This years 4th Annual State of the Seaport hosted by Bisnow
Events once again featured an All-Star Panelists. An overview of
the topics were the millions of square feet of new development and
renovations that are currently underway and completed in the
Seaport District. On top of the millions of square feet underway,
the Seaport is expected to see even more growth this year.
The expert panel was made up of John Hynes – CEO of Boston
Global Investors, Vivien Li – President of the Boston Harbor
Association, Samuel Schaefer – Managing Director of Tishman Speyer,
John Drew – President of the Drew Company, Fred Kramer – Vice
President of ADD Inc. who is now with Stantec, Dick Marks –
Executive Vice President of WS Development, Heather Boujoulian –
Senior Vice President of the Berkshire Group and Richard Dimino –
President and CEO of A Better City.
This all-star panel answered questions relating to the
Seaportmarket such as: Are vacancies stabilizing, will rent growth
resume, what does the market hold in store for major projects in
the pipeline, how will transportation challenges affect the
performance of Seaport real estate and is it a neighborhood
yet?
The overall consensus of the panel was that the Seaport District
is emerging quickly coming together in bits and pieces. In the next
few years the Seaport is expected to see massive growth not only in
developments but people trips, pedestrians, bikers, and a 64%
increase of those using public transportation.
The question is.can the city handle this amount growth in such a
short amount of time? The answer is yes; the Seaport continues to
revolutionize and 17 million square feet is proposed for future
development. In regards to transportation, one major asset is
access to the water and the Silver line. Which will bothsee
expansions made. As Dick Marks stated, It is like looking at a
painting that is half done. The Seaport is very hard to judge as it
is amidst this massive building boom.
In 1997 there was a thousand acres of empty land and in recent
years a quiet preserve of parking lots. On top of being a hot spot
for tourists and vistors, now those acres are full of and planned
to benew offices, housing, hotels, parks and cultural amenities. It
is safe to say that the Seaport District truly has outpaced most
cities/towns for development in all of Massachusetts.
The beauty of Boston is held both in the architecture and
atmosphere created. The Seaport is only predicted to become a
better place to live and work delivering what some may call a Back
Bay experience. Although grocery stores and drug stores may not be
considered sexy, they are necessities along with entertainment,
great apparel and specialty stores which are high on the list of
what consumers want to see in the area.
On another note, in the Seaport District, buildings cannot
exceed 250 feet due to the close proximity to Logan Airport. This
being said the ground plan is super important to sustain and grow.
35% of the area is green space, landscapes and parks creating an
enjoyable environment for all.
The real estate market is said to continue to be strong over the
years as there is no title wave of consumers; rather they are
coming individually. Fred Kramer said they will continue to create
flexible loving units whether it be a luxury rental or condominium
for sale. The Seaport consists of both young professionals and
empty nesters. The demographics are constantly changing and so
options will continue to change.
Each panelist confirmed that they were confident in changes to
be made in the future of the Seaport. The plan is to sustain growth
keeping a healthy balance and ultimately building to function.
Boston is a world leader in culture and innovation constantly on
top of the agenda of things to discuss.
What is next you may ask for areas of development? According to
the panel not only is the Seaport going to see extensive growth but
the Ring of Public Transit is truly up and coming!
Source: Bisnow.com