Mike Giles www.OfficeTenantAdvisors.com Boston, MA

Massachusetts Foreclosure Buyers BEWARE! You may not Actually have the "Deal" you thought you had ...

Today the Massachusetts Supreme Judicial Court issued its much anticipated decision in Bevilaqua v. Rodriguez, a case resulting from a foreclosure sale that was not handled appropriately. The foreclosure sale was invalid because the sale and advertising took place before the bank had received an assignment of the mortgage, a technicality that is apparently not as uncommon as one would think.

Read more about this important decision here: http://www.massachusettslandusemonitor.com/title/sjc-affirms-bevilacqua/

For Greater Boston Office Space For Lease Commercial Real Estate For Sale:

OfficeTenantAdvisors.com (GILES COMMERCIAL REALTY GROUP) delivers Specialized expertise and advisory services exclusively to companies that Lease, Purchase, or Own commercial real estate to house their business operations. We Save our clients Time, Money and Frustration through diligent advocacy and by developing and executing strategies that align our clients’ real estate position with THEIR business plan. Services include acquisitions by Lease or Purchase; lease extensions/ renewals and renegotiations; planning; research; analysis; site selection; negotiation; relocation coordination; ongoing administration; disposition; etc. Transaction services are typically rendered at no cost to client as leasing and sale fees are customarily paid by landlords and sellers. Principal Michael R. Giles has provided solution-driven services with exceptional results to clients ranging from start-ups to Fortune 100 companies for over 24 years throughout Greater Boston - Eastern Massachusetts.

Why Buy a Commercial Condo For Sale in the "Leather District" in Boston, Massachusetts 02111 ?

I first began to know, understand and appreciate the "Leather District" in Downtown Boston back in the early 90's when I switched commercial real estate firms and went to work in my new firm's office at Lincoln Plaza (later converted to residential condos and ground floor retail). This was about the same time that construction of Boston's widely acclaimed and now somewhat notorious Central Artery Tunnel Project, a.k.a. "The Big Dig", was getting underway in earnest.

Located adjacent to the South Station public transportation complex (Subway "T", Bus, Commuter Rail) and bordered by the Financial District and Chinatown, I immediately fell for the neighborhood and it's historic 1800's architecture dominated by brick and beam buildings, originally built for manufacturing, warehousing and wholesaling leather goods (the genesis of the name "Leather District"). Bolstered by cast-iron columns, HUGE ground-floor windows for the display of wholesaler's goods, remain a unique signature feature of Leather District buildings today.

In addition, the Leather District location had cheap and readily available on-street parking, comparatively inexpensive parking garages, quick access to the Expressways (I-93 N-S, I-90 "Mass Pike" E-W) and great places to eat for breakfast, lunch and more. "Location, Location, Location", what wasn't to love?

But back then, the neighborhood was still primarily a daytime work destination, quiet, somewhat deserted and a little on the "gritty" side after dark.

Almost twenty years later, after a couple waves of residential conversion and other re-development, the Leather District is a vibrant mixed use neighborhood. It is now filled with renovated office space (including a number of Boston's relatively scarce commercial condominiums), residential condos ranging from ultra-modern finishes to traditional Lofts with high ceilings and exposed brick & beam, together with retail services and restaurants, ranging from subs and bistros, to fine dining.

The Leather District just keeps getting better and better and today there are spectacular opportunities for savvy businesses to take advantage of historic low interest rates and own a piece of the Leather District for themselves.

Happy Days Again? Boston Office Space Commercial Real Estate

So, what is the Boston office space commercial real estate market REALLY like today?

Well honestly, ..., it depends What and Where you are.

If you are an Owner/Landlord of Lab space in Cambridge, then you've hardly skipped a beat and are enjoying low vacancy and high rent levels. On the other hand, if you're an owner of office properties in certain suburban Boston locations, you are praying for tenants to fall from the sky.

