About Reesa Fischer

Reesa is SVP for NAIOP Massachusetts, where she is focused on maximizing value for members through exceptional programming, education, networking, and special events. NAIOP is the leading voice for commercial real estate in Massachusetts, representing developers, owners, managers, and investors, as well as those who provide services to the industry.

Boston’s Game-Changing CRE Developments on Display at 2014 NAIOP MA Bus Tour

The following blog post was submitted by David Fleming, Principal at PACE Communications Group, a marketing firm that works with CRE companies to promote properties and help lease space.

Elisif_20140514_6876The 2014 NAIOP Massachusetts Bus Tour,“Changing the Game in Boston Real Estate” lived up to its name as attendees got an up close look at game-changing development projects across the city. The tour covered dozens of new and redevelopment projects in Allston, Brighton, the Fenway, Back Bay, the South End, and the Seaport/Innovation District.

Here are just a few highlights:

Game-Changer in Brighton: NB Development’s Boston Landing

Elisif_20140514_6950The tour kicked off in Brighton as attendees watched a presentation on NB Development’s exciting new Boston Landing project. NB Development Group managing director Jim Halliday, HYM Investment Group founder Tom O’Brien, founding principal of Elkus Manfredi Architects, David Manfredi, and others provided an overview of the spectacular transit-oriented, mixed-use project.

When complete, Boston Landing will feature 650,000 square feet of office, 180 hotel rooms, 65,000 square feet of retail, a world-class indoor track facility, a dedicated MBTA commuter rail station, and significant public space. A game-changer in Brighton, for sure.

Skanska & WS Development Star at Seaport Square

Elisif_20140514_7068At the Boston Innovation/Seaport District, attendees visited another game-changer, Seaport Square. Here, Skanska USA is building three projects totaling close to 1.2 million square feet. Project partner WS Development is responsible for bringing the ground level retail to each building.

Brian Sciera of WS Development explained the company’s mission at Seaport Square is to create energy and excitement where buildings meet the street. To WS Development, energy means retail. And, fashion retail, in particular.

“The backbone of any good retail district is its fashion component,” said Sciera. “Fashion brings that energy to the street by driving interaction between people and buildings.”

Sciera said WS Development is in discussion with several well-known retailers, but was not at liberty to disclose names.

The Skanska USA buildings at Seaport Square are:

  • 101 Seaport: located on Parcel L1 across from the Boston Innovation Center, the office tower will be the new Boston headquarters for PwC
  • 121 Seaport: located onParcel L2,the 17-storybuilding willconsist of 400,000 RSF of office space and ground level retail
  • Watermark Seaport: located on Parcel K, the project will consist of a six-story building and 17-story residential tower, including 346 luxury rental units and 25,000 square feet of retail (Watermark Seaport is a JV with Twining Properties)

Fenway’s Other Big Papi: Samuels & Associates

Elisif_20140514_7119When you’re talking about development in the Fenway Triangle, you’re talking Samuels & Associates. With more than $1 billion invested in the neighborhood, Samuels is Fenway’s other Big Papi.

Just down Boylston Street from The Trilogy and 1330 Boylston, the NAIOP tour buses rolled by Samuels’ latest two projects: The Van Ness and The Verb. The Van Ness is a 22-story, 320-unit apartment building that’s under construction and will be home to downtown Boston’s first Target. And, recently underway, The Verb is a 43,000-square-foot boutique hotel project at the site of the former Howard Johnson’s.

At the Landmark Center, bus tour attendees were treated to lunch by area favorite Tasty Burger. Samuels’ Joel Sklar and Peter Sougarides were onhand to discuss the company’s Landmark Center expansion project, which they described as a complete “rethinking of the former Sears building.” In addition to renovating the interior, updating infrastructure, and removing the above ground parking garage, Samuels plans to create a “world class food market” anchored by Wegman’s.

By adding the Landmark Center expansion to development projects The Van Ness and The Verb, Fenway’s other Big Papi has struck again.

A Game-Changing Tour

Elisif_20140514_7224Highlighted by Boston Landing, Seaport Square, and the new Fenway Triangle projects, NAIOP Massachusetts’ “Changing the Game in Boston Real Estate” bus tour lived up to its name—and then some.

