Posts Tagged ‘office space’
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 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 MoreOpinion: 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.
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.
Read MoreGovernor Baker Announces March 1 Date for Advancement to Phase 3 Step 2; Tentative Date for Phase 4 Reopening to be March 22
On February 25, in light of recent positive public health trends, Governor Baker made several announcements related to reopening protocols in Massachusetts.
Read MoreGovernor Baker Announces Updated Capacity Limits for Businesses; Boston Enters Step 1 of Phase 3 of Reopening
On February 4, in light of recent improvements in COVID-19 data in Massachusetts, Governor Baker made several announcements affecting businesses.
Read MoreCOVID-19 Update: Governor Baker Announces New Restrictions Designed to Curb the Spike of COVID-19: Business Capacity, Gathering Limits, and Hospital Requirements Updated
Today, Governor Baker announced new statewide restrictions designed to curb the recent spike in COVID-19 cases in Massachusetts. These restrictions will go into effect starting Saturday, December 26 and be in place for at least 2 weeks. It is the goal of the Baker-Polito Administration to keep these measures temporary, but extensions may be required based on public health data.
Read MoreOffice Space: Dead on Arrival or a New Frontier?
Written by: Tamara Small for Banker & Tradesman, published on October 4, 2020.
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