I don't think it's related to any crisis in CRE. Rather it's related to an ongoing crisis in housing. Boston is short 30 thousand housing units.
Yes CRE vacancy is high in Boston, but it's still far from being a CRE crisis. The share of biotech and healthcare space is so high within Boston CRE that vacancy rate aren't nearly as bad as in other cities. And lab conversions are increasingly commonplace, so it's not like a residential conversion program was necessary to save CRE.
Yes CRE vacancy is high in Boston, but it's still far from being a CRE crisis. The share of biotech and healthcare space is so high within Boston CRE that vacancy rate aren't nearly as bad as in other cities. And lab conversions are increasingly commonplace, so it's not like a residential conversion program was necessary to save CRE.