Greater Boston Rents Set Record: Building permits for new multifamily buildings in Boston proper may have ticked up a little last quarter, but metro-wide it’s a different story.

Apartment construction activity across the region hit a decade-long low and asking rents set another record in the first quarter, according to a new report from commercial brokerage Colliers.

With new multifamily created by the MBTA Communities law process turning out to be a lot more restrictive than hoped (see below), it’s likely bad news for renters, and good news for current and future investors in local multifamily projects.

Read more.

What else is on tap today?

‘EQUITABLE DEVELOPERS FUND’: Efforts to diversify the largely homogeneous ranks of Massachusetts’ real estate developers hit a major milestone last week when a $50 million public-private fund started seeking applications.

WEWORK KEEPS TWO MORE: As the coworking company prepares to exit Chapter 11 bankruptcy protection, its court filings reveal intentions to keep two more Boston-area locations. It’s a boon to the owners of one downtown tower, in particular.

LOGAN TRAVEL BEATS EXPECTATIONS: It’s good news for the local hotel industry for this summer, and maybe for anyone looking to develop a hotel locally. (Read what experts predict for the sector in B&T’s annual deep dive into the hotel industry this Sunday)

MOODY’S SAYS BOSTON ‘HEALTHY’: Despite a mayoral property tax plan that CRE leaders say threatens the health of office buildings, the major credit ratings agency gave the city’s financial state a thumbs-up.

WHO’S ON THE MOVE: From new VPs to fresh project managers, see who’s been hired, promoted and honored: It’s our weekly Personnel File roundup.

Don’t Miss This

The five biggest real estate and banking stories you have to read today, including from B&T’s pages.

Details are finally emerging on how Boston Mayor Michelle Wu wants to reform the city’s Article 80 development reviews. The changes would be sweeping, but insiders hope they’ll be more predictable. (B&T)

JPMorgan Chase CEO Jamie Dimon’s hardball tactics over new “Basel III Endgame” capital rules seem to be paying off. (WSJ)

“Virtually every piece of news since the launch [of Gov. Maura Healey’s transportation funding task force] has been more disappointing than the last.” (CommonWealth Beacon)

“As towns file their MBTA Communities plans with the state, many are drawing zones that will likely produce far less new housing than the law anticipates.” (Boston Globe)

Are you struggling with exactly how to answer your homebuyer clients’ commission questions? The trick is: Keep it simple and explain your value, B&T columnist Bernice Ross argues.  (B&T)

The B&T Daily – May 20, 2024

by James Sanna time to read: 2 min