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BPDA DELAYS IDP VOTE; FY24 BUDGET AND TAX PROPOSALS HEAD TO CONFERENCE COMMITTEE; GOVERNOR ANNOUNCES HOUSINGWORKS IN CAPITAL INVESTMENT PLAN

In mid-May, the Boston Planning and Development Agency (BPDA) released an updated proposal for the City’s Inclusionary Development Policy (IDP).

Read on to learn more about NAIOP’s position on this policy; and for updates from the State House regarding the FY24 budget; tax reform; and Governor Healey’s new housing announcement.

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WHAT’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.

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Mayor Wu Announces Proposed Changes to Linkage and Inclusionary Development

On December 15, Boston Mayor Michelle Wu announced a set of proposals to make substantial changes to the City’s Inclusionary Development Policy (IDP) and the commercial Linkage Policy. The announcement also previewed the City’s intent to review proposed changes to the Article 80 permitting process with the goal of implementing clear timelines and predictability for projects.  

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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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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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Boston First to Embrace Obama-Era Zoning Rules

Boston will become the first major city in the country to incorporate Obama-era, federal anti-discrimination rules into the process of reviewing major new apartment and condo projects. This article was originally published in ENR New England on December 21, 2020.

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COVID-19 Update: Boston Mayor Marty Walsh Announces a City-Wide Rollback to Modified Phase II, Greater Boston Communities Expected to Follow Suit

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

Today, Mayor Marty Walsh announced that the City of Boston will rollback to a modified Phase II based on the most recent public health metrics for a minimum of 3 weeks.

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