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September 3, 2020

Boston Topples New York As Top Office Market
[Webinar] What Market Incentives — Like Proximity To Transit & Opportunity Zones — Are Driving Buyer Demand? Find Out At Boston Multifamily Update: How Leaders Are Continuing To Do Deals During The Pandemic Sept. 8

With a 12-24 record, the Boston Red Sox are not much competition for their rivals, the New York Yankees, during this pandemic-shortened Major League Baseball season.

When it comes to the office market, however, it is a different story. Sales of office towers in the Boston area have topped their counterparts in the New York area for the first time in recent memory, according to market observers.

A recently released analysis by Hunneman Real Estate of data from Real Clear Analytics and CoStar shows that Boston-area office towers fetched a combined $5.449B so far in 2020, compared with the Big Apple’s $5.445B during the same period.

 
 

Boston Topples New York As Top Office Market

Colliers International said it shares Hunneman’s view. “The life science and healthcare industries are the main factors driving investment into the Boston market, while New York City’s battle with the COVID-19 pandemic has hindered capital market activity in the country’s largest office market,” Hunneman Director of Research Tucker White wrote…

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'A Sobering Picture Of Stagnation’: CREW Finds Gender Wage Gap Is Much Worse Than 2015

The wage gap between men and women in commercial real estate has widened over the past five years, leaving women at all levels underpaid, underrepresented and increasingly unsatisfied with their careers in 2020, according to a new benchmark study report by Commercial Real Estate Women Network.

A survey of 2,930 industry professionals from across all CRE sectors found that for fixed base salaries, women make an average 10% less than men. For lucrative commissions and bonuses, women take home a whopping 56% less on average than their male counterparts.

When average fixed salaries, bonuses and commissions are combined, women make a total of 34% less than men in 2020, an increase of nearly 11 percentage points from 2015, CREW found.

'A Sobering Picture Of Stagnation’: CREW Finds Gender Wage Gap Is Much Worse Than 2015

CREW gathered 2,930 survey responses between Jan. 2 and March 31, an increase of 34% from the number of respondents to the 2015 survey. Of those respondents, 82.4% identified as women, while 17.5% identified as men. Nonbinary participants accounted for less than 1%.The survey posed…

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CDC-Ordered Eviction Moratorium Meets Both Praise And Skepticism

The Centers for Disease Control and Prevention has issued an order proclaiming a nationwide residential eviction moratorium, characterizing it as a matter of public health policy.

The CDC is an unlikely ally, but the agency said it considers eviction to be a public health issue during a pandemic because tenants with nowhere else to go might wind up in crowded housing or homeless shelters, where the coronavirus spreads rapidly. Keeping people in their homes is the best option to continue containment, the CDC said, and it could help the U.S. return to normal more quickly.

The move follows a separate executive order issued in early August by President Donald Trump that instructed the CDC to consider formulating anti-eviction measures. In August, the Aspen Institute, a nonpartisan think tank, said that 30 million to 40 million people are "at risk of eviction" by the end of 2020. The National Low Income Housing Coalition predicts a similar range of 30 million to 40 million people at risk of eviction this year.

The CDC plan drew mixed reactions from the multifamily industry and housing activists. Some observers characterized it as a good first step, but only that.

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Recovery For D.C.'s Tourism Industry Expected To Take At Least 4 Years

WASHINGTON, D.C. — The tourism industry in the nation's capital continues to suffer from the pandemic-related drop in travel, and D.C. leaders now expect it could take several years for visitation to return to normal levels. 

Read the full story here.

  
 
 
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