By Liz Young Taylor Wood says bargaining with warehouse owners for storage space is far different than during the pandemic, when demand for industrial space was red hot. “I’ve never seen a market like that, where we were basically scratching and clawing for every building,” said Wood, a broker at real estate services firm Savills. “There were […]
By Brooke Sutherland and Sri Taylor Boston Mayor Michelle Wu is seeking to raise commercial property tax rates to help protect homeowners from the brunt of the historic slump in office property values. Wu has submitted a petition for a temporary increase of the city’s tax-rate ceiling for commercial properties relative to residential levies. The proposal aims to redistribute the tax burden […]
By Ashley Fahey The outlook for the U.S. office market remains bleak, with the national vacancy rate hitting another high in the first quarter of this year and losses continuing to mount on loans backed by towers across the country The vacancy rate reached 19.8% in Q1, a new record by Moody Analytics Inc. standards and a rate that’s 50 […]
By Ashley Fahey A preference for the newest, so-called “trophy” office space has been frequently cited as a key driver of corporate decision-making when it comes to business sites, especially since the Covid-19 pandemic. That preference may ultimately be less about which buildings offer the best fitness or conference centers and instead be more about where […]
By John Gittelsohn The value of distressed US commercial real estate neared $80 billion in the third quarter, its highest level in a decade, as rising interest rates and sagging office demand shook the property market. The value of buildings in bankruptcy, repossessed by lenders or in the process of liquidation increased by a net $5.6 […]
by : Austen Hufford A crash in office values could start a doom loop with banks, with falling prices leading to less finance and thus lower prices. Gloomsters think that could spread across the multitrillion-dollar commercial real-estate sector, sucking money out of the economy as banks and institutional investors turn more cautious, James Mackintosh reports. Mori Trust […]
By Andy Medici – Senior Reporter If CEOs want employees back in the office, they need to think beyond productivity alone. That’s according to Annie Dean, vice president of team anywhere at software tool company Atlassian, who said productivity-focused company mandates to bring workers back to the office remain a tough sell to workers who have now […]
By Gail Kalinoski Pharmaceutical and biotechnology company Moderna has acquired a newly built 140,000-square-foot Boston-area GMP facility from developer Oxford Properties Group for $91 million. The 24-acre parcel, acquired as a vacant site by Oxford in 2021, is located at 149 Hayes Memorial Drive in Marlborough, Mass., a Boston submarket. Oxford built a two-story biomanufacturing facility that was designed to […]
By Carol Ryan Banks are getting stingy with commercial property mortgages. Ideally, alternative lenders could step in and help landlords to refinance their debts, but this part of the lending market isn’t in great shape either. Loans for the property industry are drying up fast. The CBRE Lending Momentum Index, a proxy for U.S. commercial real estate lending, fell 54% […]
The delinquency rate on office building-related mortgage bonds spiked in May, per a report from Trepp, Emily writes. The big picture: Investors have been watching for this to happen since last summer — and May’s move may represent a “tipping point,” the data provider said in a note. State of play: The office space market is in a tough spot […]
