Assembly Row Continues to Boom
Construction has commenced at Assembly Row’s next residential project, dubbed ‘Block 8.’ The development will bolster 500 new residences encompassing over 26,000 square feet of ground floor retail and restaurant space.
Located minutes away from the MBTA Orange Line, Block 8 contains multiple luxurious amenities including; 500 on-site parking spots, pool, private patio, and sky terrace.
This January, Puma North America announced it would move its local operation to Assembly Row, proving that office space in Somerville can be absorbed. It is the 3rd corporate headquarters to call Assembly home. Puma will occupy 150,000 square feet at 455 Grand Union Blvd, an office development currently under construction.
Alloy at Assembly Row was completed this past March and contains 107 condominiums. As of today, the building has reached 96.5% occupancy. Montaje, one of Somerville’s most successful apartment complex adjacent to Alloy contains 447 luxurious residential units started leasing in mid-2017. The building is currently 95.5% occupied, and stabilized within 12 months. Asking rents per square feet are as high $4.08 with the typical rent fetching $2,750+/- given concessions. They are no longer offering 1-month free rent.
Assembly Row is rapidly becoming a sizable submarket and slightly-less-costly alternative to living in East Cambridge. Vacancy is slightly higher in East Cambridge, hovering at 5.9%, down from 9.8% in Q2 2018. Though still expensive by most standards, average asking rents in East Cambridge are $4.13 / PSF, slightly higher than Assembly Row and Somerville’s Class-A average of $3.78 / PSF.
Source: Boston Realty Advisors Research / CoStar