Posts by Tamara Small
Governor Healey Declares State of Emergency Due to Severe Lack of Shelter Availability in Massachusetts
Governor Healey declared that a state of emergency exists in Massachusetts due to rapidly rising numbers of migrant families arriving in the Commonwealth in need of shelter and services – and a severe lack of shelter capacity in the state. The state of emergency will allow the Administration to advocate for federal support to address the need for expanded shelter access and other services.
There are several ways for individuals and companies to support families seeking safety and shelter in Massachusetts right now.
Read MoreWhat’s the Forecast for Commercial Real Estate?
Since the beginning of 2020, fear of a recession has kept economists and policymakers up at night. But even now, despite high interest rates, consumer spending is up, and many are asking – is this the recession we planned for? At a recent mid-year economic overview hosted by NAIOP Massachusetts, the experts dug into the data.
Read MoreHow to Protect our Economic Growth and Fight for our Climate Future
Climate change is an economic development, public health and environmental issue that affects every resident and business in the commonwealth. Bold action must be taken, along with critical short-term strategies that effectively balance our continued economic growth with our long-term decarbonization and environmental goals. Only this approach will ensure that Massachusetts is put on a responsible, achievable path to mitigate and manage the devastating effects of climate change.
Read MoreWHAT’S AHEAD IN 2023?
This excerpt was written by NAIOP CEO Tamara Small was originally published in the Boston Business Journal on January 27, 2023.
The year 2023 is expected to be a bumpy one for commercial real estate. The Financial Stability Oversight Council‘s Annual Report recently listed commercial real estate as one of its top market and credit concerns due to rising interest rates, borrowing costs, and uncertain economic conditions. In the Greater Boston market, the “flight to quality” trend where tenants are opting for new, highly amenitized Class A space will continue this year — particularly for lab and office tenants. Sublease space and vacancy rates, already at the highest point in 20 years in Boston, will continue to climb in both the downtown and suburbs.
Read MoreStrategies for a Strong and Resilient Massachusetts
With a new gubernatorial administration comes new opportunities to shape the future of Massachusetts. As we look ahead to 2023, there is little doubt that it will be a difficult year for businesses. The incoming Healey-Driscoll administration must be a partner with the business community to ensure that safeguards are in place so the commonwealth can weather the economic storm. Only together can we work to secure the livelihoods and futures of Massachusetts’ residents and businesses.
Read MoreRent Control Is Not the Answer to Our Housing Crisis
Rent Control Is Not the Answer to Our Housing Crisis Decades of Research Shows Its Harm By Tamara Small | This column originally appeared in Banker & Tradesman on September 11, 2022 In July, yet another report was issued highlighting the housing crisis in Massachusetts. The Housing Underproduction Report examined markets throughout the country and…
Read MoreFossil Fuel Bans Are Not the Solution to Our Climate Crisis
The news is dire. On an almost daily basis, new reports are issued which illustrate the need for immediate action to address a monumental threat to public health and safety, the environment and economic development: climate change. Sea level rise, increased storms and precipitation and rising temperatures will affect all residents and business owners in Massachusetts. The time to act is now.
Read MoreTransfer Taxes Tempt, But Would Only Worsen Housing Crisis: City Budget Threatened if New Investment Discouraged
By Tamara Small | This post originally appeared in Banker & Tradesman on April 3, 2022 The shortage of affordable and workforce housing is currently one of the greatest threats to the Massachusetts economy. With rents and home prices continuing to increase, we see more and more of the workforce priced out of the market…
Read MoreInvesting in Water Infrastructure Has to Be at the Top of the List
When communities invest in water infrastructure, they protect their residents, set up their local businesses for success and create future opportunities for economic investment – as demonstrated by MassBio’s BioReady evaluation. Such investments in Burlington led to 300 new apartment units in one mixed-use development; similar upgrades in Revere resulted in over 200 new units of housing.
Read MoreLab, Life Science Space Will Only Drive Our Recovery If Nurtured
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.
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