Highlights from Boston: The Investment World’s Newest Heavyweight

Elisif_20140417_6337This post was submitted by T.J Winick, Vice President at Solomon McCown.

Event Photos  |  Curbed article  |  Banker & Tradesman article  |  Recap Video

NAIOP’s recent event, Boston – The Investment World’s Newest Heavyweight, assured us once again that Boston is in the city to invest in when it comes to commercial real estate.

Throughout the event, panelists including Charles River Realty Investors President Brian Kavoogian, Cushman & Wakefield New England Area President Rob Griffin, AEW Managing Director Bob Plumb, DivcoWest CEO Stuart Shiff, and Blackstone Principal Jacob Werner touted Boston’s young and vibrant workforce along with its high level of innovation, top-notch schools and universities, and impressive CRE market. “[Here in Boston] it’s a very well educated labor force that draws from traditional financial services, technology and a growing biotech business,” said Werner.

The city is the 5th largest office market in the U.S. and is currently second only to San Francisco in terms of CRE vacancies. While panelists made several favorable comparisons between Boston and the “City by the Bay”, San Francisco is, unquestionably, the leader in development. It has a total of 3.5 million square-feet under construction at the moment, compared with Boston’s 2 million square-feet. San Francisco’s overall rental rates are overall back at 2007 levels while Boston remains approximately 20 percent below 2007 rates; in fact, Boston’s rental rates are still considered “cheap.” However, based on the city’s similarities (coastal, hubs of innovation) and with the belief that San Francisco is a bellwether, Boston’s CRE outlook remains bullish. “There’s real scarcity in [Boston] and scarcity is how you ultimately create value,” noted Kavoogian.

Another area of comparison: Massachusetts trails only California when it comes to NIH Funding. According to Cushman’s Griffin, Massachusetts General Hospital alone receives more NIH dollars than 90% of states. He also noted how the biotech and biopharmaceutical sectors continue to add more and more jobs and create new drugs. “If you’re a global investor and you look at Boston,” said Plumb, “you’ve got all the ingredients for job growth.” And the Boston area’s hottest markets for start-ups (Boston, Cambridge, and Waltham) have experienced an impressive 318 new deals as the market has bounced back. “Focusing on those markets that are both gateway and technology-related markets has been appealing to us,” said Shiff.

In addition to those three markets, there is also hope for Boston’s Central Business District (CBD) despite all the Seaport District’s development. The CBD is currently experiencing 15 percent in rent growth. The panel felt that once the CBD integrates more residential and retail projects into its urban dynamic, it will become “gold”.

Although the panel’s take was overwhelming positive, they did caution listeners to keep a couple of things in mind: Boston has 25,000 new apartments (many which are luxury) inside Route 128 currently under construction. It’s crucial the region creates jobs that meet those rents and attracts a suitable workforce. Also, in terms of capital markets, the industry needs to start thinking about rising interest rates–which are likely to increase as the economy continues to slowly improve.

Highlights of NAIOP’s You Can’t Get There from Here

Elisif_20140207_3248This post was submitted by Allyson Quinby, Account Supervisor at Solomon McCown.

View event photos  |  Read Curbed article  |  Watch event video

Real estate professionals gathered at NAIOP’s “You Can’t Get There from Here” event to discuss one of the top priorities in Boston right now: improving transportation. It was exciting to hear about all the projects that are in the works, upgrades to the system already underway, and new technology that will allow commuters to get from point A to point B more efficiently.

The audience was fortunate enough to hear from Secretary of Transportation Richard Davey, who served as the keynote speaker, followed by a panel of experts including Michael Cantalupa of Boston Properties, Donald Cooke of VHB, Marilyn Swartz-Lloyd of MASCO and Yanni Tsipis of Colliers International.

Secretary Davey explained how MassDOT will make numerous improvements to the city’s existing infrastructure with a $12.4 billion Capital Investment Plan that aims to make the lives of commuters easier and spur economic development. The much-needed green line extension to Somerville and Medford as well as the South Coast Rail extension to Fall River and New Bedford will make a huge difference for those who live outside Boston. These new public transit lines will deliver an option that’s much less expensive than driving, which means fewer cars on the road and a significant reduction in traffic congestion and of greenhouse gases (something the Secretary said was a major initiative for MassDOT).

