Michael McCarthy
Title: Vice President, NAI Hunneman
Age: 32
Experience: 10 years
As an NAI Hunneman broker specializing in the suburbs, Michael McCarthy helps emerging and established companies identify and resolve space needs. The UMass-Dartmouth graduate has represented a number of Boston’s top developers such as The Ram Cos., Davis Cos., Alexandria Real Estate Equities, KS Partners, Howland Development and the New Boston Fund. In 2012, McCarthy was awarded 2011 CoStar Power for his involvement in numerous transactions the previous year.
Q: Which suburban areas in particular are companies focused on now and what has changed in the last year or so along Route 128?
A: Along Route 128 Burlington and Waltham. We believe accessibility from all directions and access to retail are the drivers behind Burlington’s success. In times to come, you may hear more about significant new leases being signed in Waltham … but it won’t be a knock to Burlington because the existing space simply is not available. In January of 2012 there were five options available in Burlington for a 50,000-plus-square-foot office tenant to consider. Today, net of new build-to-suit construction there is only one option, which is 120,000 square feet at 78 Blanchard Road at Blanchard Woods. Blanchard Woods is new construction built on speculation and it wasn’t available in 2012. In Waltham, there are currently three existing Class A options, six Class B options that could satisfy the needs of a 50,000-square-foot office tenant, along with 120,000 square feet under construction at 1265 Main St., the former Polaroid campus.
Q: What kind of trends are you seeing among firms?
A: There is some confusion among corporate users because space needs have changed drastically in recent times and new concepts are now being considered. In the past, identifying suitable space and creating a layout was easier because companies simply tallied needs for private offices, work stations and conference rooms. Today, companies are focusing on collaborative cultures and are trying to incorporate technological advances. For instance, a company that signed a 10-year lease in 2005 and has lease expiration in 2015 has never thought about incorporating smartphones, iPads and tablets, or strong cloud computing options that are now available. These technological advancements now impact how companies evaluate buildings, use space and how employees communicate. Progressive corporations are incorporating these technological advancements to modify the culture of the company and the concepts provide a competitive advantage in recruiting talent while motivating and retaining employees.
Q: Can you talk a little about your approach to finding space for tenants?
A: When we represent a company on a site selection we focus on specific items important to that client. We find that regardless of a square footage and geography requirements there are rarely more than three relocation options that also meet the image and budget requirements of our client. When we represent a landlord and are tasked to lease a vacancy we evaluate that vacancy and its advantages. We then evaluate the competing vacancies and identify a competitive advantage for the vacancy we are marketing. The advisory service group does not focus on vacancy rates because there are so many factors that need to be considered. We approach our evaluation as more of an art than a science.
Five Best Places To Enjoy A Cup Of Coffee:
- Fort Sewall, Marblehead – It’s a war fort at the mouth of the harbor with great views of the water.
- Black Falcon pier, Boston Seaport – You can see cargo ships come in and planes fly overhead, and there’s a bus facility that operates there.
- Suffolk Downs, East Boston – If you show up between 7 a.m. and 8 a.m. you can pull up alongside the race track and watch jockeys warm up the horses.
- South Dartmouth coastline – You can park your car and watch farmland roll right into the ocean.
- Boston’s Seaport District – Walking the neighborhood to see all the recent changes and development.
