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TightBoysenberry_ t1_j56c9z1 wrote

Can't wait for all the hearings on this that remove all the residential units.

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Chappy_Sinclair_ t1_j56c36h wrote

466 new housing units. That's great news.

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InThePartsBin2 t1_j56xrp4 wrote

I bet $1.35 the actual number of residential units gets significantly reduced, like what happened at the new "mixed use" space by the Schraffts building.

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Laxziy t1_j581vj1 wrote

Look at Mr./Ms. Moneybags over here with a $1.35 to bet

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Visible-Education-98 t1_j58hyo5 wrote

That’s whats left over from monthly salary now that the utility bills came through. Cut a person some slack….Jeeeeesh!

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f0rtytw0 t1_j579gg1 wrote

Yeah, from the way these projects have gone you take the 4 and the 6 out of that number, and add just as many years for the project to start.

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dpm25 t1_j56qzpu wrote

But where will all the BPD HQ employees park now??

You cant take their sidewalk away!

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[deleted] t1_j56rmal wrote

[deleted]

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dpm25 t1_j56t9ox wrote

Interesting. Not working in that neighborhood anymore. They have parked there for as long as I can remember.

Wonder what spurred that.

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defenestron t1_j57abfs wrote

They now park on Tremont street in front of the BPD Headquarters.

Traffic doesn't seem impacted by the loss of a traffic lane, but the low-level corruption is even more obvious as there's dozens of No Parking/Tow Zone signs being flagrantly ignored. Still an improvement over the sidewalk, I guess.

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dpm25 t1_j57bcnh wrote

I mean obviously there is no way to get to BPD hq without a car. /s

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PM_ME_TANOOKI_MARIO t1_j57qlou wrote

One day I wanna park there and see how quickly I get ticketed. That place is PLASTERED with no parking signs.

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88stardestroyer t1_j56h5yk wrote

MUST BUILD MORE LAB SPACE

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3720-To-One t1_j56j3ew wrote

For real. How much lab space is needed?

Seems like they are constantly building new labs.

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downwardspiralstairs t1_j56mjxo wrote

Private equity loves lab space because it rents out at a higher rate than an office space because a person can't do lab work from a home office.

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3720-To-One t1_j56mut2 wrote

Right… but how much lab space is actually needed?

If you can’t find tenants, seems like a money sink.

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ThatFrenchieGuy t1_j56yjcb wrote

An absolute shitload, there's a multiyear wait for more space right now because COVID caused us to make so many huge breakthroughs in biotech that are all moving forward at the same time.

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RoaminRonin13 t1_j5715e9 wrote

As much as private equity will finance.

We’ve had companies leasing and fitting out lab space they don’t have the staff to fill for years. They lease space in a new building based on the investment money they’ve received and their hopeful projection of “maybe someday” growth. Then some amount of their space is either empty or gets sublet to a smaller start-up.

At this point labs aren’t really coming out of the ground without an anchor tenant - things are going on hold or dying outright, as the developers tighten up and wait to see what 2023 brings. There are still tenants looking for space, tho - life science is a thriving industry in Boston, and you can’t do lab work at home.

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hmack1998 t1_j56nqkq wrote

Lots because biotech is rapidly expanding and new companies are needing more and more space

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88stardestroyer t1_j56twc5 wrote

Are you stuck in 2021? Biotech is certainly not crashing down, but some R&D had been fired and many large companies have hiring freezes in place

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RoaminRonin13 t1_j5726br wrote

Sure, but some others are still looking for space.

The developers don’t want to spend money in 2023 unless there’s a tenant, and plenty of companies are tightening their belts or seeing investment streams dry up. But others, like some institutional tenants, are planning for 2024 and beyond in terms of their space needs.

I don’t disagree with you that the book may be over, but you’re right that it isn’t crashing either. Life-science has dramatically cooled in just the last 4-6 months. We’ll probably not have a good sense of how things look until 6+ months from now.

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88stardestroyer t1_j576459 wrote

Mostly agree. For me, there won't be expansion in this sector, like many others, until the FED cuts interest rates. Could be well into 2024

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3720-To-One t1_j56ph5a wrote

But of course NIMBYs won’t let enough housing be built.

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BabyLegsOShanahan t1_j56pi02 wrote

But so many are empty.

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hmack1998 t1_j56t666 wrote

What empty lab space is in Boston/Cambridge/Somerville?

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BabyLegsOShanahan t1_j56uhlb wrote

Assembly Row for one and plenty in downtown Boston. My company was looking to get out of their lease in assembly but the market sucks, no one is looking to buy/rent.

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Chippopotanuse t1_j5a0nz1 wrote

If you prefer blighted storefronts, a stagnant economy, and a raging drug crisis - may I interest you in either a time machine so you can go back to 1970’s Boston?

More lab space is simply a function of a science and tech based workforce that Boston has (and that workforce is a function of all of the world-class colleges, universities, and hospitals that Boston has).

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3720-To-One t1_j5b9rz5 wrote

I’d prefer more housing

If you haven’t noticed lately, we have a serious shortage.

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willzyx01 t1_j57m13g wrote

But my sunlight. We must protect the Boston sun.

/s

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MeddlingMike t1_j57ocwk wrote

They’ve been floating plans for that space for over a decade and I have yet to see them break ground on any of it. I’ll believe it when I see it.

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Shemsuni t1_j5a8tss wrote

NIMBYs better back off.

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kevalry t1_j56ovur wrote

Another sign of gentrification. We need to stop this madness of adding new tall buildings.

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Axel_Wench t1_j575ww5 wrote

66% of the 466 units are affordable housing.

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ShriekingMuppet t1_j57r94y wrote

see how much of that gets whittled down

​

also what are the remaining 44% unaffordable housing?

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Chippopotanuse t1_j5a0rfw wrote

66 + 44 = ???

I can see why Boston Housing is too expensive for you.

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Justtryme90 t1_j581s2c wrote

No we need to double the number of tall buildings being built. MORE housing of any type is net good.

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StarbeamII t1_j57m9or wrote

This backwards attitude right here is why our rents are so high and why there's so much displacement. More tall buildings full of residential housing put downwards pressure on housing prices and reduce displacement.

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