Michael Hoban

Michael Hoban is a Boston-based commercial real estate and AEC writer and founder and principal of Hoban Communications. Contact him at [email protected].

ULI Boston/New England and other local partners of the CRE/DEI Collaborative—Builders of Color Coalition, CoreNet New England, CREW Boston, NAIOP Massachusetts, and all five divisions of the Greater Boston Real Estate Board as well as the Real Estate Executive Council (the national trade association for commercial real estate professionals of color)—recently gathered for the annual Boston CRE Diversity, Equity & Inclusion Summit to continue to share insights and strategies on how to advance DEI within commercial real estate meaningfully.
Last year, Massachusetts passed the Multi-Family Zoning Requirement for MBTA Communities (also known as Section 3A). When fully implemented, the law will affect the 175 municipalities—half of the total in the commonwealth—that are served by the state’s mass transit system. Section 3A mandates that there must be at least one zoning district where multi-family housing is allowed “as of right.”
The Young Women’s Christian Association (YWCA) facility in Worcester, Massachusetts, may not fit the traditional notion of a historic U.S. building, but in a classic case of “function over form,” its renovation will provide a vital cornerstone in the redevelopment of the downtown.
ULI Boston/New England and other local partners recently hosted a webinar designed to provide actionable steps to increase diversity, equity, and inclusion within the commercial real estate industry. Citing research by McKinsey & Company, speakers said that companies in the top quartile for ethnic and cultural diversity on their executive teams were 33 percent more likely to experience above-average profitability than companies in the lowest quartile.
While the various segments of the Greater Boston commercial real estate industry grapple with how to return to operations safely as the global pandemic persists, the region’s life science sector continues to thrive. Acquisition, development, and leasing of laboratory properties remain robust in Boston and Cambridge as well as in the submarkets, according to a panel of life science property owners recently assembled for a ULI Boston webinar.
Climate change and its relationship to water management are having a profound impact on cities, compounded by the global trend toward urbanization. Harvard University recently hosted a wide-ranging discussion titled, “The Future of Cities: Water,” which assembled an international panel of experts to provide insights into the challenges of water-related climate change as well as potential solutions for a broad range of city environments.
With an unemployment rate of 2.6 percent, a diverse economy anchored by health and education institutions, and a flourishing tech and life sciences sector, Greater Boston appears poised for continued growth, even with the specter of a potential recession on the horizon. But, like many other growing U.S. cities, the demand for housing far outstrips the supply. Much of the expanding workforce is in danger of being priced out of the market, as are many longtime residents.
Driven by a steady stream of tech and life-sciences companies migrating into the Boston/Cambridge market in recent years, Greater Boston commercial real estate is booming, seeing steady rental growth across its various submarkets, and continuing to be a favored target of both foreign and domestic investors, according to panelists who spoke at a recent ULI Boston event. But that growth does risk displacing some longtime residents.
One of the most difficult challenges for those seeking to adopt emerging technologies in commercial real estate is justifying the cost of implementing such measures. A recent ULI event in Boston highlighted the benefits of the evolving standards on health and wellness by five industry practitioners.
A decade in the making, the South Boston waterfront neighborhood is emerging as a preferred destination for commercial and residential tenants.
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