Banker & Tradesman, July 15, 2019

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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

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County close-up: Berkshire Spotlight: Savoy

IN PERSON

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Jonathan Davis has developed office buildings, lab space and multifamily housing in Greater Boston during up-and-down real estate cycles since the mid-1970s. In Davis’ view, the latest building boom has a key distinction that sets it apart from previous eras: demand for new commercial space and housing is pushing development to nearly every corner of Boston.

WEEK OF MONDAY, JULY 15, 2019

RESIDENTIAL REAL ESTATE BY THE NUMBERS

URBAN RENEWAL

800,000 The number of DACA recipients who will be unable to access FHA mortgages under a new Trump administration policy. See Lew Sichelman’s column on page 4. Source: Department of Housing and Urban Development

$9 million The mortgage on the top property in this week’s Gossip Report. See page 9. Source: The Warren Group

3 The number of properties in this week’s Gossip Report with mortgages. Source: The Warren Group

218 The number of homes sold through the end of May in Berkshire County. Source: The Warren Group’s Statistics Module

13 percent Given current land prices and construction costs, developers have a hard time designating more than 13 percent of their units as affordable housing. See In Person on page 8. Source: Jonathan Davis

$200,000 The median home sale price in Berkshire County so far this year. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

$2.7 million The most-expensive existing singlefamily home sale in Berkshire County in recent months. See By the Numbers on page 6. Source: The Warren Group

8,000 square feet The size of the largest home in this week’s Gossip Report. See page 9. Source: The Warren Group

Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

Developer Hobbs Brook Management is confident in the demand for big blocks of new office and lab space in the suburbs and is working on a 500,000-squarefoot spec building in Waltham scheduled for completion in 2021.

Developers Keep Up the Pace

10 BIG PROJECTS TO WATCH

office and lab space for the next generation of tenants in time for what they hope will be another Roaring ’20s.

BY STEVE ADAMS BANKER & TRADESMAN STAFF

D

owntown and transit-oriented workspaces remain in vogue. Life science is spreading to the Seaport. Class A office space is expanding in Somerville. And a giant blank slate awaits a verdict on its future on the East Boston-Revere border. Following a busy second quarter, commercial development in Greater Boston seems positioned to keep up its whirlwind pace for the remainder of 2019. The urbanization trend is reflected by office vacancy rates falling to 7.8 percent in the Boston central business district, according to a recent report by Newmark Knight Frank.

Canal District at Kendall

Canal District at Kendall

Developers broke ground on 2 million square feet of office space during the second quarter, including over 1.2 million square feet leased to State Street Corp., Amazon and MassMutual. And some of the region’s biggest developers are already making land grabs on the edges of the Seaport District, with the goal of developing

After paying over $50 million for a rare undeveloped parcel in Kendall Square, BioMed Realty is gearing up for a major development. The life science specialist already owns a 10-acre portfolio in the industry hub, consisting of four commercial and two residential buildings totaling 1.4 million square feet. Salvatore Zinno, BioMed’s vice president of development, said the plans call for a large office and lab building, plus 85,000 square feet of performing arts space approved under the previous ownership. BioMed plans to submit a rezoning petition to the Cambridge city council following the November municipal elections. Continued on Page 7

COMMERCIAL INTERESTS

A C C O U N T I N G C O M P L I C AT I O N S

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By Scott Van Voorhis | Banker & Tradesman Columnist

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Commercial Real Estate PAGE 3

Banking & Lending PAGE 9


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