By Ryan DiLello Somernova wants to build an additional 1.6 million square feet of space focused on climate tech onto its innovation campus off Somerville Avenue. A 10-year development plan, which includes a community center, was shared during a public meeting Sept. 25 that drew more than 100 people to Somernova’s community space, The Dojo. While […]
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 Paul Hannon Central banks should resist the temptation to lower their key interest rates too early and risk a resurgence of inflation and a fresh bout of policy tightening, the head of the International Monetary Fund said Thursday. In a speech ahead of a twice-yearly gathering of economic policy makers from around the world next […]
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 […]
Treasury yields surged to their highest point this year on Monday, but instead of sparking a sell-off, they attracted a wave of new buyers. This unexpected turn of events reflects a shift in market expectations regarding the Federal Reserve’s interest rate policy. Earlier forecasts anticipated three rate cuts from the Fed in 2024. However, strong […]
By Aaron Pressman Amazon unveiled its largest facility in Massachusetts on Monday, a staggering five-story warehouse in North Andover with almost 4 million square feet of space to hold everything from books and DVDs to cans of soup. The fulfillment center on the site of a former telephone company factory cost about $400 million to […]
By HIAWATHA BRAY Woburn-based battery maker Alsym Energy has raised $78 million in Series C venture round led by India’s Tata Limited, along with General Catalyst Thrive Capital and Thomvest. That brings total investment in the company to $110 million. Alsym, cofounded by veteran entrepreneur Mukesh Chatter and Massachusetts Institute of Technology professor Kripa Varanasi, […]
By Greg Ryan Executives from The Kraft Group broke their public silence on Tuesday about their desire to build a stadium for the New England Revolution on the Mystic River in Everett, with one expressing a hope to turn the site into “an economic driver for the region.” Revolution President Brian Bilello and Kraft Group construction […]
By Grant Welker The Lineup, a small food hall at the base of downtown Boston’s tallest tower, has five food options in a block-long space that’s bookended by 50-foot glass walls and a striking red sculpture by glass artist Dale Chihuly. But not everyone’s working in the Financial District as much as they were when the […]
By Jon Chesto As she tries to bring downtown Boston back to life, Mayor Michelle Wu faces two real estate crises:Too much office space and not enough housing. Now, an ambitious plan that would revive a prominent block in the heart of the central business district could end up getting caught in the middle of […]
