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No doubt there is an upheaval being felt across the various market segments of commercial real estate in the wake of the pandemic, however, many of those transformations were underway well before COVID sent the world economy into a tailspin. Trends such as companies shifting to distributed work environments (combining remote and in-office options), migration to the suburbs by millennials, an increase in online shopping, and a movement away from the open office concept were taking place long before the pandemic struck.
An examination of those trends as well as future developments in the industry was the subject of the September CREW Boston program, “Industry Update: How the Pandemic has Accelerated Shifts in all Market Segments” at the Hyatt Regency Boston, presented by Julia Georgules, Senior Director of Research at JLL.
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CREW Boston hosted its annual 2020-2021 meeting virtually, featuring guest speaker Janet Stovall, manager of executive communications for UPS. A popular speaker and workshop facilitator, Janet champions Pragmatic Diversity©, a frank business approach that tackles head-on systemic racism, corporate diversity, inclusion, and belonging, and provides straightforward solutions to dismantle it. In this candid talk, Janet shared an action plan for creating workplaces where people feel safe and expected to be their unassimilated, authentic selves.
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During this virtual tour, Elkus Manfredi Architects and Turner Construction Co. gave participants a live, first look of Foley Hoag, a redesigned office space and case study for the topic “How to Have it All.” At the outset of a design and construction project, clients often have a seemingly impossible wish list – the highest quality design project, delivered on the most efficient schedule, and at the best value for their dollar. Members of the EMA and Turner teams discussed how they were able to meet these goals while showcasing their new offices and state of the art conference center.
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On May 19th we hosted deeper dive into the conversations we’ve had in the past, focused on how stakeholders, real estate professionals, and community development partners understand wealth creation and economic development in the City of Boston. Our panelists consisted of city agents, developers, and neighborhood activists, and the conversation focused upon wealth and equity-building in the Roxbury neighborhood of Boston as well as the current revitalization efforts in Nubian Square (formerly Dudley Square.) Roxbury has long been home to activists, civil rights leaders, artists and musicians; Nubian Square is the geographic heart of the city and is intrinsic to the health and well-being of Boston as a whole.
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This virtual seminar was all about growing your professional network. Featuring guest speaker Colette Phillips, founder of CPC Communications and Get Konnected!, attendees learned how to build a diverse and inclusive network. Named ‘Boston’s Great Connector’ by Boston Magazine, Phillips discussed the importance of making personal and professional connections that are inclusive and diverse, key to growing any successful business or career.
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At the March luncheon we heard a panel of industry leaders share their perspectives on how technology development and adoption is accelerating in the built environment. The panel was moderated by Tracey Hartford, VP of Client Services, Windover Construction, and panelists included Jit Kee Chin, EVP, Chief Data and Innovation Officer, Suffolk Construction, Leslie Cohen, COO and Head of Asset Management at Samuels and Associates, and Clelia Peters, a venture partner at Bain Capital Ventures, and formerly co-founded MetaProp, a property tech and increasingly construction tech venture.
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On March 11th CREW Boston enjoyed a virtual tour of Bulfinch’s Cambridge Discovery Park, a 27-acre first-class lab and office campus in Alewife’s life science cluster in Cambridge, MA. We heard from project team panelists Mike Wilcox, Director of Leasing at Bulfinch; Molly Heath, Managing Director at JLL; and Eric Weyant, Principal at Stantec on the history of the Arthur D. Little site and its revitalization into a world-class campus, providing a desirable destination for office and lab tenants while including the restoration and preservation of neighboring wetlands and wooded areas.
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At February’s luncheon, Greg Karczewski (President at Union Square Station Associates (US2), Sunayana Thomas (Senior Economic Development Planner at the City of Somerville, and Thanos Matthaie (Associate at DLA Piper LLP (US) presented on both the history and the future revitalization of Somerville’s Union Square.
Greg Karczewski in partnership with development partners, USAA Real Estate and Magellan Development Group were selected back in 2014 by the City of Sommerville to be the Master Developer to lead this 2.4 million SF transit-oriented development and transform Somerville into Boston’s next innovation ecosystem through a concentration of life science and technology companies. The mission was to get companies to start, grow, and stay in Sommerville. After the streetcar went away and no public connectivity existed in and out of Somerville the city found itself a bit lost. The approval and addition of two new green line train stops strategically located on each side of the square was the real catalyst for fostering future development and desirability for companies to make Somerville their headquarters. After years of community outreach, thoughtful planning, and curating the right public/private partnerships , Union Square is prime to become Boston’s next major epi-center for biotech, lab, and life science office space.
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At January’s luncheon, Kerry Dowling (Senior Vice President of Leasing), Bridget Beckeman (Managing Director of Retail Strategies), and Maria Salvatore (Leasing Consultant) of Wilder Companies presented the most recent update of the Arsenal Yards development in Watertown. The “urban edge” location of this million square foot development at the corner of Cambridge and Boston is a significant reason for the success of leasing the project’s 250,000 SF of retail, 200,000 SF of life science office, 300 apartments, and 150-room hotel. A 10-minute drive catchment area with 250,000 residents earning an average household income of $130,000 and an average home value of $741,000 has easily captured the interest of retail and office tenants. Also key to the success of leasing has been the design of an urban-like density along the promise of free parking.
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