and was able to learn more about architecture, get to know tenants, and focus on customer service. In June, I got my commercial real estate license so I could begin to step outside of property management. Overall, my end game has always been to become a broker. And here I am – excited to have just joined the NAI Hunneman team.

Q: How has your experience as a Division 1 athlete helped you in the real estate industry?

BB: Being a Division 1 athlete has made me very goal-oriented, competitive and a team player. I like setting goals for myself and doing everything I can to achieve them. In real estate, you’re constantly chasing the next deal – that’s the goal. I missed the competitive feel from playing lacrosse after my final season ended, so I knew I needed to be in a competitive industry like real estate.

The downtown market itself is very competitive and active.  Every week there’s a new building popping up or office space opening up. It’s why we are looking to grow the Downtown Team at NAI Hunneman – to keep up in the fast paced market. This parallels my experience on the lacrosse career. My freshman year on the team was the winningest season for BC Women’s Lacrosse, and over time I helped the team develop and make the playoffs for the first time in the school’s history. I’m hoping to contribute to the growth of the Downtown Team in the same manner, in a fast-paced environment and build upon their strengths.

 

Q: What brought you to the NAI Hunneman team?

BB: I’m the type of person that hits the ground running and likes to make an impact. NAI Hunneman is the best place to be able to do that. At some other companies, you first equate to sitting on the bench. Here, you can start immediately and jump right onto the field.

Q: What is it like being a millennial in CRE?

BB: I’m finding more and more that social media and online connections is really important in commercial real estate. As a millennial, I grew up with this technology and method of communication. It’s no escape for real life interaction, but networking online and through social channels, helps build your clientele in different industries. Tech companies and startups are everywhere and changing work environments – they are coming in and ruling the world – or, Cambridge at least. Being 25 and part of the millennial generation, there’s something new popping up all the time.

Q: What are you most looking forward to at NAI Hunneman?

BB: Long term, I am looking forward to helping grow the Downtown Team. Over these next few months, I want to learn everything I can from Peter, Ben and my other colleagues – even colleagues who are not on the downtown team. NAI Hunneman is a full service firm, and we all work as a team, sharing our different levels of expertise and experiences.  I’m very personable and love connecting and talking to people, so I try to use that as one of my main strengths. I know the next couple of months will be fast-paced and constantly in motion, but I am looking forward to learning as much as I can. I have all these resources within reach, and many colleagues who I already consider mentors.

NAI Hunneman’s Capital Markets Group Brokers $13.335 Million Multifamily Sale

Bob Tito & Gina Barroso Represent Seller & Procure buyer in the Sale of 41-units in Davis Square

119 College Ave Sale

NAI Hunneman News: @NAIHunneman

Follow

Get every new post delivered to your Inbox.

%d bloggers like this: