The SM& Real Estate Team had the pleasure of attending Bisnow Boston’s 3rd Annual Boston State of the Seaport event. To no one’s surprise, the expert panelists spoke to the Seaport District’s promising growth. Boston Global Investors CEO John Hynes noted that there is about 3 million square feet of space under construction at this very moment in the Seaport, and he predicts that number will increase to 5 million square feet in the coming years.
Here are some more news-worthy nuggets that came out of the event.
- Hynes doesn’t believe the anticipated increase in traffic as a result of the Seaport District’s development/construction will be nearly as much of a concern as people are making it out to be, considering commuters were parking in the Seaport’s former lots for years before the area’s transformation started. He added that traffic increases naturally accompany valuable real estate, so it’s to be expected as the Seaport becomes more desirable and populated.
- Panelists agreed that the Seaport District is approaching its tipping point as a neighborhood that provides a vibrant live/work/play atmosphere; the Seaport will officially reach its tipping point when additional forms of retail come and complement the area’s current, popular restaurants.
- A very diverse demographic, which includes young professionals, families and “empty nesters,” are flocking to the Seaport. To remain attractive to young families who may be drawn to the area, developers feel it’s absolutely necessary to create schools and bring grocery stores to the area.
- Matt Edlen, Director of East Coast & Midwest Acquisitions for Gerding Edlen, said leasing at Factory 63 is going extremely well. Factory 63 is located on Melcher Street in the Fort Point area and offers innovation units, artist live/work units, and lofts.
The Seaport District allows progressive, forward-thinking companies to do inventive things with their space – things that simply would not be possible in other areas of the city. For example, come 2015, PwC will occupy a majority of Skanska USA Commercial Development’s office tower at 101 Seaport. Even with ground floor retail, PwC will occupy much less space while employing more people than they do at their current location on High Street in Boston’s Financial District.