The big office sales in Boston, and where California biotech firms are landing Aug 21, 2015

Here are the news stories you might have missed this week:

The Wall Street Journal: Brooklyn’s unused upper floors offer an emerging market

There’s an untapped market in Brooklyn – space above existing stores. A recent purchase of the top floors and air rights to a Brooklyn building has some experts thinking this trend – buying floors above retail spaces that are now used as storage space or simply sit empty – will catch on, and those floors can be transformed into office space, for example. That might be perfect for Brooklyn, since this New York neighborhood has seen tremendous growth in recent years, in terms of population and fledgling businesses, and tapping into the need for office space might ultimately prove beneficial for buyers and investors. Learn more about what’s happening on these upper floors at WSJ.com.

The Boston Globe: Boston office buildings commanding lofty prices

Looking to buy an office building in Boston? We hope you have deep pockets. Two recent transactions illustrate how high the Boston office market has gotten – two separate firms paid $900 and more than $1,000 per square foot for an office building, which are two of the most expensive deals in Boston history. But local experts say the market will remain strong, because Boston is still seen as a city with a lot of potential and long-term viability. That sentiment is attracting both domestic and international buyers, who see Beantown as a city with solid fundamentals and a bright future. Visit BostonGlobe.com to read more about Boston’s office sector.

The New York Times: Providence, R.I., is building on a highway’s footprint

In the nation’s smallest state, space is at a premium, which is why newly open and developable land in Providence is generating a lot of buzz. Nineteen acres of land became available in Providence after Interstate 195 was relocated, and the area’s redevelopment is attracting a lot of attention. A few multi-million dollar projects are already underway, including a mixed-use building, student housing, and an education building, and proposals from biotech and learning institutions that would transform this land into a life sciences hub are pouring in. To read about development in Rhode Island’s capital, go to NYTimes.com.

San Francisco Business Times: Tight biotech real estate market shifts landscape, players

Biotech wants to call San Francisco home, but high rents and lack of space are forcing life science firms to look beyond the Peninsula – and that could be good for the East Bay. New office and lab space isn’t coming online fast enough for these firms, and they’ve expanded or moved to Oakland, Hayward, and Fremont because there’s available space for a more affordable price. Building owners and investors are also noticing this trend, and are trying to court these biotech firms, not just tech companies that have recently dominated the San Francisco office market. Visit BizJournals.com to learn more about where biotech firms are rooting.