The Beantown life sciences land rush; the young shall lead them all -- back to work; California, here they come; equity investors make a hot housing market hotter.
Bio Biz Fuels Beantown Boom
Life Sciences Boom Puts Boston Property Ahead of the Pack
Boston’s office market has become the envy of landlords across the country, thanks to its expanding biotech and other life-sciences companies awash in capital, The Wall Street Journal says today [subscription required].
NBA Players Bounce into Big Boston Development
A major investment in one of the newer trends in real estate development -- combining science-based office space with residential and retail -- in one of America's founding cities is also addressing the old issue of diversity, equity, and inclusion (DEI).
The Millionacres takeaway: In the second piece here, we do a Millionacres riff on a Journal look at how some big-name athletes are getting involved in the Boston market. Both articles highlight what’s happening there and can provide insight on what investors might look for in other markets, too, as the pandemic puts a fast-forward on this big sector of the office real estate space.
Also in Today’s News
Why Teenage Workers Are Leading the Recovery
The job market recovery is looking better for 2023 and 2024, even while this year's forecasts need to be reined in a bit. The best evidence for the optimistic outlook is coming from a surprising place: teenagers. In May, for the first time in history, the jobless rate for teenagers was lower than the rate for workers aged 20 to 24.
The Millionacres takeaway: This Bloomberg Opinion take on the labor market [subscription required] -- and shortages -- we’re seeing now and where it’s heading, also including this observation: “But to the extent the shortages persist past Labor Day, we should trust the market to sort things out as long as labor demand remains strong.”
California Malls Preparing for June 15 Reopening, Ready or Not
As California is moving ahead to fully reopen its economy on June 15, malls are under pressure to adapt to high foot traffic and welcome more visitors, the Los Angeles Daily News reports.
The Millionacres takeaway: Well, you’ve got to take the bad with the good here, and having a bunch of shoppers pouring into commercial real estate space ready to buy seems worth getting ready for, it would seem.
Also Today on Millionacres
Americans Are Competing With Private Equity Firms for Homes
Our Liz Brumer reports here on how inventory is pushing prices up, meaning Americans are battling affordability concerns, and that real estate investors and private equity firms aren't making it any easier. In fact, 1 in 5 homes were sold to investors in 2020, a number that will likely increase as competition intensifies in 2021.
The Millionacres takeaway: As if competition with other buyers who actually want to live in the place isn’t enough, right? Tough times indeed for homebuyers -- especially those just starting out -- but a great time to be a seller.