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October 19, 2023

Boston Real Estate Leaders React To Gov. Healey's $4B Housing Bill

Gov. Maura Healey Wednesday morning unveiled a new comprehensive bill to fill in the gaps of the state’s housing shortage through new funding, policy initiatives and more, a plan that commercial real estate leaders — for the most part — are backing.

The Affordable Homes Act, a $4B bill that aims to ramp up housing production and preserve affordability throughout the state, includes a variety of approaches to address the state's housing crisis and bring on a mix of affordable options throughout the state.

Several commercial real estate leaders Bisnow spoke with Wednesday said the bill is a step in the right direction to addressing the state's dire housing crisis, though some had concerns about the use of real estate transfer tax hikes to fund affordable development. 

Boston Real Estate Leaders React To Gov. Healey's $4B Housing Bill

“From Day 1, the Healey-Driscoll administration has made it clear that housing production was a big focus,” NAIOP Massachusetts CEO Tamara Small told Bisnow. “This bill is, I think, the largest proposed investment in housing in the state’s history. That’s pretty significant and exciting.”The proposals…

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Boston Launches Program To Incentivize Office-To-Residential Conversions

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The  Boston Planning & Development Agency has begun accepting applications from developers looking for tax incentives to turn downtown office buildings into apartments.  The agency said in a release Tuesday it launched the Downtown Residential Conversion Incentive Pilot Program as a way to create more housing stock downtown as well…

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U.S. Life Sciences Real Estate Investors Say The Market Will Improve. Few Are Willing To Bet On When

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The lack of available debt has hampered the investment market in every sector of commercial real estate, but for life sciences, the issue cuts deeper.

The rapid spike in interest rates didn’t just make it harder to finance real estate deals — it ended an era of wild spending from venture capital firms, panelists said at Bisnow's International Life Sciences & Biotech Conference last week.  That VC boom inspired the wave of…

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No Vacancy? Not Anymore: Industrial Tenants Have Leverage At Last

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Industrial absorption in the U.S. declined by approximately 50% year-over-year, according to preliminary figures from Savills released this month.

While this plunge might seem alarming, analysts told Bisnow they are viewing the dip as a much-needed pause — especially considering the meteoric rise the industrial market witnessed in the pandemic era.

But with supply ticking up and rent growth slowing, tenants are finding relief from years of “no vacancy” signs.

“Normalized demand is meeting heightened supply for the near term,” Savills Senior Director and Head of Industrial Research Mark Russo said. “We think that over the next six to 12 months, tenants will have more power. They've had next to no leverage the last couple of years.” An end user…

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