From 'brown banana' to 'real estate renaissance'

A few years ago, we were nothing but a?"brown banana."

But just like?Albert Pujols,?break dancing?and?Legos in the office,?the 'burbs are back baby.

That’s the word from the Globe, which declared this week that a “real estate renaissance is underway” in Wellesley and other west inner suburban communities.

?In particular, Wellesley has become a “hopping office market,”?writes reporter Diti Kohli,?

?Two-thirds of Wellesley's office buildings have either recently changed hands or are up for sale. That includes the?town’s first?two expected life sciences projects; the?Wellesley Office Park sale;?and the anticipated sale of much of the?Haynes Management portfolio,?among?others.

?In contrast, suburban office complexes in “other parts of the country are still sucking wind,” Kohli adds.?Vacancy rates in Q1 of 2022 were higher for suburban offices than for the central business districts in Chicago, Charlotte, N.C., Detroit, Philadelphia, Tampa and Washington, D.C.

?Demand for office space here is driven by two factors: Conversions?from office to lab?and a reluctance by many workers to return to downtown.

?“If all the proposed conversions happen, and that’s a big if, it could push suburban occupancy rates to the best they’ve been in 20 years,” Jeffrey Myers, a research director at Colliers tells the Globe.

?Truth is the office market in our hubburbs has always been resilient and desirable. And there’s no joy in seeing Boston’s market suffer.?Our economies are intricately connected.

?But we are seeing the pendulum swing back from a few years ago when trendsetters told us everyone wanted to be downtown.

?Other reasons Wellesley is having its moment right now

?Here's two more reasons Wellesley’s real estate market is attractive now:

• ?Unlike many municipalities Wellesley has a?flat tax rate, which means it doesn’t charge commercial properties a separate, higher property tax. This not only helps make rents competitive, it signals that town leadership values its small but important commercial sector.
• In the past year, the town has approved an?array of changes?to its?alcoholic beverages regulations?which is already help reverse what had been a disturbing number of retail vacancies by attracting new, smaller, hip restaurants to town.

Last chance for free COVID tests by mail

?The feds are putting a pause on sending free COVID-19 testing kits to Americans due to a lack of funding.

?But act fast because the program is still?accepting orders?through this Friday (Sept. 2).

?Meanwhile, if you've been confused about false negatives and other testing discrepancies (I have)?this may help.?

Other need to knows

• Jumbo Seafood?in Newton Centre?has closed but Ding's Kitchen, a new Chinese?restaurant, has opened in its place (even though the old sign remains). A goodbye note on Jumbo’s website says the owners are focusing on a location where the business began in Chinatown. An All Over Newton Instagram?post has?details about Ding's.
• Boston Development Group has?submitted plans?for phase two of its life science lab and office complex on Water Street, off Nonatnum Road in Watertown. (Phase one at 66 Galen Street, next to the MBTA bus yard is under construction now.)?The project includes a five story building, a childcare center and a publicly accessible park.?(Watertown News)
• The chamber has invited MassDOT and contractor P. Gioioso & Sons to provide an update on?construction completed and timelines for the Needham Street/Highland Ave. reconstruction project. Join us via Zoom on Sept. 9 at 9 a.m.?Scroll down to register.
• Mark Development will share its plans for a proposed redevelopment of?the Santander Bank site?at 1314 Washington Street in West Newton Square via Zoom on Sept. 8 at 7 p.m. The proposal includes 50 residential units and restaurant and/or retail space.?Register.
• Workers at Ascend Cannabis, with locations in West Newton and Boston, voted last week to join Teamsters Local 25, making it the first dispensary in New England to become part of that union.?(BBJ)
• The just-passed federal?Inflation Reduction Act includes a host of tax credits, grants and loans that could benefit small businesses, writes?Andy Medici for the Business Journals.?But experts say pursuing them could take some legwork.

Have a say in Watertown’s future

Interested in helping guide future decisions about new development, transportation options, business and economic development, open space and recreation in Watertown?

As part of?Watertown’s comprehensive plan?process, the city is hosting two interactive workshops to discuss draft goals and review preliminary strategies.?Each workshop will have the same content.?Details.

• Tues., Sept. 20, 6:30 p.m. at the Watertown Middle School
• Thurs., Sept. 29, 6:30 p.m. at the Watertown Free Public Library

Learn more about current economic conditions and trends in Watertown in the recently released?baseline assessment report.

Reminder about these MBTA changes

A reminder that as of Sunday the MBTA has reduced peak hour frequency?on the B and D Green Line and that service cuts on the other Red and Blue lines that were supposed to end this summer will continue.

Forty-three bus routes – including routes serving our communities --will also operate less frequently. (Full list here.)

And, of course, there's the Orange Line shut down, and closure of the?Green Line extension?from downtown Boston to Somerville until Sept. 18.??(WBUR has?tips for getting around?stops served by the Orange Line.)

Despite offering a hiring bonus of up to $4,500 and other recruitment efforts, the MBTA has struggled to attract workers to run buses. The T needs about 300 more drivers, according to?State House News.

New Art Center steps up to assist Newton Beacon

Media company Gannett is?doing to papers nationwide?what it?did to our local papers?last spring: Removing all local reporters.

Meanwhile, plans to?launch an independent, nonprofit news?site?The Newton Beacon?are moving forward with a launch expected early in 2023.?

The nonprofit?Newton News Foundation?has entered into an interim agreement with the New Art Center in Newton to allow donations to The Beacon to be tax deductible until the foundation is granted its own tax exempt status. A fundraising campaign is planned for the fall.

You can also keep up with news about Newton at?Fig City News, an all-volunteer site started by former city councilor and mayoral candidate Amy Sangiolo. I recommend signing up for Fig City’s?twice weekly newsletter.

Newton is?the biggest city in the state?without a local newspaper, according to the Globe.

Remembering 'Big Dave' Sellers

Our condolences to the family, colleagues and friends of?David Sellers, Sr.,?the Sang iolo long-time executive director of the?John M. Barry Boys & Girls Club?of Newton and father to club’s current leader (and chair of our nonprofit committee) David Sellers, Jr.

Dave or Big Dave was a member of the Newton Boys Club from 1962 to 1967 before joining the staff as athletic director.?His parents dropped him off there as a teenager and he essentially never left going on to guiding the clubs from the 1970’s into the 1980’s, Sellers Jr. writes.

Dave Sr. built?the?club’s popular?basketball program, was the first to?welcome girls to the Club as full members?and co-led the charge to fund and build?and build the nonprofit’s Watertown Street facility.??He was 72.

This strategy for getting workers back to the office may require a can opener?

The number of searches for jobs in dog-friendly offices shot up by 42% from June to July, while the number of job posts advertising dog-friendly offices increased by almost a quarter (23%) over the same period,?according to Fortune,?

?Another survey?cited by Andy Medici at?the Business Journals?found that 50% of pet owners would be more willing to return to the office if it was pet friendly, with 67% of Gen Z workers and 64% of millennial workers agreeing.

The benefits of having a pet-friendly office, among surveyed employers, includes higher job satisfaction, better mental health among employees, increased productivity, reduced turnover and more employment for carpet cleaners.

Okay, I made that last one up. But I didn't invent claims about an app that could possibly help?translate some of your new office mates.?

That’s Need to Knows for today, unless you need to know about the guy who paddled more than 25 miles?inside an hollowed out giant pumpkin.

Can't believe this is the last newsletter for August! Be back Friday.

Greg Reibman?(he, him)

President

Charles River Regional Chamber

617.244.1688