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April 20, 2023

Vestiges Of Massachusetts’ Maritime Past Have Become Flashpoint In Debate Over Its Future

Hear From Boston University And MIT On The Future Of Sustainability On Boston's Top College Campuses June 13

Dotted with rusted industrial buildings and vacant parking lots, nearly 100 acres along East Boston’s waterfront have long been limited to water-dependent industrial use, barring the development of housing or commercial buildings along the harbor.

The port-area sites that were historically home to shipbuilding companies have sat vacant for decades — some for more than a century — leading some community members to call for changes in the state’s regulations that have prevented any new nonindustrial development along the waterfront.

“My father worked on the shipyards for all his life, and these were things that were important to East Boston,” said Al Caldarelli, whose nonprofit is looking to develop affordable housing on the waterfront. “Times have changed. The Navy no longer brings ships to Boston. There's nothing happening on these sites.”

Vestiges Of Massachusetts’ Maritime Past Have Become Flashpoint In Debate Over Its Future

The sites are restricted because they are part of a Designated Port Area, a state protection enacted in 1866 to preserve land for industrial uses that rely on deep water access and waterfront infrastructure. The DPA protections prevent any residential, hospitality, office or other commercial uses that aren’t directly related…

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Blackstone Earnings Take A Dive In Q1 Because Of Real Estate

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Blackstone Inc. reported on Thursday that its first-quarter distributable earnings tumbled 36% compared with the same quarter a year ago, chalking up the contraction to a weak commercial property market, while its credit and insurance funds did better. Distributable earnings represent the cash available for paying dividends. During Q1, such…

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Big Banks Distance Themselves From CRE Debt While Pouring Billions Into Reserves

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While the country’s biggest banks reported boosts in profits during the rockiest quarter for financial institutions in more than a decade, they also took steps to guard against future losses, adding billions of dollars to their reserves in anticipation of loan nonpayment and credit crunches.

These are nervous times for banks. But the nation's largest banks, while exposed to some bad CRE debt, might be able to wiggle out of it, assuming the current nervousness doesn't morph into a full-blown Great Financial Crisis 2.0, experts say.

Wells Fargo, JPMorgan Chase, PNC and Citigroup all ratcheted up their reserves compared to last year, while assuring depositors and investors not to worry and emphasizing the relatively small portion of loans they hold related to commercial real…

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'A World Of Hurt': Call Centers Vacate 30M SF Of Offices As They Embrace Remote Work

'A World Of Hurt': Call Centers Vacate 30M SF Of Offices As They Embrace Remote Work  

Call centers don't anchor new skyscrapers or flashy mixed-use developments, but they have a huge impact on the office market, leasing nearly 150M SF in the United States, filling corporate parks in cities and suburbs across the country. 

But that number is plummeting.

Of the 200M SF of U.S. offices classified as call centers, 60M SF is available, double the 30M SF of availability in the sector before the pandemic, according to JLL data provided to Bisnow. The availability rate of 30% is far ahead of vacancy in the office market overall, which hit a record 20.2% in the first quarter of 2023, per JLL.

“If this is not the most impacted asset class, it’s definitely in the top three,” Savills Vice Chairman David DiPietro said. “We still have a number of years for this to flush out. But I think this asset class is in a…

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