Posts Tagged ‘Boston’
ADVOCACY ALERT: NAIOP Secures Office Conversation Tax Credit and Defeats Right of First Refusal; Legislature Does Not Advance Economic Development or Climate Bills; Uncertain Future for Boston Proposals
Read on for NAIOP’s legislative wrap-up on the topics relevant to the industry including;
NAIOP’s successful advocacy securing a Nation-Leading Office Conversion Tax Credit, Defeats Right of First Refusal, in Housing Bond Bill;
The status of the Permit Extension Act and other economic development priorities;
The status of the climate legislation; and
The status of Boston’s property tax and BPDA reform proposals.
Read MoreADVOCACY ALERT: NAIOP Opposes Mayor Wu Proposal Seeking Permission to Increase the Tax Burden on Commercial Properties
On April 3 Mayor Wu filed 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 City Council referred the matter to the Committee on Government Operations.
There have been two public hearings on the proposal, filed as Docket 0642. NAIOP has submitted testimony for consideration in advance of both the hearing on April 16, and the hearing on May 30.
On May 22, NAIOP hosted a briefing and panel discussion regarding the proposed legislation. NAIOP CEO Tamara Small was joined by Jim Rooney of The Greater Boston Chamber of Commerce; Meg Mainzer-Cohen of the Back Bay Association; Marty Walz of the Boston Municipal Research Bureau; Matthew Osborne of Eastern Bank; and Daniel Swift of Ryan, LLC.
Read MoreBPDA 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.
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 MoreMayor 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.
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 MoreCOVID-19 UPDATE: Governor Baker Announces Repeal of COVID Restrictions and State of Emergency
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.
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 MoreBoston 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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