Despite the questionable economy and the multitude of retail closures, Boston’s retail real estate in upscale tourist and demographic locations will remain unscathed unless landlords drastically raise rents. Developers will continue building retail space for national chains; new local retailers will be challenged to find space. Pop-ups will still fill empty spaces while landlords struggle to change old
I think from a “new” construction standpoint, things will continue to progress thru 2019.
With the current booming economic conditions, I believe 2019 will be another successful growth year.
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I expect that we will see more boutique type shops and more specialty shops coming to the city.
I think there will be a transformation from standard retail to more adventure and experience-related retail. People are now looking for unique gifts and different things to do.
Working on a variety of complicated projects with great clients and staff and helping to grow our business in our Massachusetts office.
I am cautiously optimistic about the mid-term prognosis for commercial real estate finance. The Mortgage Bankers Association expects CRE and multifamily mortgage originations to level out over the next few years, “at record or near record levels.” If the market is indeed peaking, the good news is that lenders are applying more diligence to their underwriting
Site design and permitting of the first Topgolf facility in New England including a unanimous town meeting approval for rezoning.
Some of my predictions for 2019 include the following:
Strong job growth and reasonably low vacancy rates should continue into 2019 which will create a positive atmosphere for commercial, residential and industrial properties through 2020.
We’re seeing great progress within City Centre Warwick, a transit-oriented development near Green International Airport. Hyatt Place, a $25 million project, opened this summer. Iron Works Tavern was purchased for $10 million by Newport Harbor Group. A NYC-based company bought the Hilton Garden Inn. Its prior owner has plans to develop a Home 2 Suites adjacent to the property
In 2019 the market will be soft with a 5-10% decrease in sales and leases.
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