Austin, Atlanta Lead Race to Win Amazon's HQ2

Written on October 26, 2017 at 11:44 AM

After Amazon announced plans in September to build a second headquarters (HQ2) in an undetermined location, hundreds of local officials across North America have submitted proposals to try and win the $5 billion construction investment and 50,000 new jobs for their city. In an effort to lure Amazon, proposals boast potential tax breaks, local benefits and opportunities.

However, Moody’s Analytics metro area analysts ranked the largest metro areas using a data driven approach, and made the case for an individual city based on qualitative judgment. The analysts looked at five factors: business environment, human capital, cost, quality of life, and transportation. It then assigned a number to each city and a weight to each factor to come up with its list of 10 cities. An additional category, geography, was considered, but was not factored into the rankings. Moody's excluded Seattle, the site of Amazon's current headquarters, from consideration.

Below are Amazon's Top 10 Cities, according to Moody's Analytics:

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Categories: Pennsylvania, Georgia, Real Property, Massachusetts, Texas, New York, Florida, Oregon, Utah

The 10 Suburban Office Markets with the Highest Rent Increases

Written on April 18, 2017 at 02:51 PM

Although urban office markets continue to be popular with Millennials, movement to creative corporate office campuses in the suburbs is a growing trend. A recent report from commercial real estate services firm CBRE looked at vacancy rates and rental rate increases in a number of revitalized suburbs. A lack of new supply has driven rents up in the majority of these markets, while others are benefiting from outsized demand due to a concentration of specific industries, such as technology and bioscience. Below are the ten suburban office markets with the highest rent increases, according to the report:

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Categories: South Carolina, Office, Washington, Georgia, Real Property, Tennessee, Massachusetts, California, Florida, Kentucky

Mayor Walsh Voices Support of Property Tax Hike to Fund Affordable Housing in Boston

Written on April 28, 2016 at 04:21 PM

During a news conference yesterday on City Hall Plaza, Mayor Walsh announced her support of the Community Preservation Act, which would add a property tax surcharge to raise funds for more affordable housing in Boston. However, real estate experts say the property tax increase is likely to drive up rents in the city and expressed doubts that the burden on homeowners will be as small as they claim. The City Council must first vote to place a question on this November’s ballot. A similar tax proposal was shot down by voters in 2001.

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Categories: Real Property, Massachusetts

Boston’s Industrial Market Hot Streak Continues

Written on February 23, 2016 at 05:26 PM

Greater Boston has a record-low vacancy for industrial warehouse space of 11 percent in the fourth quarter, while manufacturing space in the region is also reaching below a double-digit vacancy rate for the first time on record, according to a fourth-quarter industrial report from brokerage Transwestern. Manufacturing vacancy dipped to 9.9 percent in the quarter, while asking rents rose 5.6 percent to $8.09 per square foot — breaking the $8 mark for the first time since mid-2008, the report said.

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Categories: Heavy Industrial, Industrial, Real Property, Industrial & Manufacturing, Massachusetts, Warehouse

Boston Residents May Vote on Property Tax Surcharge to Raise Money for Affordable Housing

Written on February 11, 2016 at 04:59 PM

Two City Council members are filing a measure to implement the 2000 Community Preservation Act in Boston, which allows Massachusetts municipalities to raise money for housing programs, parks or open space, and historic preservation projects with property tax surcharges. The 1 percent property tax surcharge would be left up to Boston voters on the November ballot. If approved, it would raise an estimated $13 million, with another $6 million to $7 million coming from the state. Although 160 cities and towns across the state have approved such surcharges, Boston voters rejected a CPA proposal in 2001 that would have added a 2 percent surcharge on property taxes and raised more than $200 million over the last 15 years.

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Categories: Real Property, Massachusetts

Vacancy Rates Rising in Many Downtown Apartment Submarkets Due to Overbuilding

Written on January 20, 2016 at 04:58 PM

As multifamily developers continue to concentrate in central and secondary business districts in cities across the country, many submarkets in downtown areas are at risk of overbuilding. Although developers hope strong demand will keep up with all the new empty units, vacancy rates are already rising sharply in many areas across the country.  The percentage of vacant apartments rose 10 basis points to reach 4.4 percent in the fourth quarter, according to New York City-based research firm Reis Inc. “With construction outpacing demand, the national vacancy rate should slowly drift higher over the coming years,” says Ryan Severino, senior economist for Reis. “The national vacancy rate has already bottomed out and is set to keep increasing.”

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Categories: Pennsylvania, Real Property, Apartments, Multi Family, Massachusetts, New York

More Than 100,000 New Hotel Rooms Expected in U.S Cities This Year

Written on January 11, 2016 at 01:08 PM

The hotel building boom continues in the U.S., as a total of 103,230 rooms within 865 hotels are currently under construction and scheduled to open through the course of 2016, according to hotel research firm STR. The industry continues to break records on both the demand and revenue side, and developers are boosting investments to keep up with the surging demand. The 1.5% uptick in rooms opening this year is still below the long-term annual average of 1.9%, says Jan Freitag, STR’s senior vice president of lodging insights. But building activity has dramatically increased, with 21% more rooms under construction than a year ago.

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Categories: Michigan, Nevada, Construction, Real Property, District of Columbia, Hospitality, Hotels, Illinois, Massachusetts, Texas, New York, California, Florida

Boston Office Market Slated to See Double-Digit Rent Increase by 2017

Written on April 21, 2015 at 10:06 AM

According to Cushman & Wakefield’s annual U.S. office market overview and three-year forecast released this week, the average asking rent growth across the country is expected to come in at just under 5 percent in 2015 and 2016 and reach 3.6 percent in 2017. Boston office tenants, however, can expect to see a much larger increase — with its expected asking rental rate increase to average 10.1 percent per year during that timeframe, the report said. But despite have the largest projected the rental rate increase in the country, the C&W report anticipates that Boston’s central business district office vacancy rate will reach 7.9 percent by 2017, down from 9.4 percent in 2014.

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Categories: Office, Real Property, Leased, Massachusetts

Officials Consider Property Tax Breaks for Massive Hotel Complex Near Boston Convention Center

Written on March 23, 2015 at 09:12 AM

City and convention center officials are considering property tax breaks to help build a massive hotel complex across from the Boston Convention & Exhibition Center, which would have at least 1,200 rooms and cost roughly $800 million to build. Critics are wary of the a public subsidy being provided for the South Boston waterfront project, however, as the area has emerged as one of the hottest urban real estate markets on the East Coast and argue that the project should be able to attract a hotel company "on its own merits."

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Categories: Construction, Real Property, Hospitality, Hotels, Massachusetts

Massachusetts Solar Developers Could Have Reason to Challenge Property Taxes

Written on December 17, 2014 at 06:28 AM

Recent findings from the Massachusetts Appellate Tax Court could provide solar developers statewide the opportunity to challenge their property tax payments. According to the Boston Business Journal, "the debate is whether solar arrays are subject to property taxes if the electricity they generate is used for power on property that's not located in the same place as the solar panels."

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Categories: Personal Property, Environment, Massachusetts, Green Initiatives, Oil - Gas - Energy - Utilities

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