0 Boston Co-Living Update

 

 

 

 

 

 

Finding an affordable apartment in a convenient location in Boston can be a challenge. Co-living has appeared on the CRE scene as an affordable alternative to the traditional multifamily set up, but many remain unfamiliar with this concept. However, as Boston’s workforce presence grows and the demand for affordable apartments in central locations rises, it’s time for co-living to be taken seriously.

While developers can see co-living’s potential to provide returns, several questions about the future of this unique concept remain. Are shared spaces the next solution for affordable housing? Will the pandemic impact interest in this housing alternative? What does this mean for new development and mixed-use options?

Join Bisnow on June 30 along with Arx Urban Principal Benjie Moll, Kin CEO Britt Zaffir and Common Director of Real Estate Charlie Boutwell for a discussion moderated by Boston Realty Advisors Founder & Senior Partner Jason Weissman on co-living and what it means for Boston multifamily.

Our content will touch on:

  • How does co-living present a long-term solution for affordable housing options in the inner city?
  • How will co-living open the door to multifamily investment for young professionals?
  • How might co-living evolve in response to the pandemic? Will density be more of a focus?
  • What amenities are owners offering co-living properties?
  • What is the leasing landscape for co-living? Are Boston residents responding to this option?

There will also be plenty of time for questions.

Register HERE. 

0 Modular Housing For The Future

 

 

 

 

 

 

Join Bisnow tomorrow, June 23 along with ICON Architecture Associate Principal and Practice + Design Team Leader Kendra Halliwell, GreenStaxx Director of Business Development Hans Hawrysz and Berkeley Investments Development Project Manager Paul Goodwin for a discussion moderated by Boston Realty Advisors Managing Director and Senior Partner Will Catlin as they explore modular construction, what it could mean for Boston and how recent developments can innovate housing moving forward.

Our content will touch on:

  • What does modular construction mean for the bottom line, project timeline and consistency? Why are some missing the mark?
  • What solutions does modular present for TOD and affordable housing?
  • How are leaders overcoming the challenge of limited manufacturing options and supply chain?
  • How does modular construction compare to traditional methods? What are the advantages?

What is the investment return potential for modular developments in comparison to traditional projects?

Register HERE.

0 Boston Industrial: Rethinking Our City’s Industrial Infrastructure

 

Bisnow Tuesday, June 16 as Calare Properties CEO Bill Manley discusses how the pandemic has impacted Boston industrial and how the market will continue to grow in a post-pandemic world.

Our content will touch on:

  • What types of industrial deals are being made? Who is buying? Who is selling?
  • Why has the industrial sector been more insulated from the pandemic?
  • What will the long-term effects of coronavirus on Boston industrial be? How are owners planning for what’s ahead?
  • Can small industrial tenants survive this crisis? How are larger logistics tenants faring?
  • What is the state of financing for industrial in Boston?

Register HERE.

0 Transit During The Era Of Social Distancing: How The Pandemic Has Impacted Transit & What That Means For Boston

The use of transit and commuting has come to a halt since the start of the pandemic. Now, people are wondering what continued social distancing measures will mean for the future of subways and busses. How might the office community be impacted with limited commuter options moving forward? How will a lack of accessibility to the inner city impact the demand for real estate? What are transit leaders thinking about the future of transit?

Join Bisnow on June 11 along with MassDot/MBTA Chief Strategy Officer & Undersecretary Scott Bosworth, BSC Group President & CEO Sean O’Brien and Metropolitan Area Planning Council Government Affairs Director Lizzi Weyant as they discuss how the pandemic has impacted transit and their thoughts on what it could mean for the market.

Our content will touch on:

  • How will transit-oriented developments be impacted in the short and long-term?
  • People are always searching for homes and offices close to public transit hubs. If people are no longer using public transit due to the pandemic, how will that influence the demand for CRE?
  • How might the issues around transit during the pandemic impact the office market?
  • How will transit funding be impacted by the decline in government tax revenue due to the pandemic?

Register HERE.

0 Re-entry to the Office at BRA

The re-entry to the office for Boston Realty Advisors has begun. We require all team members and visitors to self-certify based on six questions.

We are using guidelines by the state of Massachusetts to get back to the office. Here are the ground rules:

  • All Employee and service providers entering a BRA workplace must gain approval by digitally signing a health declaration and receiving an “Entry Pass” for the day. Declarations are accessed by personal smart phones. We will be using a QR code system with Topple.io.
  • All Employees and service providers entering a BRA workplace must wear a facemask. BRA will provide masks to those who need them.
  • BRA will have Purell hand sanitizer locations up entry and throughout the office.

0 Pandemic Or Not, Affordable Housing Still Needs Density And Transit

By  Dees Stribling | Bisnow |June 2, 2020

The long-term outlook for affordable housing depends on its location in walkable areas with access to transit that will take residents to their jobs: urban density, in other words, or at least a pocket of density around a transit node.

