By JLL In the past 12 months, Boston has emerged as the top major market in the United States for workers returning to the office. According to foot traffic data from Placer.AI, office attendance in Boston has increased by 10.3% during this period, marking a significant improvement from a year ago when the city lagged in […]
By Greg Ryan The downtown Boston office market has captured the lion’s share of local attention — and alarm — since Covid-19 upended the five-day, in-office workweek. But now there’s cause for concern across the Charles River for the 12 million square feet of offices in Cambridge. A CBRE report this month found that, for the first time since the […]
By Joanne Drilling June was a watershed moment for post-pandemic office attendance. That’s according to the Office Building Index from location intelligence software company Placer.ai, which found the national average for office attendance was down only 29.4% compared to June 2019. Placer.ai’s data was based on foot traffic analytics from commercial office buildings in major metro […]
By Greg Ryan A unit of the German software maker SAP is subleasing a floor of office space at 60 State St. in downtown Boston, nearly doubling its footprint at its Watertown location. SAP LeanIX (NYSE: SAP) is taking about 25,000 square feet from LinkSquares at the Boston office tower, with plans to move into the […]
By Mark Heschmeyer Simon Moves To Give Up Philadelphia Mall: Retail real estate investment trust Simon Property Group is working with lenders to turn the title over to its 1.21 million-square-foot Philadelphia Mills Mall rather than pay off debt that was set to come due this month. The property backs $103.7 million in outstanding commercial mortgage-backed securities debt spread […]
Boston, MA The Chiofaro Company has commenced on Phase II of the $100 million reinvestment and reimagination of International Place – a 1.8 million s/f office property. A beloved landmark on the city’s skyline, International Place has long been touted for its innovative expression and distinctive architecture. International Place reflects the diversity of industries and tenant […]
By Marq Burnett As the hybrid era ramped up after the pandemic, experts warned that proximity bias would be difficult to avoid. Now that employers are in the midst of their hybrid models — and some are even moving past them — new data suggests fears about proximity bias, or the tendency to gravitate toward employees who are physically […]
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 […]
