Why Suburban Office Can Compete With The Urban Core
For growth businesses like tech and healthcare, Boston's urban core has a proven appeal. But a lot of suburban locations are rising to the challenge of attracting and keeping tenants, Transwestern partner Ron Friedman tells us.
Recently Lahey Health System inked a 72k SF deal at 25 Mall Road in Burlington, which represents both a renewal and an expansion. "Tenants are looking for access to great amenities—both within their buildings, but also the area immediately around them," Ron says.
25 Mall Road features all the high-end elements expected in a Class-A suburban building, he says—fitness facilities, shared conference/training facilities and food service—while also providing immediate access to the restaurants, entertainment and convenience retail that Burlington has to offer.
25 Mall Road is in the Route 128 North submarket. The area's doing well: according to research by Transwestern, the 26.2M SF submarket is 15.6% vacant as of Q3. Ron, along with colleagues Jon Varholak, Vicki Keenan, Chris Mullen and Perry Beal, repped building ownership in the lease with Lahey, which was repped by CBRE.