Additionally, a Silver Line Gateway will provide a new route from Logan International Airport to Chelsea to service one of the greatest transit-dependent populations in Greater Boston. Secretary Davey called it a “game changer.” As panelist Michael Cantalupa further noted, transportation plays a vital role in any city’s development. As Boston continues to boom with new office buildings and other high-rise projects, it’s critical these new developments remain accessible through increased transportation options.

Secretary Davey assured the audience that money is being invested in the system’s aging infrastructure, which means the need for new transit cars will finally be addressed. In fact, the state will purchase new Red/Orange Line cars and make upgrades to signal systems in an effort to eliminate the on-going problem of constant breakdowns. Millions will also be poured into the state’s highway system. For example, the alignment of the I-90 Turnpike Allston Interchange will reconfigure ramps and straighten the highway to simplify the roadway, as well as allow more room for development.

Diesel Multiple Unit (DMU) Service is another initiative MassDOT will be implementing. The service will allow more affordable cars to utilize our existing commuter rail line that runs from the South Bay Rail Yard to the South Boston Waterfront. This will open up whole new possibilities for those looking to travel from the Seaport District to Back Bay, a route for which there is currently no efficient method of transportation.

It’s no secret here in Eastern Massachusetts that traffic has a paralyzing effect on local transportation on a daily basis. So it was welcome news to hear that MassDOT is collecting and analyzing years of data to deliver real-time traffic technology. This will not only inform commuters where traffic is, but how bad it will be at what time and why. Secretary Davey announced that by the end of 2014, the real-time traffic message signs that have appeared on major highways will be instituted across the Commonwealth; making Massachusetts the first state in the country to do so.

While the planned investments are exciting, a proposed ballot question could prevent many of these important projects from moving forward. Under the landmark transportation legislation passed last year, the gas tax will be indexed to inflation in the coming years. This will be only a penny or two per gallon at most, but will provide the funding needed to ensure these projects are a reality. The proposed ballot question would repeal the gas tax indexing and would eliminate this crucial source of funding. NAIOP and other business groups are strongly opposed to the ballot question and will be working to fight this initiative in the coming months.

Transportation impacts all of us, and it was fascinating to hear Secretary Davey and the featured panelists give us a sneak peak of what’s in store for the city of Boston and throughout Massachusetts.

The Changing Face of Downtown Boston

The following blog post was submitted by Ally Quinby, Account Executive at Solomon McCown.

Real estate professionals gathered last week to discuss the significant transformation happening in our city’s core. The office, retail and residential sectors are all growing and working together to create a true 24/7, live, work, play environment in downtown Boston.

Even with the boom in the Seaport, Downtown is seeing an influx of new office tenants who want to be in the heart of the city. David Greaney of Synergy Investments told us that of the 70 leases his firm has completed this year, 59 of them were located downtown. And these tenants are looking at more than just the office space. Mark Smith said that Equity includes the amenities of the surrounding area on tours with potential tenants. He also told the room that tenants want comfortable, communicative environments.

All these companies have employees who want to be within walking distance of work. Despite the thousands of apartment units that are planned and currently being constructed, Bill McLaughlin of AvalonBay Communities said that the demand is there because young people aspire to live in the city; we are well-positioned to absorb the deliveries we will see in the next five to six years.

Retail is growing too. Andrea Matteson of CBRE/Grossman Retail Advisors highlighted Walgreens, Equinox, Scholars and the coming Legal Seafoods as game changers who have helped Downtown Crossing look better than ever. She said that first floor tenants are key in providing character for downtown buildings.

Foreign investment and continued development make Boston one of the U.S.’s most dynamic cities, and our panelists agreed that downtown is going to be an integral part of Boston’s growth in the coming years.

Coffee with Colleagues at Synergy Investments

The following blog post was submitted by David Fleming, Principal at PACE Communications Group, a marketing and PR firm that specializes in commercial real estate and retail.

