Eric Shabshelowitz - Real Estate

SOLD! With many offices having shifted to a remote/hybrid workplace model and the interest rate spike, commercial real estate sales volume has been down. However, we are starting to see some positive trends.

This move-in ready, 2nd floor condo is in the center of downtown Boston. It was upgraded with high end finishes, including a renovated kitchenette with Miele appliances and Sub-Zero fridge, and featured a welcoming reception area, 8 private offices, an open work space and a vibrant conference room. Building amenities include a concierge and multiple elevators. Just steps from from Faneuil Hall, Government Center, Downtown Crossing and pivotal MBTA stations.

Here are some screenshots from our 2024 Boston Retail & Office Market Report. This annual report includes information on many Boston neighborhoods and areas, and gives some context to how Boston’s commercial real estate market is comparing to the rest of the US. If you would like a full copy, just send me a DM and I’d be happy to share it.

A client’s newest Jamaica Plain development is featured in a great article about triple deckers in Boston!

I was interviewed about the state of Boston’s commercial real estate market by . 2023 wasn’t a great year for CRE, but 2024 is starting out strong!

Proud to have earned my CRB designation!

These are some charts from our latest blog post, which provides some useful insights into retail sales trends for several industries. When marketing vacant retail space, I find it useful to look at retail sales as a gauge on what industries are doing well, as businesses in those industries may be more likely to consider expansion opportunities. But this data can be utilized for other purposes as well.

Here are a few charts from my Fall 2023 Boston Multi-Family Market Update. On one hand, Boston has experienced strong rent growth and maintained relatively low vacancy rates. On the other hand, the high interest rate environment has created a substantial slowdown in overall sale volume.

NEW TO MARKET: Rare opportunity to purchase a Back Bay office condo in the historic Vendome Building. Exquisite custom designed brick and beam space with 4 office suites, conference room, open workspaces and reception area. Newly installed wood floors with beautiful beadboard walls. The Vendome boasts a beautiful lobby, 24/7 concierge, and residential and commercial tenants. Don’t miss out on this turnkey office opportunity. Offered at $1,295,000.

COMING SOON: Why rent, when you can own? Renovated, move-in-ready office condo in the center of downtown Boston. This second floor space has been upgraded with high end finishes, including a renovated kitchenette with Miele appliances and Sub-Zero fridge, and features a welcoming reception area, 8 private offices, an open work space and a vibrant conference room. Building amenities include a concierge and multiple elevators. Just steps from from Faneuil Hall, Government Center, Downtown Crossing and pivotal MBTA stations.

Checking in on a client’s condo conversion development project in Jamaica Plain. With framing for the interior walls now up, it is great to see the new 3 bedroom 2 bathroom layouts coming together. Some additional work needs to be completed on the exterior before the property gets insulated. After that, the walls can get closed up and then the finishes can get installed. Target completion date is Fall/Winter.

New to Market: Commercial condo for sale in the Artist Building at 300 Summer Street in Boston’s Seaport District. Limited to “arts-compatible” uses, this unit offers tremendous opportunities for artists and other creative uses and businesses. It is currently divided into two separate spaces but could easily be reconfigured into a single area. With abundant natural light and soaring ceilings, this artistic haven is perfect for freeing your creativity.

Another great year at the Brian Hamlin Memorial Golf Tournament! (The event was great, not our score)

Congratulations to The Centerpiece Flower Shop on yesterday’s grand opening of their newest location - 44 Belgrade Ave in Roslindale Square! The build-out came out great and the space looks amazing! Here are some before and after shots.

New to Market: Mixed use property in Saugus that includes a 4,541 sq. ft. commercial building (industrial/office) and a 1,603 sq. ft. single family on a single lot, as well as an ample parking area (suitable for 6-10 cars, depending on arrangement). The commercial building is currently occupied by a commercial plumbing business, with industrial/warehouse space on the first floor and offices above. Location is prime, with easy access to Route 1 and convenient commuting into Boston. This property also sits on the Northern Strand Community Trail, an 8 mile trail connecting Boston to the seashore in Lynn, it passes through Everett, Malden, Revere and Saugus. Offered at $1,500,000.

I'm moderating a panel on 1031 exchanges tomorrow. It should be a great discussion with some very knowledgeable speakers! We will cover what 1031 exchanges are, how they can be utilized and some trends we are currently seeing. If you’re interested in attending, please send me a message and I can send a link to register.

Proud to have earned my CCIM designation yesterday!

What is a CCIM?
"A CCIM is a Certified Commercial Investment Member. For more than 50 years, the CCIM Designation remains the gold standard for commercial real estate professionals, including appraisers, asset managers, brokers, developers, investors, lenders, and other allied professionals. CCIMs complete a rigorous program of advanced coursework and training in financial and market analysis, and demonstrate extensive experience in the commercial real estate industry.”

FOR SALE: 133 Pearl Street, Unit 1, is a retail condominium that currently operates as a quick service restaurant with carryout. While the existing configuration offers an ideal opportunity for another restaurant operator, there is tremendous opportunity for many other businesses as well. This unit is centrally located – steps from numerous parking garages, public transit stations and water ferry service, and surrounded by hotels, office buildings and residential towers. Offered at $1,750,000. Offering package with floor plans available upon request.

New to Market: Retail Condo for Sale in Downtown Boston. Currently configured as 2 separate spaces, each with their own private entrance, this offers opportunities for owner-occupants and investors alike. Offered at $1,900,000. Offering package with floor plans available upon request.

Touring Back Bay office space with clients. In the current environment, there are lots of great opportunities out there for tenants. The views from this one were hard to beat!

Reviewing plans for an upcoming condo conversion development in Jamaica Plain. Builder is targeting a Fall/Winter 2023 delivery. Pre-sales will start once the floor plans are more firmed up. One of the fun/rewarding parts of working with developer clients is partnering on all stages of a project!

Great day to be touring investment opportunities with clients. Can we keep this weather around for a bit?

Importantly, these figures are based on AVERAGE reported data - pricing for specific spaces will depend on location, condition and other factors.

In Boston’s Office market, there is a lot of available space, with more and more expected to trickle on for the foreseeable future. Office tenants can secure favorable deals right now; many office landlords are improving their amenity spaces, recognizing that a low rent is important for tenants, but it is not the ONLY thing they focus on.

In Boston’s Retail market, things have mostly stabilized in many neighborhoods and areas. With companies still primarily utilizing work-from-home or hybrid staffing models, most retailers/restaurants are still missing the daily business they used to receive from the workforce occupying office space.

More and more companies are returning to their offices. This modern space will be available for its next tenant later this year. It is a full second floor (with direct elevator access) comprising over 5,700 SF. Currently configured with 10 offices, 2 conference rooms, large bullpen/collaborative space, kitchenette/dining area and private restrooms.

Sold!
64 N Margin St
Multi-Family in the North End

New Listing. Two-level, 29,070 SF commercial building on 1.77 acres in North Attleboro. Currently occupied by a college on the upper level and a daycare plus additional classroom space on the lower level, this property offers numerous opportunities to prospective buyers. Offered at $2,995,000.

These are some charts from my latest newsletter on Boston’s office and retail markets. Compared to some of our national peers, Boston remains strong - but the amount of vacant space is something we need to continue to monitor.

My latest newsletter includes several charts showing how Boston's retail and office markets compare nationally, as well as a look at how some of our sub-markets/area compare against one another. The data shows that the Boston market remains strong - but vacant space (both retail and office) is something that we need to continue to monitor.

Cabot & Company - Boston Retail & Office Market Updates

COMING SOON. 9 unit multi family in Boston’s North End. Fully tenanted with value add/upside potential! Message me for details.

Is now a good time to buy? Are real estate prices in Boston going to fall? Are we in a bubble? There are a lot of valid questions and concerns in real estate investors' minds right now.

In the past, Boston’s real estate market has demonstrated exceptional strength and resiliency. We are fortunate to be the home of many internationally recognized educational institutions and hospitals, a hub for cutting edge pharmaceutical and biotechnology research and the home base for many global companies, all of which helps buoy Boston’s economy. But it’s impossible to predict the future.

To be sure, not every property on the market is a good deal. However, there are (and will continue to be) good opportunities out there.