Seaport pieces are coming together

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From Patrick Nugent
Assistant Vice President
Jones Lang LaSalle

Recent articles in The Globe and the Boston Business Journal further reaffirm that the Seaport District has arrived.

Liberty Wharf delivered with amazing success. Seaport Place is seeing significant activity from law firms and advertising agencies. Allen & Gerritsen just signed for 33,000 Seaport East. Vertex is coming to a 1.1 million square foot space on Fan Pier from Cambridge, and they are evaluating their options for more space here. Companies from Kendall and Harvard Squares are looking here as the Innovation District becomes established.

The prospects for absorbing the existing available office space here are good. Our latest Boston Office Insight South Boston Waterfront Submarket Report has the Seaport District vacancy for Class A space at 16%. Rents still don’t approach replacement cost for new development, but they are rising.

Now we’re seeing projects like the Pier 4 apartment tower, which was approved back in 2005, gaining momentum again. Hanover Co. is partnering with New England Development as investment capital continues to flow to the seaport.

The neighborhood here is approaching a 24/7 mix of residential, retail, commerce and entertainment. Something the Financial District doesn’t have. It’s feeling a lot like the Back Bay. If John Hynes gets his Seaport Square mixed-use project, and the Convention Center expansion moved forward, the fabric will finally be complete.

– Patrick

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