MetroWest495 Biz

MetroWest495 Biz | August 2014 15 BUSINESS CLIMATE SURVEY heyday. He sees clients expanding production frequently today. "The ones that have survived … they've really got a niche nailed down now," Livingstone said. A Hudson location ensures Bryley can reach its IT clients quickly in an emergency, and it seems that Me- troWest and the I-495 belt offer an ideal location for a majority of area businesses, the survey results revealed. Respondents said proximity to clients was the chief reason they located here, followed by affordability of real estate compared to prices in communities inside Route 128. The cost comparison between the MetroWest and I-495 area and communities along Route 128 is detailed in market reports issued by the Boston commercial real estate firm Transwestern | RBJ. Asking rents for Class A, top-of-the-line office space in the 495 West market, which includes communi- ties from Marlborough to Natick, averaged $21.05 per square foot this summer, while those closer to Route 128, such as Newton, Waltham and Wellesley, averaged $33.24. The savings is appealing, particularly to young com- panies. Matthews, of the 495/MetroWest Partnership, said it will give MetroWest and I-495 communities an important advantage in attracting new development in the coming years. This will push prices up in the coming years, no doubt, but Craig Johnston, senior vice president at R.W. Homes Realty in Wayland, said the market will eventu- ally experience a correction, pulling prices back down a bit. This happened along the I-495 belt in the early 2000s when the dot-com bubble burst, Johnston said. But for now, the MetroWest office market will con- tinue to enjoy a prosperous stretch. This has resulted in a busier-than-usual summer for R.W. Holmes, which hired a new broker in the face of growing interest from tenants looking to shed their Route 128 digs for homes farther west, Johnston said. "It's a good time to find space out here," Johnston said. n 3. location, location, location … and the costs aren't bad either s page 13 18.1% Yes. 51.6% No. 30.4% Not sure. It is too soon to tell. Availabity of financing Cost of living Energy costs Government regulations Health care costs Insurance costs Labor costs Labor quality (skilled workforce) Public transportation Taxes Traffic Other 2.5% 11.8% 3.5% 15.3% 20.4% 2.9% 5.1% 10.8% 6.1% 7.0% 6.7% 8.0% Over the course of the coming year, do you plan to raise capital? What is the single most important challenge in the 495/MetroWest region facing your business today? What best describes the reason for locating your business in the 495/MetroWest region? Affordability of real estate 63 Availability of financing 13 Cost of living 14 Labor quality (skilled workforce) 33 Proximity to clients 135 Proximity to suppliers or critical partners 11 Tax incentives 9 Transportation infrastructure 12 Other 40

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