The pandemic has called that model into question, but in the long run, urban density will be resilient, Stantec Architecture Senior Associate Aeron Hodges said.

“One of the most frequent responses to the situation has been an aversion to density and urbanity, for understandable reasons,” Hodges said during Bisnow’s Re-Imagine Housing Affordability in a Post-Pandemic Boston webinar last week. “But cities will bounce back quickly, partly because of the infrastructure that is already in place.

“Humans are social creatures,” she added. “We’re drawn to each other. Density creates an energy chamber for innovation, for ideas that we are so much in need of.”

Transit will remain vital to the future of affordable housing, said Wandy Pascoal, the housing innovation design fellow for the Boston Society for Architecture and the city of Boston. Not just to provide access to employment and services, but as a factor in allowing more units in the same space.

“A relatively small chunk of the cost can be lowered if we reduce the amount of parking that’s available, increasing the number of units that get built out,” she said. “That means for the overall development project, there is a reduced cost per unit.”

Reducing parking will also make Boston a more livable and walkable city, Pascoal said.

The speakers also said that effective development of affordable housing in Boston will depend on smaller unit sizes.

“Even before the pandemic, one of the things we were focusing on was compact living,” Hodges said. “It’s the idea of living small and sharing more. It’s not a typology for everybody, but there’s a huge demand for it among young people trying to land on their feet in the city.”

Both Pascoal and Hodges were involved with the recent Urban Housing Unit Roadshow, when a prototype of a 385 SF residential apartment was shown in six different Boston neighborhoods to receive input from the communities.

On the whole, they said input was positive, since the concept represents an opportunity to downsize and streamline one’s lifestyle in an affordable way, since as modular units, UHUs would be less expensive to build.

Young people were interested, but so were those looking to downsize after raising a family, Pascoal said.

“I met a 65-year-old from Roxbury who was enthusiastic about leaving her three-story Victorian house,” she said.

The speakers said that Boston could learn from small-unit designs in other parts of the world.

In Barcelona, for example, La Borda is a housing cooperative on public land, with a leasehold of 75 years. Built of cross-laminated timber around an atrium, which provides access to natural air, its units of about 450 SF rent for less than €800, much less than the city’s average, Pascoal said.

0 The Future of Office Amidst Covid-19

 

Moderated by Wil Catlin (Boston Realty Advisors) with a star-studded panel, including Michael Maturo (RXR Realty); Matthew Friedman (Rockwood Capital); Arthur Jones (Principal Real Estate Investors); and Robert Deckey (Invesco US)

ABOUT THE VIRTUAL EVENT

iGlobal Forum Live introduces a brand-new virtual event, providing you with key insights into the Offices market.

This 1-hour discussion is the perfect opportunity to delve into this key commercial real estate sector with industry leaders, both from asset management and acquisition standpoints, enabling you to get solutions you can take back and use in real time.

Key topics include:

  • Flex-space and Space-As-A-Service feel highly relevant, yet how can they survive new health requirements?
  • Will tenants downsize and relocate to minimize costs? Or will they create grand offices that are branding exercises to draw people back together?
  • What are asset management teams doing to protect portfolios in this C-19 environment?
  • What solutions are available for elevators?
  • How much will operating costs increase?
  • How are sector benchmarks or metrics shifting to meet the new Covid-19 reality?
  • In future, will an employer’s location matter less, and if so, what does that mean for the office sector?

Register HERE.

0 Boston launches $6M fund for business reopenings

By   | Boston Business Journal | May 27, 2020

Boston officials have pledged $6 million in grants to support small businesses where employees must work in close proximity with either coworkers or customers — such as hair salons and barber shops, retail stores, gyms and food service establishments — to provide personal protective equipment so those businesses can reopen.

Companies with fewer than 15 employees can apply for up to $2,000 for materials such as masks and safety partitions for customers and employees. The funding will be available in three rounds: first, for personal services including barber shops and hair salons; second, for retail, restaurants, nail salons, day spas, waxing and laser services; and third, for bars, arts and entertainment venues and fitness businesses.

Applications open Thursday at 5:00 p.m. at boston.gov/reopen-fund.

“When our small businesses are ready and able to open, we want our business owners and workers to have access to the appropriate resources to stay safe,” Boston Mayor Marty Walsh said in a statement. “These additional grants will help level the playing field for Boston’s small businesses and support both our public health and economic equity priorities.”

At a press conference on Tuesday, Walsh stressed that employees should continue to work from home if possible. Workers should not feel pressured to come into work if they don’t feel safe, he said.

“We have to do our part to minimize the risk of another surge,” he said. “It’s not the time to let up.”

0 In this coronavirus spring, a stroll down Newbury Street felt neither leisurely nor luxurious

 

By  Shirley Leung | Boston Globe | May 26, 2020

It says a lot that the busiest spot on Newbury Street on a gorgeous Tuesday was the decidedly unglamorous UPS Store, where people spent their lunchtime lined up outside to mail packages.

