Faster Lease Up With Dynamic Glass 02/06/20
The Boston and Cambridge office and lab markets remained strong through the 3rd quarter of 2019. Spill-over growth to meet demand has also been seen just outside Boston from Somerville to Woburn and Waltham. For these new buildings, however, land and construction costs are on the rise making it crucial that new inventory is leased up quickly and for the highest rent. Meanwhile, older inventory must find a way to keep pace with these modern, amenity-rich spaces tenants are now demanding. Across the country, whether used in a new build or renovation, View Glass has time and time again been shown to drive higher office rents and faster lease-up. Even during the touring phasing brokers are getting more time on site (30-45 minutes on average) with prospective tenants through reviewing the many benefits of View Glass.
Let’s take a look at a few specific cases --
In Brooklyn, NY the N6 Lofts -- a former warehouse building was recently repositioned as a creative office hub with View Glass installed as part of the renovation. Asking rents for the building originally built in the early 1900s was 22% higher than neighborhood comps and this new feature was key in attracting a fast-growing marketing firm as the anchor tenant.
Across the country, in Seattle, another renovation that included View Glass is also paying dividends. The Lake Union building, originally constructed in 1970 replaced all old single-pane windows with dynamic glass reclaiming the property’s stunning lake and city views. Besides a savings of energy of 18%, asking rents at the property increased by 16%.
On the new construction front, Churchill Hall in Durham, North Carolina saw rents on average 5% higher than market competitors. The nearly 30,000 square feet of View Glass installed here was a key factor in Tri Properties garnering rents higher than projected in the project proforma.
Why are these tenants paying more for these spaces? They love the ability for true customization plus the increased floorplate density provided by the smart windows. By eliminating uncomfortable areas near windows companies can now fit more people into a more comfortable space. Let’s also not forget the many health benefits Dynamic Glass brings to the employees using this workspace. While the office market is solid now, margins continue to thin as construction costs increase and of course, there will have to be a downturn at some point. An investment in View’s technology is one way to truly position a property ahead of the competition.
View’s vision is built around the belief that natural light is required to live a healthy and productive life, but the ordinary window is far from optimized to provide it. View’s smart glass windows let in natural light and views and enhance mental and physical well-being by significantly reducing headaches, eyestrain, and drowsiness. They also reduce glare and heat, improving the energy efficiency of buildings by up to 20 percent.View >>