220 likes | 292 Views
Overview. [SITE] Site Characteristics [MKT] Market Conditions [OPP] Opportunities [CNST] Constraints [DEV] Development Opportunity. [SITE] Site Characteristics [MKT] Market Conditions [OPP] Opportunities [CNST] Constraints [DEV] Development Opportunity. Charlestown.
E N D
Overview [SITE] Site Characteristics [MKT] Market Conditions [OPP] Opportunities [CNST] Constraints [DEV] Development Opportunity
[SITE] Site Characteristics [MKT] Market Conditions [OPP] Opportunities [CNST] Constraints [DEV] Development Opportunity
Site Characteristics • unleveled, unimproved • Land Area: 40,000 SF • Surrounding Uses: warehouse, commercial office, light industrial, institutional • BRA owned • New Rutherford Avenue Local Industrial (LI) Sub-district • Max FAR: 2.0 • Max Building Height: 45 feet (3-4 stories) • No regulations on lot dimension, yard, and usable open space • Parking Requirement: office 2, industrial 0.5 space/1000SF
[SITE] Site Characteristics [MKT] Market Conditions [OPP] Opportunities [CNST] Constraints [DEV] Development Opportunity
Boston Office Market: Supply • Current construction activity is very low. The forecasted completions are below 1% of total inventory (next 5 years). • Residential conversions of Class B & C office buildings erode the office inventory, leaving users of small office space with fewer options.
Boston Office Market: Demand Data: TWR Boston Office Submarket Report 2005
[SITE] Site Characteristics [MKT] Market Conditions [OPP] Opportunities [CNST] Constraints [DEV] Development Opportunity
Access Public Transportation Highway & Throughfare
[SITE] Site Characteristics [MKT] Market Conditions [OPP] Opportunities [CNST] Constraints [DEV] Development Opportunity
Constraints • Office market is still in trough • Lower rents than in other areas • Unappealing urban environmental quality • Lot size + Zoning
[SITE] Site Characteristics [MKT] Market Conditions [OPP] Opportunities [CNST] Constraints [DEV] Development Opportunity
R&D Sub-Market • On The Bright Side • Proximity to life science center -- Cambridge • Increasing R&D employment in Boston MSA • High rents in Boston/Cambridge ($40-45/SF NNN) • Small firms relocating for cheaper rents Caveat New construction
Summary • Office market rebound • Good accessibility • Affordable relocating destinations for bio-science • Local employment benefits • Timing essential
R&D Pipeline source: Colliers International (colliers.com)