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“Wherever [coffee] is grown, sold, brewed, and consumed, there will be lively controversy, strong opinions, and good conversation.”
Mark Pendergrast, Uncommon Grounds: The History of Coffee and How It Transformed Our World

More than 100 people gathered on May 14th in Boston at Synergy Investments for NAIOP’s Coffee with Colleagues, a networking breakfast event. The sold out gathering was held at Synergy’s new corporate headquarters inside the 100 Franklin Street building, which Synergy owns. In addition to 100 Franklin, Synergy’s commercial real estate portfolio contains some of downtown Boston’s landmark buildings including 250 and 253 Summer Street, 211 Congress Street, and 185 Dartmouth Street, among others.

David Greaney, Synergy’s founder and president, kicked off the event with opening remarks touching on Boston’s favorable real estate market. After, the gathering of commercial real estate industry professionals enjoyed refreshments and engaged in lively conversation.

Steve Brodsky, Synergy’s Chief Operating Officer, stated that the event went well. “We were pleased to see the strong turnout, and it was a great networking event,” said Brodsky. “It was a terrific way to celebrate our one-year anniversary in our new space here at 100 Franklin Street, while working with NAIOP in support of the industry.”

Others commented positively about Coffee with Colleagues:

Dorrian Cohen Fragola, VP Marketing and Business Development, Janitronics: “This morning’s event was a wonderful opportunity to network, reconnect, and meet new people. Synergy has been so active in Boston recently. It was good to hear more about its plans and meet some of its people,” said Cohen Fragola. “Thanks to Synergy for hosting and to NAIOP for another successful event.”

Joel Loitherstein, P.E; Associate, Tata & Howard: “Coffee with Colleagues was well worth the trip into Boston. These events are a great way to meet new people and reestablish connections with past clients and colleagues. The atmosphere is very comfortable and you get a chance to meet senior level people at major development, legal, and consulting firms in the Boston area.”

Coming Up: Boston’s Other Waterfront

On May 22, don’t miss another exciting NAIOP event: Boston’s Other Waterfront featuring Joseph Shea, Kairos Shen, and Peter Spellios. Beyond the Seaport District, the panel will discuss the future of Boston’s waterfront from Lovejoy Wharf to East Boston, and beyond. It’s sure to be a good one!

To see other events NAIOP has in store, visit the Upcoming Events page. See you at the next great NAIOP event!

2013 Bus Tour Recap: The Suburban Transformation

The following blog post was submitted by David Fleming, Principal at PACE Communications Group, a marketing and PR firm that specializes in commercial real estate and retail.Elisif_20130501_0150

Three signs that spring has finally arrived in Boston: 1) green grass on the Esplanade, 2) the Red Sox back at Fenway Park, and 3) NAIOP MA’s Annual Bus Tour. The 11th edition of the tour took place on Wednesday as more than 250 people aboard five buses toured properties along what is suddenly one of the hottest stretches in commercial real estate in the region: the Route 128 Corridor from Needham to Lynnfield. Here’s a summary:

Elisif_20130501_0115Kickoff at Needham Crossing

  • Needham’s Economic Development Director Devra Bailin, discussed efforts to rebrand the former New England Business Center as Needham Crossing
  • Justin Krebs and Mark Roopenian described two of Normandy Real Estate Partners’ projects along the route:
    • Center 128, which will redevelop Needham’s former New England Business Center into an 825,000-square-foot “super-park,” including a Marriott Residence Inn Hotel
    • Station at Riverside, which will transform MBTA’s Riverside Station into a mixed-use development featuring 295 apartments, a 10-story 225,000 square foot office building, and a 20,000 square foot retail village
    • Mike Wilcox of The Bulfinch Companies discussed development at Needham Crossing and the branding and leasing efforts at Atrium Center. Wilcox concluded with an exciting Atrium Center video that you can see here.
    • In his market overview, Jeremy Grossman of CBRE/Grossman Retail Advisors noted the “flight to quality” among retailers, New Urbanism, the continued expansion of restaurants, the intensifying battle among grocers, and the strengthening of regional markets such as Chestnut Hill, Lynnfield, and Northborough as key trends

Elisif_20130501_0215Bus Tour Highlights

Six tour buses, escorted by members of the MA State Police, traveled along Route 128 beginning in the Needham/Newton area and ending in Lynnfield. Here are a few highlights:

 

Elisif_20130501_0268Lunch and Learn at MarketStreet Lynnfield

The tour stopped in Lynnfield for lunch at MarketStreet Lynnfield, a 680,000 square foot mixed-use development currently under construction. Inside a space that will become a Shoe Market store, WS Development’s Tom DeSimone and National Development’s Ted Tye shared details of the joint venture scheduled to open in August 2013.

