October, 2011
7
High-Tech Job Creation Growing
Driving US Office Space Demand Coast to Coast
Boston - The combination of unquenched consumer demand for new technology and business applications of new technologies such as cloud computing, to gain efficiencies has given the high tech industry a job growth rate nearly four times that of the national average since the employment trough was reached in February 2010: 5.1% versus 1.4%. Additionally, rising venture capital and initial public offering activities are fueling key rapid evolution and growth segments of the high-tech industry. The services sector, which excludes manufacturing components of the hightech industry, has the greatest direct impact on office space demand and is growing even faster, at 5.9%, according to Jones
Lang LaSalle’s high-tech report that tracks 18 US markets and provides an overview of the impact high-tech growth is having on office space supply, demand, and pricing conditions. Markets with growing high-tech cluster strength and that are positioned for rising rents and demand over the next 12 months include Boston, Seattle, Portland, Raleigh-Durham, and San Diego. Many of these markets are becoming landlord-favorable with more moving in that direction. In high-tech funding, New England took 12% of venture capital funding, while Silicon Valley (San Francisco Bay Area total) dominated with nearly 40%.
J. Calnan Among Top Contributors Quincy MA - For the fifth consecutive year, J. Calnan & Associates, Inc. ranked among the top corporate charitable givers in Massachusetts, according to a recent report by the Boston Business Journal. The company was recognized for its charitable giving and for the contributions made by J. Calnan & Associates employees. Additionally they ranked No. 1 overall for average per-employee volunteer hours.
This year JC&A has taken that philanthropic spirit one step further by becoming a founding partner in a 501(c) 3 nonprofit organization, Team IMPACT. The mission of Team IMPACT is to connect and cultivate meaningful relationships between college athletic teams and children diagnosed with lifethreatening diseases.
Avalon Bay Breaks Ground Elkus Manfredi Architect
View of Avalon Exeter penthouse
Boston - AvalonBay Communities, a NYSE-listed real estate investment trust (REIT) with multi-family apartment communities in high barrier-to-entry markets of the United States, recently hosted a groundbreaking ceremony at Avalon Exeter located at 77 Exeter Street in Boston’s Back Bay. Avalon Exeter is the first freestanding apartment building residential to break ground in Boston since 2008. The $100M Avalon Exeter will be AvalonBay’s first luxury apartment development in Boston and will mark the completion of the residential development of the Prudential Center. AvalonBay currently operates and manages the Prudential Center’s other three residential buildings: The Boylston, The Fairfield, and The
Gloucester. Avalon Exeter will create 300 new construction jobs, 15 permanent jobs, $725,000 in new taxes for the city, and additional revenue to area businesses. The 28-story sustainable development will have 187 residential units, consisting of studio, one-, two-, and threebedroom apartment homes. AvalonBay is introducing one of the most creative and aggressive affordable housing programs in the city of Boston – combining both on-site housing at Avalon Exeter and an expansion of affordable housing within The Boylston, The Fairfield, and The Gloucester all at the Prudential Center. Continued on page 28
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