According to a recent survey published by Marcus & Millichap, Boston’s local economy is well on the road to recovery. The company’s 2012 National Office Report states Boston employment growth will likely be centered on or near the city’s waterfront. Employers are increasingly moving into the area as the $3 billion Seaport Square development nears completion. Also, the relocation of the federal courthouse to the waterfront is reportedly attracting a number of businesses away from the city’s Financial District.
The Boston Convention and Exhibition Center is expected to generate more than $625 million in 2012. According to the report, a return to higher revenue levels such as those that existed prior to the Great Recession will likely allow Boston officials to green light a planned $2 billion Convention Center expansion. Construction was also recently completed on the Seaport Center, a 465,000-square-foot office building in the Seaport District.
According to Jones Lang LaSalle, office rents are rising near Boston’s waterfront and space is becoming more difficult to obtain. In January 2012, vacancies in the area were down nearly ten percent and rents were up 15 percent from the previous March. Although office vacancy rates remain high in the Financial District, construction has now begun on the new Alexandria Center located in Kendall Square. Both the Massachusetts Institute of Technology and Harvard University are expected to begin expanding their research arms and several biotech companies are now fixed to move into Cambridge. Institutional investors are also expected to begin purchasing more commercial assets within the city’s core.
If you are considering purchasing Massachusetts commercial real estate, it is important to keep in mind a number of key issues that should be addressed. A purchaser should always ensure the property may be used for its intended purpose, find out whether there are any liens on the property, and ensure financing is available. By hiring an experienced Boston real estate attorney before you begin the commercial real estate purchase process, you have the ability to ensure your financial interests are protected.
Contact Pulgini & Norton, LLP if you are considering buying or leasing office space or other commercial real estate. Our dedicated Boston commercial real estate lawyers are available to assist you throughout each step of the purchase process. We will provide you with a thorough review of the property and outline any issues that may create problems for you in the future. We help Massachusetts clients with all aspects of a commercial real estate transaction, including purchase agreements, lease agreements, financing, property development, and zoning. To speak with a skilled attorney regarding your commercial property transaction, call Pulgini & Norton at (888) 344-2046 today. You may also contact the law firm through our website.
Pending Home Sales See Increase in Boston Metro, Massachusetts Real Estate Lawyer Blog, April 3, 2012
Experts Are Not Concerned by Rise in Massachusetts Foreclosure Rate, Massachusetts Real Estate Lawyer Blog, March 21, 2012
Demand for office space intensifies in Boston, by Thomas Grillo, Boston Business Journal
Seaport District emerging as hot office market, by Thomas Grillo, Boston Business Journal
Build-Out Complete for OneView Commerce at Seaport Center, citybizlist.com