Strengthening the industry through advocacy.
NAIOP represents the interests of the commercial real estate industry at the federal, state, and local levels. Through regulatory, legislative, and judicial advocacy, NAIOP works to advance economic development, strengthen communities, and ensure that issues facing the industry are understood by leading policymakers.
See NAIOP in action. Review the 2020 Government Affairs Accomplishments.
Interested in shaping NAIOP’s advocacy work? NAIOP members are encouraged to join the Government Affairs Committee. For more information, contact Anastasia Nicolaou, NAIOP’s VP of Policy & Public Affairs.
The demand for lab and life science space is driving construction all over the commonwealth, and there’s no slowdown on the horizon. Existing vacancies in Boston are at 1.1 percent and the larger market is hovering at 2.5 percent. This lack of supply has caused pricing to skyrocket where other sectors of commercial real estate have stalled. As one example, rents in Watertown hit levels comparable to Kendall Square’s pre-pandemic rents earlier this year. While new construction and lab conversions are up, prices remain high, as demand continues to exceed supply. The majority of new space coming online in 2022 is already committed.
But there is a big miss in McKinsey’s report. It’s no secret that office space was hard hit by the pandemic — walking in downtown Boston for the past year has been more akin to walking in a ghost town. But McKinsey’s topline conclusion that the demand for office real estate may fall as workers spend more time in residential areas due to hybrid work, uses employer and employee data from before vaccines were available to everyone, and conflates a hybrid work-schedule with the need for less physical space.
While certain sectors are leading the way and others are still catching up, the overall projections for the market are optimistic. Just like in 2008, the Greater Boston market’s access to talent, driven by the many top-tier colleges and universities, is our greatest competitive advantage.
COVID-19 UPDATE: Critical End of Pandemic Extensions Enacted; Baker-Polito Administration Releases New Guidance for State Permits
On June 15, the Massachusetts Legislature struck a deal and passed a final version of An Act Relative to Extending Certain COVID-19 Measures Adopted During the State of Emergency. The legislation was signed by the Governor the morning of June 16.
On May 17, Governor Baker announced that, due to positive health metrics and the wide availability of vaccines, all remaining COVID-19 restrictions will be lifted effective May 29.
Later that day, Acting Mayor Janey announced that the City of Boston will align with the state’s reopening timeline.
COVID-19 UPDATE: Governor Baker Announces Timeline for Continued Reopening; Mayor Janey Releases Slightly Altered Timeline for Boston
On April 27, the Baker-Polito Administration announced that Massachusetts will reopen some outdoor Phase 4, Step 2 industries effective May 10th and put plans in place for further reopening on May 29th and August 1st. The Administration continues to take steps to reopen the Commonwealth’s economy with public health metrics continuing to trend in a positive direction.
Last year was a pivotal time for commercial real estate across Massachusetts, and while 2021 is showing promise, there is a long way to go before we get back to pre-pandemic market stability and growth. In addition to the vaccine rollout there are a few critical components to the successful and resilient reopening of the economy.
COVID-19 Update: Baker-Polito Administration Moves Forward with Transition to Phase 4, Step 1; Replaces Travel Order with Advisory
On March 18, the Baker-Polito Administration announced that beginning on Monday, March 22, the Commonwealth will advance to Phase 4, Step 1 of the Reopening Plan. This decision was made in light of positively trending public health metrics.
On Wednesday, March 17, the Baker-Polito Administration released the full vaccine eligibility timeline for Massachusetts residents. Read on to learn more about eligibility and how to schedule and appointment.
On March 3, NAIOP hosted a briefing on Housing Choice with EOHED Secretary Kennealy and Chris Kluchman. You can find accompanying coverage and links to resources on this event here.