Home > Press Releases > Waltham Office Market Appears Poised For Increased Activity, According To RBJ

Waltham Office Market Appears Poised For Increased Activity, According To RBJ

February 28, 2013 Leave a comment Go to comments

Firm Cites Recent Leases And Completion Of Spec Development At Waltham Woods Corporate Center, As Well As Growing Number Of Technology Companies In Market

BOSTON – February 28, 2013 – The Waltham office market appears to be poised for growth, according to commercial real estate firm Richards Barry Joyce & Partners.  The firm cites s a number of recent leases and increases in potential new tenant activity in the market as positive signs for the city.

Richards Barry Joyce & Partners recently represented Clarion Partners in leasing more than 55,000 square feet of space at Waltham Woods Corporate Center (880 and 890 Winter Street).  Five leases were signed with tenants, including Fieldwork Boston, Global Advanced Metals, NKT Therapeutics, Inc., Windjammer Capital Investors and WinterWyman.

890 Winter Street, Waltham - Waltham Woods Corporate Center

890 Winter Street, Waltham – Waltham Woods Corporate Center

During the early part of 2013, Waltham has been the focus of several key space searches a by prospective tenants seeking locations that will accommodate the growth they anticipate.  This focus on Waltham, and the Route 128 market generally, stems in part from the diminishing supply of space and increasing rents in East Cambridge and the Seaport/Innovation District in Boston.

To better capture this increasing demand, Clarion Partners recently finalized construction of 25,000 square feet of move-in condition, speculative office space at Waltham Woods Corporate Center.  The space can be subdivided to accommodate immediate occupancy needs as small as 5,000 square feet.

“Based on the increased activity recently seen in the market, we believe that a proactive approach is the right strategy,” said Jane Williams, senior vice president at Clarion Partners.  “We’ve eliminated much of the time and process required for companies to move to our building.”

Waltham has been one of the strongest areas in the 128 West market.  According to research from RBJ, during the past two years, Waltham has experienced positive absorption totaling 872,000 square feet, with a decrease in vacancy from 26.7 percent to 18.4 percent.

Ron Friedman, Senior Vice President, RBJ

Ron Friedman, Senior Vice President, RBJ

“Based on active and mature negotiations now underway in Waltham, we expect several leases in the 25,000-60,000 square foot range to be finalized in the early part of 2013,” said Ron Friedman, senior vice president, Richards Barry Joyce & Partners.

About the Market – 128 West Office
According to research from Richards Barry Joyce & Partners, the 128 West office market consists of 21,928,000 square feet of office space, with a vacancy rate of 15.4 percent, as of the quarter ended December 31, 2012.  (source:  Richards Barry Joyce & Partners’ officeSTATus – Winter 2013)

About Clarion Partners
Clarion Partners has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico. With more than $25 billion in total assets under management,  Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners’ unique platform offers a full range of real estate advisory services including market analysis, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com. Follow us on Twitter at @RBJ_Partners.

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