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Boston area commercial space lease demand continues to wane
– News covered by Quincy Quarry News with commentary added.
Commercial office space demand in Greater Boston
Image via barrons.com
Demand for office space in the Greater Boston area is continuing to decline as both the economy continues to be unsteady as well as given how many employers have more office space than they need given that still considerable numbers of their workforce are still working remotely during at least some of their respective workweeks.
At least so reports Banker and Tradesman.
That and The Boston Business Journal.
Particularly hard hit has been interest in bio lab space.
A lab worker
Image via CBS News
Bio-science has been undergoing a slowdown in at least recent months, if not the last couple of years, after a long and strong run in this highly specialized commercial reel estate segment went south.
In particular, a number of developers have been forced to at least trim and/or suspend planned developments.
For a local example of the market demand, the proposed third try to develop a health-related project in Quincy Center was quietly suspended last summer after it had long been touted by the Koch Maladministration.
Discontinued pre-construction demo work redo
A Quincy Quarry News file photo
This project had been touted as an anchor tenant for long vacant and expensively prepared land care of many millions in public funds spent where once the Ross Garage stood between Hannon Parkway and Granite Street.
Now, however, not only is this Quincy Center project looking to not be happening, at least not anytime soon, various announced as well as expected large multiple-unit residential projects in both Quincy Center and North Quincy are also on at least tacit holds given currently onerous interest rates, higher levels of owner equity expected by real estate construction lenders, and still highly elevated material costs given still lingering COVID-fueled supply chain shortages.
Is “A City On The Move” instead going to hit the fan? Br/>An Iconic Quincy Quarry News file photo
In turn, given the roughly $300 million Quincy Mayor Thomas P. Koch has spent on infrastructure in the hope that sufficient new development will come to Quincy Center, one cannot help but wonder if things will instead hit the fan.
Especially disconcerting is how as much of money so mostly spent by Mayor Koch on infrastructure was borrowed with the expectation that sufficient new property tax paying developments will come to Quincy Center and so justify the massive amount of debt so incurred and then spent..
Now, however, if things go south in Quincy Center, local taxpayers are on the hook to cover the shortfall if sufficient development does not happen.
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Condominiums are favored. And they mean condoms.
So now what sort of baloney will FoxRock and their useful idiot sling at us?