The life science industry will take advantage of the bountiful opportunities suburban cities and towns offer at a faster rate. Although Cambridge will always be the epicenter of the life science industry in Massachusetts, the low vacancy rate coupled with the increasing rents will continue to make the suburbs attractive to many small to mid-size companies
Boston will continue to be strengthened by the education and hospital communities who have inspired the development of high tech, biotech, and entrepreneurship. The proactive government, lead by governor Baker and mayor Walsh, provides the construction of commercial buildings to serve the economic growth and housing for the new residents to keep the greater
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.
