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WASHINGTON, D.C.-- Significantly fewer construction firms are planning to make layoffs in 2012 than at any point in the past few years according to survey results released today by the Associated General Contractors of America and Computer Guidance Corporation. The survey, conducted as part of the 2012 Construction Industry Hiring and Business Outlook, shows many firms expect key private sector market segments to expand this year even as the overall outlook remains mixed.
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 BURLINGTON, MA — Erland Construction recently completed the new 16,000 square foot Meeting and Performance Hall for the Fenn School in Concord, Massachusetts. Erland teamed with Imai Keller Moore Architects of Watertown on this project. |
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 QUINCY, MA -- Commercial real estate Broker Michael Olson has joined the Brokerage Team at The Grossman Companies, Inc., the Quincy-based commercial brokerage and property management firm. |
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 BOSTON and CHARLESTON, S.C. — Goody Clancy and Stevens & Wilkinson announced that two new research buildings on the campus of the Medical University of South Carolina (MUSC) in Charleston, South Carolina were formally dedicated late in 2011.
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| ORONO, ME – Consigli Construction Co., Inc. announced that its Portland, Maine office has been commissioned to perform renovations, upgrades and energy improvements at the University of Maine flagship campus in Orono.
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 SPRINGFIELD, Mass. - After more than three months of district and citywide meetings attended by nearly 2,000 Springfield citizens, the final Rebuild Springfield Plan is ready to be presented by Mayor Domenic Sarno, community leaders and members of the planning team on Tuesday evening January 31, 2012. |
| BOSTON— CBRE/New England, a joint venture partner with CBRE, announced that Zach Bowyer has joined the firm as Vice President/Managing Director, Valuation & Advisory Services.
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| BOSTON--Ned Collier AIA, LEED AP, has joined ICON architecture, inc. as Principal of Higher Education. In announcing the addition, ICON president Nancy Ludwig said, “Ned brings deep experience and engaging vision to ICON’s higher education practice – we are delighted to have him leading this group.”
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| SINGAPORE – Jones Lang LaSalle has increased the reach of its Tenant Representation business in Australia, with the acquisition of tenant advisory firm, MPS Property.
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 BOSTON—Integrated Design Group, an architectural, engineering and planning firm focused on data center design, announced that Bradley Gray, LEED AP, has been named a company principal. Gray has been instrumental in growing key accounts and overseeing all business activities within the Dallas office. |
| BOSTON– Shawmut Design and Construction announced the launch of a dedicated Sports Venues division that will specialize in the management of construction projects at stadiums, arenas, and other athletic facilities across the country.
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| BOSTON– Diagnosys, Inc. (Diagnosys), an elite provider of support and maintenance solutions for electronic circuit boards and modules, has executed a new 12,570-square-foot lease to relocate its Westford, Mass. operation to 5 Lan Drive, located in Primrose Park.
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| BOSTON— NAI Hunneman, a leading provider of commercial real estate services, announced it has brokered a 16,573-square-foot lease renewal at 700 Technology Square in Cambridge, for the MIT Federal Credit Union.
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| WESTWOOD, MA – The U.S. Green Building Council has awarded Elm Place (1066 Cambridge Street, Cambridge, MA) a platinum rating under its LEED for Homes program. Essex Builders Corp. completed construction of Elm Place last year for Just-A-Start Corporation.
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 MALDEN, MA -- Combined Properties, Inc. announced three recent lease renewals at 378 Commercial Street, a 114,920 square foot industrial building, in Malden. Vocell Bus Company, Interline Brands, and General Insulation together have renewed a total of 76,000 square feet. |
| CRANSTON, Rhode Island – Garden City Center, Rhode Island’s premier outdoor shopping venue, detailed a multi-phased strategy to expand, reconfigure and redevelop the historic shopping center.
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|  CAMBRIDGE, Mass. — HMFH Architects announced it has completed an $85 million multi-phase renovation project at the Cambridge Rindge and Latin School (CRLS) and the new $50 million Hanover High School.
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Joseph
F. Sciolla
Managing
Principal
CresaPartners |
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Boston
SF News recently
asked CresaPartners Managing Principal
Joe Sciolla about the state of the
national and Boston-area commercial
real estate market, especially as
it pertains to Cresa's specialty,
tenant representation. Here are Joe's
insights, including a look back at
2011 and a look ahead to 2012: |
Boston SF: What is the current
state of the commercial real estate market
nationwide and in Greater Boston in particular?
Joe Sciolla: Most major metro
areas in the United States have higher
unemployment rates than Boston and are
facing greater hurdles on the road toward
commercial real estate recovery. In contrast,
the Bay Area (especially Palo Alto and
parts of Silicon Valley and San Francisco)
and New York City are among the nation's
hottest markets. Throughout the country,
the same macro forces are at work, presenting
obstacles toward a quicker recovery: the
global economy and bank crisis, debt crisis,
stock market volatility and fears of a
double-dip recession.
In Boston, moderate job growth, corporate
consolidations, downsizing and a cautious
mindset continue to be major trends. Vacancy
and rents are flat for the most part while
construction is slowly picking up. Demand
for office space in the Back Bay - and
Class A, high-rise tower space in particular
- remained strong. One dynamic we are
beginning to see are tenants from East
Cambridge migrating to less expensive
space in the lower floors of towers in
the Financial District.
According to our most recent market research,
the Boston office market experienced slightly
more velocity in the third quarter of
2011, and absorption remained positive
at 195,000 rentable square feet. Total
vacant (versus available) Class A space
decreased slightly to 15.8 percent and
will likely show a further decline when
the fourth-quarter numbers are in, tied
to a shortage of large, continuous blocks
of space (80,000 square feet and larger).
Overall average asking rents increased
slightly to $37.50 per square foot. Looking
ahead, we expect that rents will remain
flat through 2012 with the exception of
the Class A downtown high-rise portion
of tower space.
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