Tenant Representation Case Study –
Why Ceaco Relocated from Newton to Canton
R.W. Holmes Process:
Coming out of the pandemic, companies have struggled with office space decisions. The R.W. Holmes team came in as an advisor for Ceaco, providing data to help them make the best strategic decision for the company. Looking at real estate as a piece of the company’s overall business strategy allowed Ceaco to make a long-term decision on their space, even in the wake of the pandemic that had greatly impacted their historical office space decision-making process.
R.W. Holmes Services:
- Location Analysis: Looking at employee commutes and submarket economics to determine if there was a new geographic area that could provide quality space for less rent while also shortening commutes of employees consistently in the office.
- Space Needs Review: Making square footage decisions based on activity-based work, what tasks needed to be done in the office, and designing the space for those specific tasks.
- Site Selection: Analyzing the availabilities in the market to not only provide the best value but also find a landlord who could offer other necessary deal terms such as a turnkey buildout, expansion opportunities, etc.
- Lease Negotiation: Ensuring the deal terms aligned with Ceaco’s long-term business strategy and preventing any future real estate headaches that could hinder their business growth and operations.
Results:
After reviewing options near their existing facility in Newton, MA, and opportunities further South along Rt 128, the analysis performed by R.W. Holmes provided clear data-driven insight to help Ceaco decide to move to 250 Royall was the best option for the company.
- Ceaco leases 10,000 SF of office space at 250 Royall Street in Canton.
- R.W. Holmes negotiates the lease to provide a turn-key buildout that the Landlord will provide based on Ceaco’s unique space needs.
- The relocation saved Ceaco approximately $7/SF per year and shortened employee commutes by an average of 15 minutes.
- The building selected allows for ample room for growth to account for future expansion needs.