There’s no two ways about it: Waltham is hot. As reported yesterday in Bisnow, Waltham is one of Greater Boston’s most active markets, with Class A office vacancy rates at their lowest since 2007. This is far from news to us: NAI Hunneman declared Waltham a Hot Spot way back in Q2 of 2103. Here are a few reasons why:
- Location: It was true then and it’s true now – when it comes to location, Waltham is hard to beat. It takes fewer than 20 minutes to be in downtown Boston from Waltham on the Massachusetts Pike. It’s also easy to reach by Route 2 and I-95 and there’s a commuter rail station right in the town’s center. All of this means that Waltham is great for both older workers who want to settle with their families in the suburbs and young talent based in Boston.
- Affordability: At least, for now. Class A is currently mid $30’s per square foot in Waltham. That’s a start contrast to Cambridge $60’s and Boston $50’s
- Activity: As the Bisnow piece illustrates, commercial real estate business is booming in Waltham. Duffy Properties has been particularly active in Waltham. Earlier this summer, the company announced that it had acquired the Class A property 400 Fifth Ave. on Route 128 for $19.7 million. That’s in addition to the $350,000 Duffy is investing at its other Waltham office park, Waverly Oaks, to upgrade the common areas and bathrooms. Waverly Oaks offers ample amenities including a full service health club(currently undergoing a $1 Million renovation), restaurants, and service retail, making it a great value in an already value-driven market.
When considering office space, don’t count Waltham out. Its amenities, easy access to transportation, and affordability make it one of the best values in Greater Boston.