BOSTON: Watertown is the New Cambridge
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With rents up and vacancies down in Cambridge and Boston, the appeal of neighboring Watertown grows stronger for office users, investors, and multifamily developers. “It's a relief valve,” says Colliers EVP Jim Elcock. With office vacancy just under 10% and few new Class-A office buildings, many Class-B and B-plus assets are fully leased, he says. (Asking rents range from $27 to the low $30/SF, versus $45 to $57/SF in Cambridge's popular Kendall Square submarket.) Watertown's become a favored alternative to Cambridge with many of the same market drivers: good public transit, great highway access, and an emerging 18-hour-day character. (And fewer confused British university students showing up for class.)
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Since the ‘80s, this town has been repurposing its expansive industrial and former military buildings, converting them into hip brick-and-beam space. While just down the Charles River from Harvard Square, Watertown used to feel remote. But since Harvard University purchased the 11-building, 760k SF Arsenal on the Charles (above) 15 years ago, it's acquired an Ivy League aura that validated Watertown as a business address. By '05, the completion of the Big Dig transportation network brought it within a 15-minute drive to Logan Airport (assuming no traffic). Read more about what's happening in this hot area in Real Estate Bisnow Boston.