Not Just Retail: Developer Plans Black Friday Sale For Suburban Boston Office Leases
A Boston-based real estate developer wants in on shopping’s biggest day.
Cummings Properties is deploying a key retail strategy in its real estate portfolio this holiday season. The developer is offering short-term Black Friday specials of discounted or even free rent at some of its suburban Boston office complexes.
“By taking a page from the retail playbook … we create an incentive to act,” Cummings Properties Leasing Manager Ed Silvey said in a statement. “Rising real estate costs in Boston and Cambridge have led to increased demand in the north suburbs and, as a result, we have very low vacancy across the portfolio. Despite this, Black Friday is an opportunity for us to promote availability at our larger campuses.”
The Black Friday deals include discounted or free rent at smaller offices between 500 and 7K SF.
Cummings is offering three months of free rent and a $7/SF discount at a nearly 7K SF top-floor office at the Cummings Center, a 1.3M SF office campus in Beverly. The developer is offering other specials, like four months of free rent on a 556 SF office at 155 New Boston St. in Woburn and two months of free rent and a $2/SF discount on a 1,564 SF office at 92 Montvale Ave. in Stoneham.
To be eligible for the holiday discount, a five-year minimum lease must be signed by 6 p.m. Dec. 13.
“Thanks to the Black Friday tradition, consumers know that they can find great deals starting before Thanksgiving, and commercial real estate is no exception,” Silvey said. “Year-end is a great time to find a deal.”