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November 28, 2023

This Week's Boston Deal Sheet

Join Us On Dec. 5 To Hear How To Unlock Success When Navigating Leasing Trends For Diverse Tenant Needs

The Davis Cos. is back in the mix to acquire a 95-acre parcel on Everett's waterfront that could result in one of the area's biggest developments, filing a new proposal more than a year after it backed out of a deal for the site.

This Week's Boston Deal Sheet

The developer filed the proposal with state environmental regulators as it works toward acquiring the former ExxonMobil fuel storage facility and transforming it into a 4.2M SF mixed-use community that will include housing, life sciences, retail, office and hotel space, Banker & Tradesman first reported.Everett Planning Director Matt Lattanzi,…

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Samuels Proposes 850-Unit Waterfront Development In Lynn

Samuels Proposes 850-Unit Waterfront Development In Lynn  

Samuels & Associates has set its sights on building the largest development ever in the Boston suburb of Lynn. The developer has proposed a $450M, 850-unit multifamily project along the city's waterfront, Itemlive first reported. The 1.1M SF project  at 830 Lynnway is part of the city's ongoing waterfront redevelopment…

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Uncertain CRE Job Market ‘Like A Middle School Dance’ — And No One Is Making The First Move

Uncertain CRE Job Market ‘Like A Middle School Dance’ — And No One Is Making The First Move  

After big brokerage firms laid off hundreds in the last year to stem the tide of dwindling revenue, 2024 was expected to be a rebound year for commercial real estate hiring. Not anymore.  

Gripped by uncertainty about the state of financing and real estate transactions, job seekers and employers in CRE are eyeing each other but are unwilling to commit, according to industry analysts and top headhunters. 

“Everybody is waiting for somebody else,” CRE Recruiting founder Allison Weiss said. “It’s like a middle school dance. You have to wait for one person to get brave enough to cross the floor.”

The uncertainty surrounding the real estate market will bleed into the 2024 job market for CRE, likely leading to lower raises, limited hiring and continued personnel challenges, experts said. While earlier this year there were suggestions that deal flow would be back in early 2024, firms now expect next year…

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‘Prisoners To The Next Data Release’: Economists Say Interest Rates Likely To Drop In 2024, But Probably No Time Soon

‘Prisoners To The Next Data Release’: Economists Say Interest Rates Likely To Drop In 2024, But Probably No Time Soon  

With commercial real estate transactions on ice amid elevated interest rates that opened a chasm between buyers and sellers, the big questions continue to be whether rates have peaked and when they might start to come down.

The answers, according to economists interviewed by Bisnow, are probably and unlikely until late 2024 or even into 2025, despite indicators showing progress toward the Federal Reserve’s longstanding goal of 2% inflation.

That means the commercial real estate market could remain in a frustrating holding pattern well into the new year or see a new era of “losers and winners” begin to take shape. 

Economists said policy all depends on numerous factors that are difficult to reliably predict. But the consensus was nothing is moving rapidly soon. “At this point, the most likely outcomes are either short-term rates don’t move next year or there’s maybe one cut,” said Xander Snyder, senior commercial real estate economist at First…

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