CREW Boston

Trends Affecting Commercial Real Estate in 2017

Massachusetts has undergone tremendous change since it first began to recover from the 2008 recession. Since that time, the region has become an epicenter of the life sciences industry, gained traction as a hub of innovation for technology, has seen an entire new neighborhood begin to materialize in the Seaport, and emerged as a prime target for global investors. In early March CREW Boston and CCIM New England partnered to host a panel discussion at One International Place to examine those trends.
The panel included Patrick Annese, Senior VP of commercial banking at TD Bank Senior VP of Commercial Banking Patrick Annese; Angela Parziale, CPA, MST with Walter & Shuffain, P.C.; Rob Caridad of the Chiofaro Co., who handles leasing and marketing for International Place; and Wayne D’Amico, Executive VP of corporate development and strategic relations for commercial real estate information provider Xceligent. Michael Walsh, publisher of Real Reporter, moderated the program.
“I think what has really happened over the course of the last eight years is that we’ve had a more cohesive downtown come together, with the arrival of residential to this area, the incorporation of retail, and truly becoming an 18-hour neighborhood. And during that time, we’ve seen Boston go from a regional center to a national player to a global player. I credit Greater Boston’s strong economic base – meds and eds, as well as the growth of the life sciences and technology sectors – as principal reasons for the General Electric’s and other global companies establishing their presences here, as well as the increase in investment by offshore capital.” – Rob Caridad
“I second Rob’s opinions and acknowledge the importance of the transformation of Boston from a FIRE-based (Finance, Insurance, Real Estate) economy into a “full-blown” TAMI (Technology, Advertising, Media and Information) one. This is the place to be, because you have the youth and the drivers, I think the fundamentals of Boston are so much deeper, and the likelihood that as you grow, the tenants that made the decisions in the last couple of years to come to Boston will suit us better in the next downturn.” – Wayne D’Amico
“There has been tremendous access to capital in recent years which has created a very competitive marketplace among lenders. In order to win deals, banks have had to push the envelope on either price or structure of deals – higher leverage, lower spreads – especially when there are multiple financing options from which clients can choose, and it has been a great space for us to play in.” - Patrick Annese
“I am seeing a substantial increase in joint venture development on the part of her privately-held clients, who are increasingly pairing up with funds and institutional investors. There is also a surge in interest by foreign capital in smaller CRE deals. We see them knocking on the door, and I see it from my smallest clients that own a couple of strips (malls), or a few (Dunkin Donuts locations) around the area. But it’s a slow road, and everybody is looking to see if the price is right to consider it, but there’s a lot of fear from the complexity of the deals from a tax perspective. Additional there are potential changes
to tax laws under the
new administration, and
maintains that, given
the alignment of thinking between President Donald Trump and the GOP-controlled Congress, a simplification of the tax code (fewer individual brackets for instance) could be on the way. CRE tax specialists are concerned that things like accelerated depreciation and 1031 exchanges could be on the chopping block with any tax reform, and that would take its toll on the commercial real estate market if they took that (1031 exchanges) away. – Angela Parziale

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Confirmed Attending

  • Sandra Beringer
  • Daire FitzGerald
  • Patty Flowers
  • Katie Frank
  • Elizabeth Gruber
  • Tracey Hartford
  • Kim Hickey
  • Kaoutar Houmairy
  • Sheryl Howard
  • Teagan Jeffords
  • Dena Kavanagh
  • Kelly Kurlbaum
  • Cindy Larson
  • Victoria Li
  • Enyo M Frimpong
  • Megan Mallory
  • Kathy McGilvray
  • Julie Nasser
  • Teresa Patten
  • Cassie Rosano
  • Katie Speede
  • Erin St Jacques
  • Lisa Strope
  • Jess Tessler
  • Stephanie Traeger