Office

Boston Eyes Commercial Tax Hike to Counter Office Market Dip

Boston Eyes Commercial Tax Hike to Counter Office Market Dip

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 […]

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industrial building with stairs

Moderna Pays $91M for Boston Life Science Property

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 […]

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A Lifeline for Property Is All Gummed Up

A Lifeline for Property Is All Gummed Up

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% […]

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The office market is getting gnarly

The office market is getting gnarly

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 […]

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