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Overview

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.

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Overview

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  1. Overview [SITE] Site Characteristics [MKT] Market Conditions [OPP] Opportunities [CNST] Constraints [DEV] Development Opportunity

  2. [SITE] Site Characteristics [MKT] Market Conditions [OPP] Opportunities [CNST] Constraints [DEV] Development Opportunity

  3. Charlestown

  4. 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

  5. [SITE] Site Characteristics [MKT] Market Conditions [OPP] Opportunities [CNST] Constraints [DEV] Development Opportunity

  6. 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.

  7. Boston Office Market: Demand Data: TWR Boston Office Submarket Report 2005

  8. [SITE] Site Characteristics [MKT] Market Conditions [OPP] Opportunities [CNST] Constraints [DEV] Development Opportunity

  9. Access Public Transportation Highway & Throughfare

  10. [SITE] Site Characteristics [MKT] Market Conditions [OPP] Opportunities [CNST] Constraints [DEV] Development Opportunity

  11. Price-Competitive

  12. Proximity to Bioscience Cluster

  13. Constraints • Office market is still in trough • Lower rents than in other areas • Unappealing urban environmental quality • Lot size + Zoning

  14. [SITE] Site Characteristics [MKT] Market Conditions [OPP] Opportunities [CNST] Constraints [DEV] Development Opportunity

  15. 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

  16. Summary • Office market rebound • Good accessibility • Affordable relocating destinations for bio-science • Local employment benefits • Timing essential

  17. Thank you！！

  18. R&D Pipeline source: Colliers International (colliers.com)

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