When complete, MarketStreet Lynnfield will include 395,000 square feet of shops and restaurants, 80,000 square feet of office space, 180 residential apartments known as Arborpoint at MarketStreet, and the 9-hole King Rail Reserve golf course.

Elisif_20130501_0282Voices on Tour

I caught up with a few people on tour. Here’s what they had to say:

  • Tom DeSimone, partner, WS Development: “There’s no better way to understand real estate than to actually be there. The NAIOP Bus Tour gets you closer to the real estate by providing an introduction. Then you can go back and look at whatever may have peaked your interest.”
  • Ted Tye, managing partner, National Development: “It’s great to people out here having a nice day, getting out from behind their desks, and seeing some projects that are being built. And, it’s incredible that in 2013 that we actually have things being built.”
  • David Chilinski, co-founder and president, PCA: “The best part of the NAIOP Bus Tour is that you really get a sense of what’s happening and, importantly, what’s new in the marketplace.  We all know the tried and true properties, but the tour lets you see new projects as well as cases where people are reinventing or adding to projects. That’s the importance of this tour.”
  • Sarah Walker Weatherbee, managing director, Keller Augusta: “You get a sense of history as well as what the future holds for the Boston-area markets like the ones we saw today. And, the networking that the Bus Tour enables is unique to NAIOP—that really makes the day exceptional.”


While here, please read David’s important post below about National Development’s Roseann Sdoia, who was seriously injured in the Boston Marathon bombings. David includes a link to
Roseann’s Recovery Fund for those who wish to donate toward expenses for Roseann’s treatment and recovery.

Optimism: the way to start your day

This post was written by Kimberly Sherman, and originally appeared on the Nickerson PR blog, CheersLive!

On Thursday November 29, 2012, over 400 attendees gathered at the Seaport Hotel Boston for the NAIOP/SIOR Annual Market Forecast, one of the industry’s leading market forecasts. Nickerson PR was the sponsor of the much-anticipated event. “Being knowledgeable as a peer in the field, helps Nickerson PR to provide a better service to our clients – we want to be a knowledgeable business partner to every client – not just a vendor. It was very important to sponsor such an event,” said Lisa Nickerson, Principal of Nickerson PR and Board Member SIOR New England.

Barry Bluestone NAIOP.jpgBarry Bluestone, Dean, School of Public Policy &
Urban Affairs at Northeastern University

David Begelfer, CEO for NAIOP Massachusetts moderated the program. The Keynote speaker, Barry Bluestone, Dean, School of Public Policy & Urban Affairs at Northeastern University, offered an optimistic and timely economic snapshot of our local real estate market. Bluestone’s economic overview mostly centered on why we will return to a 0.2% growth rate. He outlined six things we haven’t paid enough attention to.

1. The demographic boon is over
2. The plateau in educational attainment
3. Increase in inequality
4. Globalization and outsourcing
5. Energy and environment
6. Twin deficits

In closing, Bluestone firmly stated that to avoid this path, we would need major innovation and investment for large-scale ideas. He reminded us that the good thing is the US has accomplished this before, so we should have the confidence that we can do it again.

NAIOP Panel.jpg

Some of Greater Boston’s most active real estate professionals presented an analysis of the Massachusetts commercial markets, with a special look at the office, industrial and capital markets. Panelists discussed the drivers and fundamentals behind 2012 statistics, including emerging trends in specific markets, new growth areas and a general outlook for the future. Among these market experts were:

The majority of attendees I spoke to were pleased to leave the event with a feeling of optimism. In the words of market expert panelist Petz, “Boston is hot, we are lucky to both live and work here.”

