X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BURLINGTON, MA-Yet another six-figure requirement has entered the suburban Boston office market, with industry sources reporting that Palomar Medical Technologies is in a search for 150,000 sf. The firm is located at 82 Cambridge St. in Burlington, and would reportedly more than double in size from about 60,000 sf occupied at present.

“They are definitely out there,” acknowledges one industry professional, adding that Meredith & Grew has been retained to assist the firm in securing an agreement. M&G AVP Elias Demakes and colleague John Carroll III are said to be overseeing the assignment for Palomar. Demakes declined to discuss the matter when contacted by GlobeSt.com, citing client confidentiality, while efforts to contact Palomar officials were unsuccessful. Palomar produces devices for use in skin treatment.

Given the silence, it is unclear how expansive the space search is, or whether Palomar is focusing on pricing or is more concerned about the quality of the future facility. Some observers, however, say the pursuit seems to be focused on the Route 128 Northwest submarket anchored by Burlington. At least one other major medical sector requirement has been eyeing that region as well of late, with GlobeSt.com last week reporting that Phase Forward has supposedly considered options in the Burlington and Bedford areas in a search for more than 100,000 sf. Phase Forward is presently in an expiring sublease situation just south of Burlington in the core Waltham market.

Whatever Palomar’s motivation or outlook, the decision-making process might do well to quicken the pace considering the increasingly snug suburban office market, especially along Route 128 NW. Estimated at 20.9 million sf by M&G’s SVP Mary Kelly, the real estate firm’s research director, Route 128 NW saw its vacancy rate drop from 21.8% to 20% during the first half of 2007, with just under one million sf of net absorption in that time. More than 780,000 sf of that activity occurred in the second quarter. The next closest performer was the Interstate 495 North submarket at 350,000 sf for the quarter.

Burlington is especially hot, with Kelly estimating that the vacancy rate dropped from 18.1% to 14% during the first half of the year. Although the market still represents a value compared to Boston, Cambridge and Waltham, Kelly advises in M&G’s mid-year Market Viewpoint that a “considerable discount in pricing witnessed six months ago is narrowing with each passing month” for all of Route 128NW.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.