Rent Rates for Boston Retail Space

Rental rates in the Boston retail market are slightly lower than last quarter (down 0.2%) and essentially flat from one year ago (down 0.07%).  In the Back Bay, quoted retail rent rates for the third quarter averaged $60.87 per square foot; in the South End, $31.22 per square foot; and the Financial District, $35.00 per square foot.

Largest Lease Signings in Greater Boston

The largest lease signings of 2011 include a 60,000 square foot lease by Stop & Shop at Atlantic Plaza (Reading, MA), a 45,000 square foot lease by Whole Food Market in Lynnfield, MA, and most recently, a 43,998 square foot lease by Restoration Hardware in Boston’s Back Bay.  Restoration Hardware will be moving into the former Louis Boston building.

Improvement in the Market

While rent rates are down, the Boston retail market showed improvement in the third quarter.  The vacancy rate is down to 4.6% for the Boston market.  In the Back Bay, which includes premier shopping destination Newbury Street, vacancy is down to 3.6%.

With the improvement of the market, now is a wise time to invest in retail properties.  Single-tenant, triple-net leases, for instance, are becoming increasingly popular as investment opportunities; particularly with the recent ups-and-downs of the stock market.

Call Eric Shabshelowitz at 617-896-5010 or email him at eric@cabotandcompany.com to learn more about retail leasing and sales opportunities throughout the Greater Boston area.

330 Darmtouth, #1A, Boston, MA

330 Dartmouth, #1A, Boston, MA

Listed at $439,000, this Back Bay one bedroom is as nice as Boston Condos get!   Located within close proximity to Copley Square and the Prudential Center.

View the full listing and more photos, or schedule a showing

330 Darmtouth, #1B, Boston, MA

330 Dartmouth, #1B, Boston, MA

Listed at $435,000, this one bedroom condo is a charmer!  Located on in the Back Bay and downtown neighborhoods, this desirably located Boston condo can be your new home!

View the full listing and more photos, or schedule a showing here.

The economy is tough these days. Maybe it’s time to start thinking about owning, instead of renting.

Despite the current state of the economy, Boston is experiencing record high rents.  The Boston Globe recently reported that apartment vacancy in the Back Bay and Beacon Hill is down to 1.2 percent.  According to that same report, the median price for rent in Boston hit $1,665 a month, and a two-bedroom apartment in the Back Bay is averaging $2,658 a month.  From our perspective, those numbers even seem to be understated (we have not seen many two-bedroom apartments in that price range this year).

We are frequently asked why rents are so high and availability is so low.  Based on our observations and the reports we’ve seen, there are a few main reasons.  First, many would-be first-time homebuyers are not buying.  They are continuing to rent due to concerns that home prices are still on the decline, there is uncertainty in the economy, etc.  Second, though while not as prevalent in Boston as other areas, foreclosures have thrust former homeowners into renting.  Finally, the population seems to be growing.

What does this all mean?  Well, it’s a good time to be a landlord, for one.  And if you’re not one now, it’s a great time to explore investment opportunities in residential property in Boston.  It also means that it’s time to start thinking about owning, instead of renting.

If you are interested in discussing Boston real estate investment opportunities, call Eric Shabshelowitz at 617-896-5010 or email him at eric@cabotandcompany.com.

If you are currently renting but want to explore the possibility of buying, call Josh Medeiros at 617-896-5005 or email him at josh@cabotandcompany.com.

There couldn’t be a better time to take advantage of the low interest rates, reduced Boston condominium prices and high Boston Apartment demand!

 

ROI on is BETTER in Real Estate!

While current bank CD’s are only offering 1-2%, a return of 4-5%  on a rented income property is very real! Keeping in mind the additional positives of potential property appreciation or tax benefits, this a a terrific opportunity to boost your income or portfolio!

Cabot and Company recommends the assistance of an experienced agent to help guide your purchase toward maximizing a profit. We can provide all the information and numbers to define your search using our database, LINK,  MLS, and various other tools we have access to.  There are currently excellent values in the Back Bay, South End, and Fenway areas. Our agents at Cabot can provide accurate rental prices and comparable sales reports.

We also have an in-house Property Management Department for your after-purchase needs.

Please call Cabot and Company today at 617-262-6200 for more information and assistance!

Cabot & Company has a new South End condominium for sale – just listed today! This new South End Boston Condo is on the market for $339,000. This one-bedroom, one-bathroom is a classic brick Rowhouse condo with high ceilings, custom millwork, and hardwood floors.

The newly renovated kitchen is equipped with maple cabinets, a bright window, stone counters,  and Fisher Paykel convection oven. The bathroom is also outfitted with new marble counters. The exposed brick in the bedroom gives this unit real character, and smart closets provide extra storage space. Other amenities include on-site laundry, a common apartment roofdeck, and a convenient bicycle storage room.