Some take-aways from NAIOP Forecast attendees:

“It’s always great to hear lots of optimism about the direction of the commercial real estate markets for 2013 and beyond. Absorption rates are increasing significantly throughout the region which bodes well for the CRE market for years to come.” Bud LaRosa, Chief Business Performance Officer, Tocci Building Companies

“It was refreshing to hear Barry Bluestone speak to overcoming the fiscal cliff and offer insight as to why there is plenty of good news ahead for the real estate market.” Merrill H. Diamond, Founding Partner of DIAMOND SINACORI, LLC and IGNITION Residential, LLC

“With 7,500 new multi-family units planned and Boston supporting the effort, it’s nice to be assured that Boston real estate is hot right now.” Markell Blount, Partner, Sparta Consulting Inc.

“I am happily surprised by the level of optimism expressed today. The last few events have been more doom and gloom, so I’ll take this news any day.” Mark Glasser, Principal, Packard Design

Strategies for Today and Predictions for Tomorrow

The following blog post was submitted by Ally Quinby, Account Executive at Solomon McCown.

NAIOP Massachusetts’ Smart Money in Real Estate event, on September 19, gathered together a distinguished panel of Boston’s real estate professionals to discuss the state of today’s market, as well as their predictions for the future.

To set the table for the event, NAIOP MA disseminated a poll to members regarding their current perceptions and future predictions. Doug Poutasse, Executive Vice President, Head of Strategy and Research at Bentall Kennedy, and moderator of the panel, leveraged the results from the poll during the discussion.

In regards to real estate investment, Jeff Furber, CEO of AEW Capital Management, listed the four qualities investors are seeking currently: Safety, Income, Control and Liquidity. Tier 1 core costal markets like Boston have been a major beneficiary of this fact due to the lack of risk associated with investing in stable regions.

Similarly, Jon Davis, CEO of The Davis Companies, believes there are many value-add opportunities in healthier cities, “Here in Boston, we are transforming neighborhoods. Take Kendall Square and the Fort Point Channel; there is so much vibrancy in these areas.”

According to one panelist, what the Boston area is lacking is supply of retail space. Despite the recent buzz around grocery-anchored retail centers, Tom DeSimone, Executive Vice President of WS Development, believes centers like this are “overplayed” and the increase in food sold outside grocery stores across the country, in retail shops like Wal-Mart, will be a problem in the future. In agreement, Mark Weld, Managing Director of Clarion Partners, said, “Distressed debt is aggregating in grocery-anchored retail centers across the country that people thought were on the path to growth.”

Looking forward, all the panelists agreed the looming effects of sequestration raise many questions for real estate professionals across the country. Despite the increased activity seen in markets like Boston, New York, San Francisco and Washington, D.C., uncertainty of this type has its effects. According to Jon Davis, “cleaning up from sequestration is the single biggest risk” we are facing today. There is no indication of whether or not Congress is going to be able to come together.

General sentiment among the panelists regarding the economic future was mild, noting there will not likely be significant improvement or dramatic decline in the state of the market.  Instead, all panelists agreed success today—and in the future—will rely heavily on partnering with the right people for leverage. Especially in times like these, what matters is one’s character and ability to execute.

NAIOP Raises $151,500 for Heading Home

This post was submitted by Marc Margulies, principal at Margulies Perruzzi Architects and president of Heading Home’s Board of Directors

On June 6th, NAIOP Massachusetts held its 24th Annual Charitable Golf Tournament to benefit Heading Home, raising $151,500 to support programs to end homelessness in Greater Boston. This record-breaking sum is the largest in the tournament’s history, bringing the total donated to Heading Home to more than $1.85 million. The commercial real estate community should be proud
that its steadfast commitment to Heading Home reaps real rewards for homeless families.

In 2011, Heading Home helped more than 2,000 homeless people in Greater Boston by providing them a place to call home and opportunities for self-sufficiency. Two-hundred and fifty units of housing have been created since 2006, with 61 new units created in the past year alone.  More than 400 volunteers annually commit their time and energy to Heading Home, and the commercial real estate community provides a large number of those volunteers. The monies raised by NAIOP will continue to support Heading Home’s programs to end homelessness locally.

Andrew Hoar, president of CB Richard Ellis/New England and chair of the 2012 NAIOP Massachusetts Charitable Events Committee, led the effort to make this record-breaking donation possible. Andy has been on the Heading Home Board of Directors since 2007, and he, his wife, and his firm are longtime contributors to the organization. Andy’s efforts this year hit the fundraising goals out of the park!

