Suburban Submarkets Will Lead Boston Multifamily Market’s Recovery in 2021

By Steve Callahan Jr., vice president of business development, Callahan Construction ManagersDespite the turmoil caused by the COVID-19 pandemic, Boston has experienced significant job growth over the last 12 to 18 months in the life sciences, healthcare, technology and finance sectors.The health of these industries will require that employees in these fields have access to much needed, reasonably priced housing as companies continue to grow and build, creating more local …

Demand-Build-Repeat Cycle Characterizes Southern New Jersey Industrial Market

By Scott Mertz, SIOR, president, NAI MertzThe industrial sector has proven to be the only entity with innate immunity to the coronavirus.The onset of the virus has had nary an impact on the soaring demand, rising lease rates and rapid pace of new construction in the major industrial markets throughout the nation. If anything, the increased reliance on home delivery due to stay-at-home orders has only elevated the need for well-located warehouse space from e-commerce …

NYC Retail Market Embraces Hard Change on the Fly

By Kristin Hiller and Taylor Williams Retail and restaurant reopenings this fall gave a modest boost to the New York City retail market in the third quarter. But even with the easing of some operational restrictions, business activity remains diminished in a city known for its hustle and bustle. Both retail tenants and landlords have had to regroup and quickly adapt to the curveballs thrown at them by COVID-19 over the past nine months. While retail and restaurant users in some areas are …

Will 2020 Be A Year to Remember or Forget for the New Jersey Office Market?

By Jonathan Glick, executive vice president, Sheldon Gross RealtyProjecting future trends is always challenging, particularly when you’re attempting to do it during a global pandemic.But to date, several promising signs suggest that New Jersey’s office market is moving in a positive direction —sluggishly and bumpily, perhaps — but in an encouraging direction nonetheless. Newly delivered projects can provide insight on where the Garden State’s office market is headed in terms …

Commercial Real Estate Trends for 2021: Building Documentation Enters the 21st Century

By Kurt Yeghian, CEO, and Jared Curtis, president, Existing Conditions SurveysCommercial and institutional real estate developers in the Northeast have one priority mantra for 2021: no more costly surprises.[caption id="attachment_281095" align="alignright" width="100"] Kurt Yeghian, Existing Conditions Surveys[/caption]With property deals and development projects resuming in an industry badly scarred by the coronavirus pandemic, the CRE community wants certainty above all — …

COVID-19 Catalyzes Innovation in Marketing, Delivery of Real Estate Services

By Natalie Hwang, founding managing partner of Apeira Capital Advisors In the 1920s, President Calvin Coolidge made the saying famous that the business of America is business.  Now, for the real estate sector in the age of COVID-19, the business of real estate is innovation.  To build value in the pandemic economy, real estate companies need to find new modes of distribution, facilitated by technology, to connect with consumers, partners, tenants, investors and other key stakeholders. Once …

Creative Solutions Expand Affordable Housing Supply in Northeast Markets

By Taylor Williams A severe shortage of affordable housing that has been building for years and may soon be exacerbated by the expiration of the federal eviction moratorium is forcing developers to be more aggressive and innovative in terms of how they add much-needed supply in dense, high-growth markets. According to a 2020 report by the National Low Income Housing Coalition, when it comes to housing that American renters whose incomes levels are at or below 30 percent of their area median …

Pitfalls, Opportunities Abound Within Pittsburgh’s Property Tax Code

By Brendan Kelly, associate, Siegel Jennings Over the past decade, Mr. Rogers’ adopted hometown of Pittsburgh has been named the most livable city in the continental United States — a hipster haven, tech hub and other trendy titles. Affordable housing stock in a stable real estate market, access to the arts in an established cultural community and world-class healthcare and higher education place the Steel City at the forefront of medicine and robotics. This attention has drawn real …

Specialized Labor, Tenant Demand Fuel Growth of Boston’s Life Sciences Market

By Brendan Carroll, research director, Cushman & WakefieldThrough the first three quarters of 2020, the Boston life sciences market is seeing record occupancy, a continuation of large new-building leases, stable rents at record levels, high levels of pre-committed new construction and an insatiable appetite for inventory in new submarket clusters.Cushman & Wakefield defines laboratory properties as facilities optimized for the physical scientific research of biotechnology …

Philly Retail Market Responds to COVID-19

By Taylor Williams What a difference a year makes. Around this time in 2019, the Philadelphia retail market was experiencing something of a Renaissance. Driven by forward-thinking projects in chic neighborhoods, such as Fashion District Philadelphia, as well as the delivery of new phases of retail at destinations like Schuylkill Yards and the Philadelphia Navy Yard, the market was embracing new users, customers and spaces alike. The evolution of Philly’s retail market at this time …

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