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Transfer 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…

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Investing 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.  

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COVID-19 UPDATE: MAYOR WU ANNOUNCES NEW VACCINE REQUIREMENT FOR CERTAIN INDOOR SPACES IN CITY OF BOSTON

Get the latest updates on COVID-19 & CRE

On December 20, 2021, Boston Mayor Michelle Wu announced that starting on January 15, 2022, all individuals 12+ will be required to show proof of one dose of vaccination against COVID-19 in order to enter certain indoor spaces in the City of Boston. Beginning February 15, individuals 12+ will be required to show proof of full vaccination. Workers employed in these locations will also be required to be vaccinated against COVID-19. Children 5-11 must show proof of one dose of COVID-19 vaccination beginning March 1, and full vaccination beginning May 1.

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Lab, 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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Opinion: The Future of Work Report Misses the Mark

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.

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Optimism and Recovery Expected for CRE in Second Half of 2021

City at Dusk

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.

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COVID-19 UPDATE: Critical End of Pandemic Extensions Enacted; Baker-Polito Administration Releases New Guidance for State Permits

COVID-19 Update: Baker-Polito Administration Moves Forward with Transition to Phase 4, Step 1

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.

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COVID-19 UPDATE: Governor Baker Announces Repeal of COVID Restrictions and State of Emergency

COVID-19 Update: Baker-Polito Administration Moves Forward with Transition to Phase 4, Step 1

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.

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COVID-19 UPDATE: Governor Baker Announces Timeline for Continued Reopening; Mayor Janey Releases Slightly Altered Timeline for Boston

COVID-19 Update: Baker-Polito Administration Moves Forward with Transition to Phase 4, Step 1

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.

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The Rubber Meets the Road with Realities of Resilient Reentry

The Rubber Meets the Road with Realities of Resilient Reentry

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.

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