As more life science conversions and new developments were completed without tenants, Greater Boston’s lab vacancy rate rose to 13.7 percent in the first quarter, CBRE says.
The figure, up from 10.8 percent at the end of 2023, represents nearly 7.6 million square feet of direct lab vacancies throughout the region’s nearly 56 million-square-foot inventory of life science properties.
What else is on tap today?
- Prices Kept Rising: Last month, there were 2,563 single-family home sales in Massachusetts, a 7.4 percent decline from March 2023 according to The Warren Group. And the median single-family sale price increased 7.4 percent on a year-over- year basis.
- Harvard’s New 1M SF Plans: Harvard University and its development partner Tishman Speyer are set to begin the public review of their next major real estate project in Allston, the second phase of the school’s Enterprise Research Campus.
- Boston Councilors Raise Questions: Several voiced concerns about the long-term impact of Mayor Michelle Wu’s tax plan on real estate development or on small businesses.
- Campbell Says State ‘Trumps’ Towns: Even as she takes Milton to court for flouting the MBTA Communities zoning law, Attorney General Andrea Campbell would like to tamp down murmurings that a rebellion is on its way.
- Higher for Longer Likely: “If higher inflation does persist,” Fed Chair Jerome Powell said Tuesday, “we can maintain the current level of [interest rates] for as long as needed.”
Show me the data!
These are the top 10 existing, recent single-family home sales in Dukes and Nantucket counties.
What did I miss?
Here’s what you might have missed in Sunday’s newsletter. Not a B&T subscriber? Fix that here.
- Changes designed to attract more developers and commercial tenants to downtown Boston and avoid a looming fiscal chasm tied to declining office occupancy are moving closer to the finish line.
- Can downtown Boston escape the so-called urban doom loop? Probably. But it’s going to take a lot more than new “skyline” zoning for taller towers to bring it back.
- “As passions around the MBTA Communities law rise, it’s time to take a fact-based look at the law, put it in context with what other states are doing and plan accordingly.”
