Mark Malmquist, senior director of New England Region’s large projects division, contributed to New England Real Estate Journal’s Year in Review spotlight, sharing 2022 accomplishments and emerging trends for 2023. Read Mark’s insights below and on New England Real Estate Journal.
What was your most important professional accomplishment or most notable project, deal, or transaction in 2022? We’ve seen continued growth in both the life sciences and commercial sectors, particularly in Greater Boston where we’ve been delivering and continuing projects for our client partners. This year, alongside DLJ Real Estate Capital Partners and Leggat McCall Properties, we unveiled 101 South Street at Boynton Yards—the first purpose-built Class-A lab building as part of the emerging 1.8 million square foot mixed-use life sciences community in Somerville. Home to four Flagship Pioneering-founded companies and featuring a range of community-focused amenity spaces, the state-of-the-art building is just one example of how we’re delivering new lab-based developments that are fueling innovative growth outside the hubs of Boston and Cambridge.
What person, project, transaction or market trend had the greatest impact on your industry this year? From life sciences and commercial developments to historic preservation and adaptive reuse, the industry across the region continues to see a steady and diverse pipeline of projects. With our client partners spanning each major sector, we’re seeing firsthand how these projects continue to enhance communities across the region. Whether it’s creating a multi-building, state-of-the-art life sciences and innovation hub in Somerville’s emerging Boynton Yards community or repurposing and preserving MIT’s historic Metropolitan Warehouse, there’s plenty to be excited about as we continue creating the buildings and spaces that will fuel the next 100 years.
What emerging trends will drive investment and development in 2023? The demand for more sustainable building is set to continue—and increase—well into 2023. Owners understand the importance of prioritizing green approaches for their projects, so it’s why we’re partnering upfront during pre-construction to ensure we’re sourcing the right materials, reducing embedded carbon, and prioritizing inhabitants’ wellness. We recently completed HMTX’s World Headquarters—which is now among the greenest in the state of Connecticut by pursuing the Living Building Challenge. The structure was constructed to be energy positive by generating more energy than it uses and producing zero carbon emissions. Similarly in Boston, sustainability was central to our recently completed historic overhaul of City Hall Plaza—with green infrastructure that includes permeable surfaces to soak up stormwater.