News: Front Section

The VIBE of today’s commercial real estate - by Meredith Christensen

Meredith Christensen, CBRE/New England

In French, the phrase “je ne sais quoi” is used to describe something with an intangible quality that makes it distinctive and attractive. In accounting the term “good will” describes the value of an intangible asset. In real estate, the term is “VIBE.”   

At CBRE/New England’s 2017 Market Overview in January, we defined the concept of VIBE as the following:

• Vibrant and sometimes untraditional neighborhoods;

• Innovative new and old design;

• Bold lifestyle amenities; and

• Entrepreneurial ecosystem.

VIBE is that extra something that drives a tenant to a project. Most landlords lay claim to their building as being in a neighborhood that is in a 24/7 live-work-play environment, but there are certain buildings that go a step further, bringing a level of sophisticated funkiness that tenants are often willing to pay up for. With the unemployment rate in Massachusetts dropping below 3% for the first time in almost 16 years, real estate has become a consistent recruitment and retention tool.

Today’s companies operate differently than they did a decade ago, and their real estate strategy should follow suit. When Samuels & Associates was designated as the developer of Parcel 12 in the Back Bay, their stated goal was to design a building different than any other ever constructed in Boston. The resulting design draws on the neighborhood’s hip nature, while delivering the state-of-the-art flexibility companies need today, with more than a quarter acre of outdoor space and unprecedented branding opportunities. There are dozens of startups within proximity, a mature residential community and some of the city’s best amenities mere steps away. With over 10 million s/f of new projects in the Greater Boston pipeline–all competing for the best tenants, who in turn are competing for the city’s top talent–the one that provides that “je ne sais quoi,” that “good will,” that “VIBE,” will come out on top.

Meredith Christensen, first vice president at CBRE/New England, Boston, Mass.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Quick Hits
STAY INFORMED FOR $9.99/Mo.
NEREJ PRINT EDITION
Stay Informed
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Newsletter
Columns and Thought Leadership
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents<br> the First Annual Project of the Year Award! Vote today!

The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!

The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary