"It's a terrific location for a first-class office building," says a broker familiar with the property on Jones Road. The source, who requested anonymity, also maintains that the development will be well received by companies scrambling to find adequate quarters. "The marketplace needs the space," says the source. "In all areas, we are badly undersupplied."
Nowhere is that more true than in Waltham, considered the most desirable office destination in the suburbs. With a 4.7% vacancy rate, according to Meredith & Grew, the 20-million-sf Route 128/Mass Pike submarket has barely 900,000 sf available, and virtually nothing contiguous over 50,000 sf. After beginning the year with rental rates in the mid-$30 per sf range, Waltham is now commanding rents above $50 per sf.
Even with such a hefty chunk of space, the Jones Road developers should attract attention, according to Scott R. Hughes, a veteran broker familiar with the Waltham area. "There are a lot of people with very large requirements" in the market, he says, adding that the Jones Road parcel has the visibility and access to make it a sought-after destination. "It's a good location," says Hughes. "I think they will do well with it."
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