It was anything but a quiet year for commercial real estate in Boston and beyond, from the development boom in Downtown Crossing, to notable companies relocating (such as Life is good) to the Innovation District, to Waltham and Lexington’s rise as hot suburban areas.
Here are some trends our brokers are predicting for 2014:
- EVP & Principal Scott Dragos (Bio/LinkedIn) “Waltham and Lexington, especially with biotech, have been particularly busy with activity. We will continue to see an increase in these areas as companies relocate – mostly due to the more reasonable prices compared to the rising costs of Boston and Cambridge.”
- SVP Barry Familetto (LinkedIn), “Many buildings are changing hands, which is creating a lot of churn in management contracts.”
- SVP Jeff Becker (Bio/LinkedIn) “Too many developers are chasing the same types of “innovation” tenants with the same sort of “cool” space. The market is getting saturated with one kind of product. Also, we’re seeing a lot of bi-coastal deals between Silicon Valley and Boston/Cambridge. Companies on the West Coast are asking about how to get into this market.”
- EVP & Principal Michael DiGiano (Bio/LinkedIn) “Build-to suit is still tentative. We will have to see how this develops in the next 12 months.”
What are the other trends you think we’ll see this year? Tweet share with us at @NAIHunneman and use the hashtag #CRE2014trends.