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GLG News by this Author

There is a bull in the Boston office market--in fact there are many

October 7, 2009

Analysis of:Boston Properties Sells $700M In Notes | www.bankerandtradesman.com

The announcement by Boston Properties of its sale of $700 million in notes, and the specific announcement by Doug Linde that the company expects "opportunities" is evidence not only of the recovery in the Boston office market but is the clearest statement yet that there is ample money awaiting so-called distressed owners. It throws cold water over the concept of property ownership as stewardship of an industry. Real estate is an asset, nothing more.

Boston Class A rents to begin to rise first quarter 2010

September 20, 2009

Analysis of:How low can Boston Office Rents Go? | www.bankerandtradesman.com

The Class A market in the Boston CBD registered positive absorption in the third quarter of 2009, reversing several quarters of occupancy shrinkage in the city. While A absorption will be moderate through the second quarter of 2009, rents will reach an average level of $44.50 by the end of the year 2009 and begin to rise slowly thereafter.

Boston's Fear of Heights and of Greatness

September 2, 2009

Analysis of:Massachusetts Says Skyscrapers Too Tall | www.boston.com

Boston's government planners and endless rank of quasi authorities and neighborhood groups live in utter fear of tall buildings. I state the reason why tall buildings are necessary and preferred in an urban context..The average Bostonian and the wise planner likes tall. It improves density and it makes our spirits soar. We don't need to be a city of squat, brick buildings. We have plenty and I like all of them as well. But not on our new vistas and parks.

Confirming the Mutual Fund Link to the Boston Market Recovery

August 20, 2009

Analysis of:Fidelity ‘done’ with layoffs from Boston Herald | www.bostonherald.com

I recently completed a study of net inflows to the mutual funds industry by geography and by type of fund. The Boston market is driven by the health of the funds. Net inflows have been up strongly all year. On that basis, I stated the the Boston office market recovery was underway. I believe Fidelity's statements today are the first of what will be many confirmations of this analysis, which you can find in full below.

Brookfield Reads the Market Well

August 18, 2009

Analysis of:Brookfield's $4.9-billion bet on the bottom | www.theglobeandmail.com

The Boston office market is driven by the health of the mutual funds industry who directly and indirectly occupy over 37% of the Class A market. Brookfield is a direct beneficiary of the industry in both its premier properties at 53 and 75 State Street.Net inflows are up significantly into Boston. Net absorprtion will follow very quickly.

When a big city runs out of space--in a hurry

June 7, 2007

Analysis of:With prices soaring, a big tower goes on the block | www.boston.com

1.The recent announcement of Rose Associates and MetLife to sell One Financial Center, a 1.1 million square foot office tower in Boston, for a staggering $900 million, or $870/psf, is actually justified by future market conditions. 2. Why? The current vacancy rate in the Class A market is below 5%. There is not a single building under construction and it takes at least 3 years to build in Boston. Vacancy rates are already below 6% and there are 6 million square feet of tenants in the market looking for space, of which 2 million square feet represents net growth. Rents have passed $80.00 in recent transactions and there are asking rates are over $90.00 in two towers. 3. There are 10 proposed office buildings in Boston but with the exception of two, they are all located outside the tradtional CBD, with the bulk in the developing Seaport area. Although the evidence calls for spec development, the developers suffer from fear of location.  

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