ANNIVERSARY BY THE NUMBERS
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R E AA LL EES ST T F AI N A INA CL I IANLF OI R NM F A O TRI M A TSI I O RE AA T ET E& & FIN NC ON NN C E S 1I 8N7C2 E
County close-up: Plymouth Spotlight: Carver
IN PERSON
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First as the youngest Boston city councilor in history and then as a prominent real estate attorney, Lary DiCara’s had a ringside seat – and sometimes a part in the show – as Boston was transformed from an arson-riddled shell to the busy metropolis of today.
WEEK OF MONDAY, SEPTEMBER 5, 2022
RESIDENTIAL REAL ESTATE BY THE NUMBERS
FA D I N G F R E N Z Y
108,000 The number of new homes Massachusetts needs to meet demand. See Scott Van Voorhis’ column on page 3. Source: Up for Growth
$540,000 The median single-family sale price in Plymouth County. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
20,000 Massachusetts is on track to add 20,000 new residential units this year. See Scott Van Voorhis’ column on page 3. Source: Census Bureau
Boston’s current lab construction pipeline includes 5.8 million square feet of projects already under construction, and more major developments are planned. In July, a development team led by Lincoln Property Co. received approval for a 650,000-squarefoot lab tower at 701 Congress St. in Boston.
$6.87 million
30,000 Massachusetts used to build 30,000 new housing units a year. See Scott Van Voorhis’ column on page 3. Source: Census Bureau
SUBLEASE SURGE ADDS PRESSURE ON LAB PIPELINE
Tenant Demand Dips as Firms Trim Footprints BY STEVE ADAMS
2,962 The number of single-family homes sold in Plymouth County through July 31. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
4,701 The total number of housing units in Carver. See the Town Spotlight in By the Numbers on page 6. Source: Census Bureau
BANKER & TRADESMAN STAFF
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one are the days when sizeable blocks of space in life science hubs from Kendall Square to the suburbs were all but impossible to find unless a company committed to leasing space years in advance of completion. Shocks to financial markets and caution by funding sources have changed
the real estate equation in the Greater Boston life science cluster, after nearly a decade of constant growth and absorption. Local firms have laid off more than 1,100 employees in 2021, venture capital funding and IPO activity is down, and sublease availabilities more than doubled in the second quarter to 916,000 square feet. “In 2021, it was an absolute feeding frenzy,” said John Coakley, life science principal for tenant advisory brokerage Cresa. “There was no space available, and there was a ton of demand. The tone out there in the market has changed, and demand is down a little bit.”
Record flows of venture capital funding to life science companies in 2021 have declined, and square-footage requirements have dropped by about 50 percent in the past year, according to local commercial brokerage data. In the near term, Greater Boston’s leading position as the leading U.S. life science cluster appears secure. The availability rate across the region’s 33 millionsquare-foot lab market – stretching from Boston to Worcester – stood at just 2.4 percent in June, according to JLL research, including a 1.1 percent direct vacancy rate. Continued on Page 7
$1.3 million The median single-family sale price in Hingham. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
COMMERCIAL INTERESTS
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Commercial Real Estate PAGE 3
Image courtesy of Arrowstreet, Moody Nolan and Studio Enee
The most expensive recent sale of an existing single-family in Plymouth County. See By the Numbers on page 6. Source: The Warren Group
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Banking & Lending PAGE 9