For more information on this listing or to schedule a showing, contact Cabot & Company today!

Rene Rodriguez,VP
213 Newbury Street
Boston, MA  02116
617-896-5006 Direct & VM
www.cabotandcompany.com

2 Claremont Park, #5

Boston, MA

This new Boston Condos listing is a gorgeous two bedroom penthouse now available through Cabot & Company. The breathtaking views of the Boston skyline, plentiful light, and overall flow of the residence make this a true standout in Boston homes.

Full stairs lead up to a “private oasis” roof deck, where residents can live, play, and dine seasonally. There have also been great recent renovations to the home, such as stone counter tops, stainless steel appliances, and a new eat-in kitchen. Also fully renovated is the bathroom, with new fittings, fixtures, and skylight. There is laundry available in the unit, with a single parking space available. Lofty ceilings, refinished hardwood floor, and complete marble fireplace add dimension and give this listing a rich character.

Featured South End Boston Condos Listing, $699,000

Be sure to check out the Open House for this Boston Condo coming up this Sunday, April 3rd from 12:30-2:30. The price for this listing is $699,000.

To see more images or for more details on this Boston home, view Cabot & Company’s full listing.

Interested in this listing? Contact Rene Rodriguez today at 617-896-5006 to schedule a viewing, or to view other great Boston Homes that are now available!

We are excited to announce a new and improved  website and an excellent Boston rentals feature that allows us to send all of our Back Bay Apartments, South End and Fenway, etc. apartment searchers the very latest updated listings on a daily basis!

For many years, Boston condos and Boston commercial real estate shoppers have had the convenience of perusing available listings on our website via listing information services like LINK and MLS.  Now apartment shoppers can receive daily updates as new listings come rolling in this busy season.

Pictured below are two beautiful featured listings. The top image is a living room shot pulled from one of our Boston Fenway apartment listings. Below that one of our spacious Back Bay apartments that has gorgeous light.

Simply contact a Cabot and Company rental agent today at 617-262-6200 to sign up to receive daily listing updates, to schedule a showing for one of these featured apartments!

700 Harrison is a dazzling new building, located in Boston’s stimulating and sophisticated South End neighborhood, contains 84 luxury condominiums featuring floor-to-ceiling windows and private roof terraces that provide great lighting and amazing views, wood flooring, walk-in closets, granite counter tops, and stainless steel appliances. These luxury condos are inspired by both the traditional and modern identities of the South End and offer beautiful parks, sidewalk cafés, weekend festivals, fine dining, local shops, and neighborhood performance art theaters.

700 Harrison is in close proximity to the Silver line, the expressway, and Logan Airport, with a secure underground parking garage and a ground floor bike room. Residents also have access to either a private roof terrace or the common sun garden. With its spacious modern lobby, intelligently designed floor plans, and fully appointed kitchen and baths, it is the perfect place for great urban living.

If you’re interested in Luxury Condos in the South End of Boston with first class amenities, consider 700 Harrison. Contact Cabot to schedule a viewing today.

Around this time last year, I wrote a blog asking this same question (to view it scroll back to about the seventh blog…fall of last year). Anyway, it is interesting to look back a year later with 20-20 hindsight vision and see what I saw then and to compare it to what happened and to what trends I see now.

Essentially, what I said a year ago still applies….the unemployment rate remains the key to the real estate recovery. The residential market is still stronger than the commercial market but both sectors have pockets that defy the national trends of lower prices. Back Bay condos, Beacon Hill, South End and other desirable Boston neighborhoods have held their own compared to the suburbs and Cape Cod, where prices and activity are down 20% and more…in some cases, way more. I think the recent election will prove to stanch the excessive government spending and eventually lead to more economic confidence resulting in an increase in employment in the private sector. Hopefully I am right about this.

Either way, Happy Thanksgiving everyone!

Joseph Palermino

Cabot & Company

Tel:  (617)262-6200

Brokers@Cabotandcompany.com

Between the months of April and June, 849 condos were sold, compared to 653 condos during the same period in 2009.

Zeroing in on a more specific slice of the market, sales in luxury buildings increased 9%, and the median price rose to $665,000 (11.8% more than the second quarter in 2009).

The recent sales increase can most likely be attributed to low interest rates and continuing improvements in the economy. Prospective buyers have more confidence in the Boston real estate market, as this data represents the third consecutive quarter of sales growth in the downtown Boston neighborhood, which includes the Back Bay, Beacon Hill, South Boston, and the South End.

The rest of the article is here. Also be sure to view our great selection of Boston condos and luxury real estate!