Owners and developers from across the region are reinventing the suburban office park.
The trend according to The Boston Globe is driven by two things. Property owners need to reimagine older buildings. And they must meet increasing competition from Boston, Cambridge, and nearby urban centers.
JLL Research reports that along I-495 the Class A office vacancy is approximately 18%, compared with 11.5 percent in Boston and below 6 percent in Cambridge.
Two office parks in Burlington are in the midst of big changes. National Development will soon be starting a major capital improvements program at New England Executive Park. This will include the construction of 300,000 square feet including a new hotel, three restaurants, added retail and office space. A big retail announcement is coming this fall.
At Northwest Park, Nordblom is in full swing with the development of retail boulevard 3rd Ave, 300 apartments, a hotel, new and renovated offices. The Bancroft, a high end chef-driven steakhouse and cocktail lounge, opened last month. Wegmen’s opens this fall.
JLL is the agent for the office space at New England Executive Park, and the build to suit at 25 Network Drive.