Turn to page B1 for Banker & Tradesman’s monthly coverage of all things commercial real estate.
THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Barnstable Spotlight: Yarmouth
IN PERSON
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Laura Galeski supports several nonprofit initiatives for the Hanscom Federal Credit Union and its foundation, including raising $75,000 for children’s medical research through Credit Union Kids at Heart’s Boston Marathon team and working with employees to raise money and build beds for the Massachusetts Coalition for the Homeless’ A Bed for Every Child program.
WEEK OF MONDAY, DECEMBER 30, 2019
150,000 square feet The amount of meeting space in any Hynes Convention Center replacement demanded by the Back Bay Association. See Steve Adams’ story on this page. Source: Back Bay Association
15 percent The increase in downtown Boston commercial rents year-over-year. See Garrett Larivee’s and John Dolan’s column on page B4. Source: McCall & Almy
800,000 square feet The size of a warehouse tenant’s commitment at a new Uxbridge business park. See Jay Fitzgerald’s story on page B1. Source: CBRE
LOOKING FORWARD
2020 VISION
FOR THE YEAR AHEAD Image courtesy of Joe Baz / CC BY 2.0
COMMERCIAL REAL ESTATE BY THE NUMBERS
$5 per square foot The average tenant improvement allowance needed in 2020. See Tamara Small’s column on page B4. Source: NAIOP-MA
Year-to-date multi-housing transaction volume totals $4.4 billion. See Christopher Phaneuf’s column on page B9. Source: JLL
800,000 square feet The negative net absorption of office space built before 2001. See Elizabeth Berthelette’s column on page B7. Source: Newmark Knight Frank
272 The number of rooms in a planned citizenM hotel in Back Bay. See Hot Property on page 7. Source: Samuels & Assoc.
$3.3 billion Investors paid $3.3 billion for local life science properties in 2019. See Suzanne Duca’s and Connor Channell’s column on page B7. Source: CBRE
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.
Prime Development Parcels Surface in Plain Sight BY STEVE ADAMS BANKER & TRADESMAN STAFF
G
reater Boston’s booming real estate industry continues to reshape the local landscape as the real estate cycle passes the decade mark, and 2020 is likely to generate more headlines about how developers are responding to the region’s job growth and housing needs. The proposed sale of two state-owned properties sets the stage for potential battles in the state legislature and historical preservation circles, and the potential for a pair of large-scale developments in the heart of Boston. Continued on Page 7
Photo courtesy of Grk1011 / CC BY-SA 3.0
$4.4 billion
Two prime properties in the heart of Boston could become available to private developers if the Baker administration gets it way in selling the Hynes Convention Center in Back Bay and Hurley state offices on Staniford Street.
COMMERCIAL INTERESTS
LOOKING OUT
The Wrong Tack on Key Issues – or Ignoring them Altogether – Leaves Politicians Off the Hook
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The News Media Is Letting Us Down By Scott Van Voorhis | Banker & Tradesman Columnist
Commercial Real Estate PAGE 3
Fintech Continues to Offer Strategic Challenges By Diane McLaughlin | Banker & Tradesman Staff
Banking & Lending PAGE 9