In normal times, this stretch of the Back Bay would have been jammed with pedestrians who had come to shop, eat, and people-watch. Parking would have been harder to find than toilet paper at a Walmart in April. It would have been the perfect day to play hooky after lunching outside on the patio of Stephanie’s.

Instead, like during the previous 10 or so weeks, Newbury Street was eerily quiet. The Massachusetts economy may have tentatively reopened, but you couldn’t tell by walking down this quintessential street of Boston commerce. Between the papered-up windows and “for lease” signs, it was hard to find a store or a restaurant that was open for curbside or takeout service.

Consider the end closest to the Public Garden, where the poshest shops are located. Burberry was open for curbside pickup, but Chanel next door was not. Both Salon Capri and Mario Russo Salon welcomed back clients, but not the Italian boutique Brunello Cucinelli in the storefront below them.

In this coronavirus spring, a stroll down Newbury Street felt neither leisurely nor luxurious. Instead, it was one more reminder of the economic toll of the virus, which forced the shutdown of so-called nonessential businesses for two months.

Some stores felt frozen in time, their windows plastered with March postings about being temporarily closed. Other shops flashed signs of life — like the handwritten note on Anthropologie’s front door that read: “Hi UPS + USPS we are back in store every day 10 am-2 pm!”

But it is the papered-up storefronts that really give you pause: How many of these stores will be part of the state’s economic restart?

Dan Dumenigo, owner of the Barbershop Lounge, wondered the same as he opened his shop on Monday for the first time since March 24. People are long overdue for a haircut ― you’ve seen them on Zoom ― and by Tuesday morning Dumenigo had only two appointments left for the rest of the week. While his barbershop is busy, he couldn’t say the same about an empty Newbury Street on a picture-perfect day.

“It’s definitely depressing,” Dumenigo said through his face mask.

He’s especially worried about his stretch of Newbury, between Fairfield and Gloucester streets, which benefits from being a block away from the Prudential Center. How many of those people working from home will come back to the office tower? Not so long ago, thousands of workers used to spill out on to Boylston and Newbury during lunch time. They grabbed a bite to eat, did a little shopping, and maybe even got a haircut. Together, they spent a lot of money.

With the prospect of more people shifting permanently to working from home, Dumenigo said, some retail business tenants wonder if they can get by with fewer customers.

Even before the pandemic, the future of Newbury Street as a retail and restaurant destination was in doubt. As the mom-and-pop businesses that gave it character were being forced out by rising rents in recent years, national and international chains have taken over. Restaurateurs with the biggest buzz passed over old-style brownstone dining to open up in the shiny neighborhoods of Fenway and the Seaport. Now, some of the most vulnerable shop owners along Newbury worry that the coronavirus fallout might be the “final straw,” said Dumenigo.

Vacancy rates have hovered around 10 percent to 15 percent on Newbury, which is higher than Beacon Hill’s Charles Street or Harvard Square, according to Whitney Gallivan, partner and managing director, of Boston Realty Advisors, a brokerage advisory firm.

But Gallivan isn’t ready to write off the neighborhood. As the virus makes us reimagine everything, including shopping, she believes Newbury will remain relevant.

“Newbury has always been a fixture in the city’s retail shopping . . . there is nothing else like it,” she said. “Newbury will be on the list of places people will want to shop.”

But Gallivan and others point out that its survival will, in part, depend on the strength of the relationship between tenants and landlords. They need to work together because the economic recovery will be slow, with revenue kept down by limits of the number of shoppers and diners allowed inside stores and restaurants. Covering the rent is going to be a huge challenge. Compromises will need to be reached, and soon.

As longtime Newbury Street tenant Patrick Lyons puts it: “What COVID is going to do is lay bare the reality of stupid leases.”

Lyons, whose Sonsie restaurant has been on Newbury for close to three decades, credits his longevity to a landlord who isn’t out looking to lease to the highest bidder.

“We have an enlightened landlord who understands the magic of Newbury Street,” he said.

The City of Boston can enhance that magic by closing streets to auto traffic and encouraging outdoor dining, something it’s considering for neighborhoods across Boston. Since 2016, Mayor Marty Walsh has promoted a few car-free weekends a year on Newbury, drawing crowds and rave reviews.

How about expanding that to weeknights? Then leave it up to the ingenuity of business owners to add bells and whistles like strolling musicians and dancing under the stars.

Some days it’s hard to imagine how we can ever return to our pre-pandemic lives. But Meg Mainzer-Cohen, president of the Back Bay Association, reminded me we’ve been here before.

“I remember sitting in my office overlooking Boylston Street – completely empty after the Boston Marathon bombing . . . will this ever turn back to normal again?”

We know the answer. We eventually emerged from the horror of that day. Just as we will one day walk down Newbury Street again, no longer weighed down by the pandemic.