Another ardent Heading Home supporter who deserves special recognition is NAIOP Massachusetts CEO, David Begelfer. David has been actively involved in the struggle to end homelessness for more than 24 years, and started the annual NAIOP golf tournament to support Heading Home. In 2010, David received the Bob Ray Partnership Award from the Massachusetts Housing and Shelter Alliance for his commitment to ending homelessness. His support of Heading Home, including serving on the organization’s Advisory Council, has been unwavering through the years.

Since the first NAIOP Golf Tournament that raised $5,000 for Heading Home, the commercial real estate industry has continued to come together to show support for homeless families and individuals. Thank you to NAIOP’s member volunteers, staff, and generous donors who helped to raise this record-breaking donation for Heading Home. It is only through their support that the tournament is able to raise funds needed to help Heading Home accomplish its goal of ending family homelessness.

View pictures from the event.

Breaking Ground in Back Bay

The following blog post was submitted by Sheridan Wachtel, Marketing Assistant at Solomon McCown.

On May 31, experts from all sides of the real estate industry joined us at the Sheraton Hotel to discuss one of Boston’s most iconic and sought-after neighborhoods, the Back Bay. The program, “Breaking Ground in Back Bay,” discussed the future opportunities for retail, residential, office and hotel in the neighborhood that has been the epicenter of the city for decades.

The panel included Peter Meade, Director of the Boston Redevelopment Authority; Michael Jammen, Principal, UrbanMeritage, LLC; David Martel, Executive Director of Cushman & Wakefield of Massachusetts, Inc.; Michael Roberts, Vice President Development of AvalonBay Communities, Inc.; Jeffrey Saunders, President of Saunders Hotel Group, LLC; and was moderated by Leggat McCall Properties LLC Executive Vice President, Mahmood Malihi.
Meade set the table for the discussion citing the pipeline of projects slated for the Back Bay including the redevelopment of the Christian Science Plaza, 888 Boylston, Chanel’s new retail store, and Copley Place residential building—which will be the tallest building in the Back Bay once completed.

Jammen, one of the architects of the Newbury Line Program, discussed the “red hot” retail scene in the Back Bay and more specifically, Newbury Street. “Constrained by being only eight blocks in length, retail real estate on Newbury street is seeing more demand than supply,” said Jammen in light of the fact that the street’s architecture isn’t traditionally window-display friendly. “It doesn’t have the windows like Rodeo Drive and other luxury retail streets of the world…but no one is going to build another Newbury street anytime soon,” said Jammen.

Having represented some of Boston’s most notable office spaces including The Hancock Tower, Martel discussed the increasing value of Back Bay’s office properties. “We have seen a quantum shift in office space demand in the Back Bay since 2008,” said Martel explaining how the coveted 24/7 lifestyle of the neighborhood is an increasingly important factor to office tenants to attract and retain talent—a factor that sets it apart from both contemporary urban areas like the Seaport and traditional office space properties like the Financial District and suburban areas.

With a growing desire to work in the Back Bay, residential real estate in the area has only increased in value. Roberts commented on the demographic shift that has made residential real estate in the Back Bay boom. “Young professionals landing a majority of newly created jobs, along with empty nesters wishing to return to city-livingare the key demographics in residential real estate in this area,” said Roberts.

And, according to Roberts, residents of the Back Bay aren’t planning to move out of the Back Bay anytime soon, citing residential properties in the neighborhood see half the turnover rate than all other neighborhoods in their portfolio.

Rounding out the panel was long-time hotelier Saunders, who discussed the resiliency of hotel occupancy in Boston’s Back Bay despite the influx of new hotels in Boston’s Seaport district. “Back Bay continues to be ground zero for people who want to visit the city,” said Saunders whose hotels operate at 90+ percent occupancy rate in the summer months and projecting 2012 to yield its highest occupancy rates in recent years.

With a full spectrum of real estate development projects underway and even more projected in 2013 and 2014, real estate in the Back Bay will continue to be hot commodity and a place where residents, tenants, tourists and developers want to be.

Watch a video of the panelists, or view photos from the event.