Boston real estate will stay strong but a softening economy nationally will cool things off in second and third tier markets.
In 2018, our firm took a huge leap forward with interactive design by embracing virtual reality as a design tool. New 3D design capabilities provide our clients with a better spatial understanding of their project during the design process, and help to save time and money through risk reduction and improved quality control. Five years ago, using BIM as a real-time, modeling tool for 3D renderings was cutting-edge. Today, our clients put on virtual reality goggles and can virtually stand in their new space. This interactive design is light years ahead, and the response from clients has been amazing.
Boston’s commercial real estate market continues on the upswing. Many new projects are underway - in downtown Boston, the Seaport area, the Fenway area, and the Fenway section over the Mass Pike. The universities and hospitals are also expanding. At Abbot, we are excited about our city and how the expected growth
Our goal from the outset was to expand the footprint of our client-type. In 2018 we more than succeeded – conducting auctions for family owned businesses, non-profits, estates, investment groups, guardians, bankruptcy trustees, financial institutions, and individuals. We wanted to prove auctions aren’t just foreclosure or distress and we’re proud of our accomplishments.
I still see a strong year for CRE in 2019. Based on the projects we have and the potential projects we are looking at there are many projects in a variety of sizes moving forward.
???????Residential has slowed somewhat but multi-family, commercial, industrial, and retail remain strong.
United Steel was a finalist as subcontractor of the year by the AGC of CT. This only happens when you have great team members, and I’m not just talking about the great people that are part of the United Steel, but the great teams that our customers put together.
We are specific about who we work for because it takes a cohesive team effort and some organizations just don’t have the culture to support this effort.
The DPS team completed hundreds of projects in 2018 for both blue chip and emerging growth pharma/biotech companies and we’re grateful to our clients for entrusting us with their projects.
We’re looking forward to another excellent, positive year, with no slowdown in sight.
The city of Westfield was excited to roll out our comprehensive marketing effort, GoWestfield.com, at the Western Mass Developers Conference in June. Along with our strategic partners, we’re capitalizing on the city’s available land, access to markets, and locally-controlled high-speed fiber optic network, Whip City Fiber, to set us apart. GoWestfield.com is a one-stop portal for information about Westfield
I consider my greatest accomplishment of the past year to be the success of my team.
???????There is a lot of activity in the commercial real estate market right now and it takes an all-hands-on-deck approach to balance the growth in our overall portfolio while continuing to serve all clients with the high level customer service BankRI is known for. At the same time, we have further diversified the projects we become involved in, as well as the products available to meet our clients’ varied financial needs.