Overview

[SITE] Site Characteristics

[MKT] Market Conditions

[OPP] Opportunities

[CNST] Constraints

[DEV] Development Opportunity

[SITE] Site Characteristics

[MKT] Market Conditions

[OPP] Opportunities

[CNST] Constraints

[DEV] Development Opportunity

Charlestown

•unleveled, unimproved

•Land Area: 40,000 SF

•Surrounding Uses: warehouse, commercial office, light industrial,

institutional

•BRA owned

•New Rutherford Avenue Local Industrial (LI) Sub-district

•Max FAR: 2.0

•Max Building Height: 45 feet (3-4 stories)

•No regulations on lot dimension, yard, and usable open space

•Parking Requirement: office 2, industrial 0.5 space/1000SF

Site Characteristics

[SITE] Site Characteristics

[MKT] Market Conditions

[OPP] Opportunities

[CNST] Constraints

[DEV] Development Opportunity

Boston Office Market: Supply

• Current construction activity is very low. The forecasted completions are below 1% of total inventory (next 5 years).

• Residential conversions of Class B & C office buildings erode the office inventory, leaving users of small office space with fewer options.

Boston Office Market: Demand

Boston Office Market Trend, 1993-2010

02468

101214161820

1993

Data: TWR Boston Office Submarket Report 2005

[SITE] Site Characteristics

[MKT] Market Conditions

[OPP] Opportunities

[CNST] Constraints

[DEV] Development Opportunity

Access

Public Transportation Highway & Throughfare

[SITE] Site Characteristics

[MKT] Market Conditions

[OPP] Opportunities

[CNST] Constraints

[DEV] Development Opportunity

Price-Competitive

Proximity to Bioscience Cluster

Constraints

• Office market is still in trough

• Lower rents than in other areas

• Unappealing urban environmental quality

• Lot size + Zoning

[SITE] Site Characteristics

[MKT] Market Conditions

[OPP] Opportunities

[CNST] Constraints

[DEV] Development Opportunity

R&D Sub-Market

On The Bright Side

Proximity to life science center -- Cambridge

Increasing R&D employment in Boston MSA

High rents in Boston/Cambridge ($40-45/SF NNN)

Small firms relocating for cheaper rents

Caveat

New construction

Summary

• Office market rebound

• Good accessibility

• Affordable relocating destinations for bio-science

• Local employment benefits

• Timing essential

Thank you！！

R&D Pipeline

Site Size (sf) Area Notes

NorthPoint +2,000,000 East Cambridge Proposed

301 Binney Street 435,000 East Cambridge Proposed

650 Kendall Street East 275,000 East Cambridge Proposed

7 Cambridge Center 231,000 East Cambridge Under Construction

750 Main Street 175,000 East Cambridge Proposed

670 Albany Street 161,255 Back Bay Under Construction

source: Colliers International (colliers.com)