Updates in the world of Commercial Real Estate
Foreclosure activity in the state of Massachusetts continued to fall this quarter—signaling further economic recovery for the Bay State. The number of foreclosures in Massachusetts has remained under 1,000 for the fourth consecutive month, while petitions signaling the first step of a foreclosure have decreased by 38% year over year. 856 petitions were filed this […]
Mayor of Providence, Angel Taveras, released an action plan for economic development on March 27th, 2013. In an open letter to his constituents, Taveras discusses the economic challenges Providence was faced with when he assumed office in 2011. “Unemployment was too high, private sector investment was too scarce and our housing market continued to suffer […]
Commercial property tax has increased in and around the Boston area. The 2013 numbers are out and communities such as Everett, Framingham, and Holyoke experienced increases in their already sky high rates. Everett’s commercial property rate is much higher than any other city in the area at $43.04 for every $1,000 of assessed property value. […]
Mayor Menino announced plans to construct 30,000 new housing units in Boston by 2020.
In the past years, the commercial real estate market has experienced a multitude of changes in response to poor economic conditions. Tenants, particularly large public firms, have been downsizing to cut costs. Office spaces are changing to accommodate downsizes. For example, non-dedicated offices and flex spaces are being utilized to diminish costs. In addition, Norm […]
Dudley Square might be getting a new-and-improved Tropical Foods! Tropical Foods, a supermarket opened in Dudley Square in 1974, hopes to start construction with Madison Park Development Corp. on a $44 million mixed-use project. The Boston Redevelopment Authority received their letter of intent, which outlined plans to develop 2.75 acres in Dudley square in a […]
BRA raises pay for first time in 5 years The Boston Redevelopment Authority has increased many on its employees’ salaries for the first time in 5 years. All except for top earners within the organization received a 3% increase relative to 2012 salaries. Spokeswoman of the BRA Susan Elsebree said, “This was the right time […]
Developers Samuel & Associates and Weiner Ventures have received approval from the state to build a $360 million residential, commercial, and hotel development in the Back Bay. The real estate groups were victorious in acquiring the air rights above the development site. Although details regarding the development are sparse, it will likely transform the Boylston […]
This Tuesday, Chairman of the Federal Reserve Ben Bernanke told Congress that the Fed’s low interest rates will continue. The implications of this announcement are vast. The real estate market, which is closely linked to interest rates will benefit from low interest-rate policies that allow developers to borrow at lower rates. This promotes the construction […]
The number of multi-family housing permits in the Bay State nearly doubled in 2012 in comparison to 2011. 2,752 multi-family permits were issued in Massachusetts in 2011 while in 5,019 were issued in 2012. The increase in permits reflects an increased demand for rental housing the Bay State. This year marked the most permits issues […]
