Turn to page B1 for Banker & Tradesman’s monthly coverage of all things commercial real estate.
THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Hampshire Spotlight: Huntington
IN PERSON
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As digital transformation continues to disrupt the banking industry, banks are forced to adjust their branch strategy in the same way as traditional retailers. But so far, all banks have really done is close branches and reduce staff, according to Ron Wellman, director of industry marketing for banking at the Dedham-based Reflexis Systems, a leading provider of real-time store operations solutions.
WEEK OF MONDAY, MAY 27, 2019
COMMERCIAL REAL ESTATE BY THE NUMBERS
High Street Place food hall in Boston’s Financial District recently announced the first 11 of its 20 planned food and drink vendors in preparation for its fall opening.
Y O U M AY B E S E AT E D
$150 million Cost of renovations to the Landmark Center in Boston’s Fenway neighborhood. See Steve Adams’ story on this page. Source: Samuels & Assoc.
$238.72 million The purchase price for 10 Post Office Square. See Week on the Web on page 2. Source: Suffolk County Registry of Deeds
21 stories The height of a boutique hotel planned for Boston’s Leather District. See Jay Fitzgerald’s story on page B1. Source: Hudson Group
9.2 percent
-0.6 percent RevPAR declined by 0.6 percent in Boston area hotels in the first quarter of 2019. See Sebastian Colella’s column on page B4. Source: Pinnacle Advisory Group
7.2 million The number of hotel rooms nights sold in Boston and Cambridge in 2018. See Gary Johnson’s column on page B7. Source: CambridgeSeven Architects
407 The number of co-living units planned in two Boston developments. See Christopher Vaccaro’s column on page B3. Source: Boston Planning & Development Agency
BOSTON’S THREE-COURSE SERVING OF FOOD HALLS How Hub Landlords Are Maximizing High-Traffic Areas BY STEVE ADAMS BANKER & TRADESMAN STAFF
I
f this were a Tale of Three Foodies, the Fenway’s Time Out Market would be your globetrotting travel writer friend coming to visit America’s most European city. High Street Place would be a
buttoned-down Financial District worker looking for an energetic spot for an offsite client meeting. And the TD Garden food hall is the diehard Boston fan who wants to revisit the action on Causeway Street even after the winter sports season wraps up. Boston’s year of the food hall debuts with the projected opening of Time Out Market in June, followed by the fall openings of two competitors. The three projects enable landlords to energize underutilized spaces while creating new
amenities for new and potential future office tenants. For Boston-based Samuels & Assoc., the retail industry’s volatility presented an opportunity to replace a shrinking bigbox chain with a who’s-who of local chefs and bartenders at the former Landmark Center in the Fenway, now known as 401 Park. Time Out Market is the culmination of the $150 million transformation of the 1.2-million-square-foot Art Deco edifice that Samuels acquired in 2011. Continued on Page 7
42,000 The combined square footage of ballrooms in the upcoming Omni Boston Hotel at the Seaport. See Insider Insights on page B2. Source: Robin Brown
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
COMMERCIAL INTERESTS
HIRING TROUBLES
Rents Breaking $100 Per Square Foot in Back Bay
Some Offer Higher Salaries and Better Perks to Stand Out
Boston’s Office Market Looks Set to Party On By Scott Van Voorhis | Banker & Tradesman Columnist
Commercial Real Estate PAGE 3
Small FIs Struggle to Fill Tech Positions By Bram Berkowitz | Banker & Tradesman Staff
Banking & Lending PAGE 9
Image courtesy of Rockpoint Group
The price of Boston class A office space has increased by 9.2 percent on a year-over-year basis in the first quarter of 2019. See Scott Van Voorhis’ column on page 3. Source: Colliers International