Owners and Developers
MAYOR WU FILES LEGISLATION SEEKING PERMISSION TO INCREASE THE TAX BURDEN ON COMMERCIAL PROPERTIES
On Thursday, March 28, Mayor Wu announced her intention to file a Home Rule Petition with City Council allowing the City to lessen increases in residential property tax bills caused by declining commercial values by temporarily shifting more of the property tax levy onto owners of commercial and industrial properties. The proposal was filed this week with City Council for consideration at Wednesday’s Council Meeting.
On Friday, March 29, The Boston Globe Editorial Board chose not to endorse Mayor Wu’s proposal, and instead stated their agreement with NAIOP’s position, suggesting that the City consider diversifying revenue streams.
Read MoreBallot Efforts to Legalize Rent Control Fail to Gather Signatures Needed
Efforts to advance a ballot question seeking to establish a broad spectrum of policies related to the rental housing market, including the legalization of rent control, gathered less than 15% of the required signatures over six weeks of outreach. With the November 22 signature deadline looming, the campaign was unable to gather the remaining 60,000+ signatures required and has suspended operations. This means that the question will not go before voters in 2024.
As NAIOP CEO Tamara Small told The Boston Globe over the weekend, rent control will not address our housing crisis.
Read MoreGovernor 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 MoreNAIOP ADVOCACY ALERT: Climate Bill Enacted; BPDA Implements DEI Policy; New Zoning Rules for MBTA Communities Released
NAIOP ADVOCACY ALERT: Climate Bill Enacted; BPDA Implements DEI Policy; New Zoning Rules for MBTA Communities Released Support for our Advocacy Alerts is Generously Provided By: Serlin Haley, LLP and Pierce Atwood, LLC GOVERNOR BAKER SIGNS CLIMATE BILL This afternoon, Governor Baker signed An Act Driving Clean Energy and Offshore Wind. Throughout the legislative process,…
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 MoreCOVID-19 UPDATE: MAYOR WU ANNOUNCES NEW VACCINE REQUIREMENT FOR CERTAIN INDOOR SPACES IN CITY OF BOSTON
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.
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.
Read MoreOptimism and Recovery Expected for CRE in Second Half of 2021
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.
Read MoreCOVID-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.
Read MoreThe 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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