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Frankie811

Downtown Office Vacancies

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How will this effect new office development?

http://www.pbn.com/stories/printdetails.php?id=115634

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Converting office space to housing could theoretically bring after-work-hour life to commercial districts. I would love to see it happen in Boston's financial district where it is empty after 5PM. It could also balance out a hot housing market and a cold office market while increasing the area's housing stock.

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There's a lot of housing being built in Downtown Boston right now. A lot of it is in response to the improvements made by the depression of the Central Artery. There are also a number of developers in Downtown Boston who several years ago were aiming to build office towers who have now switch to residential in response to the cool office market.

In Providence, the article pointed out that our rise in vacancy was almost entirely due to the loss of Boston Financial from Gateway Centre. In such a small market, little movements make for a big impact. It would be better to look at the 5 and 10 year rates for Providence to get a real look the market. The speed with which GTECH is able to fill it's leasable space will be a telling sign about our market. Some good news is that the Citizens Building is currently fully leased.

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NYC is converting a lot of it's old financial district aka Wall St to residential as well.

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Yeah, I read an article the other day which said NYC condo prices are through the roof. Top units are now getting $ 5 million.

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NanoSteel moves to Providence. The company's corporate headquarters, with four full-time employees, opened at 67 Cedar St. early this month. [ProJo.com]

It's only 4 employees now, but it's still nice to see a company deciding Providence is where it wants to be.

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