Overall, Greater Boston has weathered the storm of this last recession reasonably well, especially when compared to some other markets around the country, such as Phoenix, or Detroit (ouch!).

In fact, in a recent survey by a leading national commercial real estate research firm, Boston Office Space Commercial Real Estate was ranked as one of the top 5 healthiest major metros in the country. This makes sense, considering the diverse nature of the local economy lead by financial services, hospitals/healthcare, higher education, leading edge technology and the biotech/pharma industry.

Nationally and in Boston, the property Sale markets (both to Investors and End-Users) for commercial property of all classes was on life support from late 2008 to early 2010. This was of course partly due to the financing markets being almost non-existent. But over the first six months of 2010, there has been a marked increase in activity in select markets across the country and Boston is one of them.

Boston Office Space Commercial Real Estate is attractive to investors because it has not experienced the same drastic drop in values and level of distress that many other areas of the country have (the yo-yo effect) and because the area remains popular with foreign investment capital. Couple that with all the domestic money that's been sitting on the sidelines and the result can be intense competition any time that a high quality, stabilized asset becomes available in our local market.

However, as rosy as all that sounds, the Boston Office Space Commercial Real Estate market does have some battle wounds. Lease rates dropped 10% to 30% from late 2008 to early 2010, depending upon the particular submarket and property type, even more in some tertiary markets. Cambridge was and is the strongest local submarket, only experiencing mild fluxuations in vacancy and rent decline, propped up by its steady draw for Biotech and Pharma companies.

Where does the Boston Office Space Commercial Real Estate Market go from here? ...

If you would like to learn more about Boston Office Space Commercial Real Estate, or, discuss your company's real estate position, or just ask a question about Boston, please contact me. I look forward to speaking with you soon!

Mike Giles, Principal

mike(at)gilescommercial.com

OfficeTenantAdvisors.com (GILES COMMERCIAL REALTY GROUP) provides Specialized expertise, advisory and advocacy services exclusively to companies that Lease, Purchase, or Own commercial real estate to house their business operations. By developing and executing strategies that align our clients' real estate position with their business plan, we Save our clients Time, Money and Frustration. Services include acquisitions by Lease or Purchase, extensions/renewals/renegotiations, planning, research, analysis, site selection, negotiation, relocation coordination, ongoing administration, disposition, etc. Acquisition services are typically rendered at no cost to client as leasing and sale fees are customarily paid by landlords and sellers. Principal Michael R. Giles has provided solution-driven services with exceptional results to clients ranging from start-ups to Fortune 100 companies for over 23 years throughout Eastern Massachusetts.

Blog about Boston commercial real estate market, office leasing, commercial property sales, etc.

http://BostonOfficeSpace.blogspot.com

Courtesy of Mike Giles, Principal of Giles Commercial Realty Group, Boston, Massachusetts

Recent article on GlobeSt.com is applicable to most major metro markets.

In addition, the underlying concept of economy of scale is generally present regardless of the paticular point in an economic cycle, i.e. a smaller office space of comparable quality to a larger office space in the same or similar property, will command a higher lease rate on a per square foot basis.

Read the GlobeSt.com article here: http://www.globest.com/news/1551_1551/newyork/182502-1.html

About Giles Commercial Realty Group: www.OfficeTenantAdvisors.com

GILES COMMERCIAL REALTY GROUP provides expert advisory/advocacy services exclusively to companies that lease or own commercial real estate to house their business operations. Services include acquisitions by Lease or Purchase, extensions/renewals/renegotiations, planning, research, analysis, site selection, negotiation, relocation coordination, ongoing administration, disposition, etc. Acquisition services are typically rendered at no cost to client as leasing and sale fees are customarily paid by landlords and sellers. Principal Michael R. Giles has provided solution-driven services with exceptional results to clients ranging from start-ups to Fortune 100 companies for over 23 years throughout Greater Boston and Eastern Massachusetts.