In recent weeks, two fund-raisers for state Senator Nick Collins, from South Boston, pulled in roughly $25,000 from the real estate and hospitality industries.
Their plan would hike tax rates on commercial property for three years in a bid to balance the budget without a sharp tax increase on residential taxpayers.
It’s another example of declining values for office buildings as pandemic-era shift towards working from home solidifies, a change that has pushed vacancy rates in downtown office towers to their highest level in decades.
While abatement requests were down citywide, they were up in the core of downtown, where office towers help power the city’s tax base, and thus its $4.28 billion operating budget.
The declining value of Boston’s office buildings could mean the city will face a revenue shortfall of between $1.2 billion and $1.5 billion over the next five years.
Boston-based firms that build biomanufacturing space see big opportunity in Raleigh-Durham — posing a threat that a key pillar of our region’s economy could grow faster elsewhere.
The real estate investment trust in 2020 bought a self-storage facility and shipping warehouse in South Boston for $168.5 million with plans to develop a life-science campus. The firm this month sold the property again for just $87 million.
With city approval, 104,000 square feet of office space may be transformed into 170 apartments, helped along by a short-term tax break program aimed at easing the area’s housing crisis.
A Boston-based developer won approval for 850-unit apartment complex at the mouth of the Saugus River, despite protests from dozens who say the project does too little to create housing Lynn residents can afford.