Most of you are likely familiar with BLDUP’s newsletter, home page and project updates. But now let me introduce you to your new favorite bookmarked page, the BLDUP Documents tab.
Construction is now back underway in Boston on most projects including any and all housing. While unemployment is on the rise and the state’s re-opening plan is in flux condo prices in Boston did jump last month. According to the Greater Boston Association of Realtors, condo prices rose 7.9%, from $630,000 in April 2019 to $680,000 in April 2020. While the future of the market is still uncertain, developers with the right knowledge and experience may be able to find new opportunities within the Boston market. We’ve compiled a few tips to assist in navigating this unprecedented time.
In the world of general contractors everyone knows the big guys, their names are seen stamped on major projects across the city. When it comes to towering skyscrapers a handful of firms have the market cornered. But these extra-large projects are often few and far between, while medium and small projects are more plentiful. Right now they are over 50 approved new construction projects under 50,000 square feet in Boston that have yet to start construction. How does a local, small firm find new projects, expand their book of business, and gain brand recognition?
As the COVID-19 crisis continues to play out, Boston has seen a decline in for sale listings however with the state planning a phased re-opening and construction starting back up again in Boston later this month, the typically busy spring housing market, maybe pushed to summer. For brokers out there looking to work with developers on new construction projects, we examine the process of how you may go about finding who is building condos in your area. There are developers out there right now working on projects who have yet to select a broker or they are not feeling that great about the brokers they use. You have an opportunity to find these developers and sell them as to why they should work with you. But where do we start?
Earlier in the week Mayor Walsh's office announced a phased restart of construction in the city. Per the guidelines work can begin again on May 18th for hospitals, schools, residential projects (1-3 units), road/utility work, and outdoor open-air work such as steel erection, roofing, and foundation. Later in the month, May 26th, all essential projects as defined by the state's order can restart. All projects must of course have safety protocols in place.
After resounding requests from our InTheKnow users, we have added maps to our Business Intelligence platform. With this new feature in place, we can see why it was of major importance to our users. The maps easily lend order to our complex data sets. Not only are they aesthetically pleasing but allow users to easily identify trends visually as opposed to sorting through a long list of data. Along with being able to now visualize data sets here are five examples of how the BI map feature can be used to save you time and research and find new business opportunities.
There is an overwhelming amount of data available in and around the CRE industry, most of which is found in disparate places that are not easy to use. Given today’s circumstances, it will be more important than ever to devote time to finding new business opportunities as some of the projects you may be working on are stalled or won’t begin as expected. BLDUP’s Business Intelligence tool has been designed to get you the information most important to your business in the shortest amount of time possible. Below we’ve included a few examples of different Business Intelligence segments that can be run and then exported into excel spreadsheets with our InTheKnow product. Again these are just a few of the myriad combinations of the data you can pull from our system as you can sort projects, organization, and public records from across the state all in one location.
Construction may be temporarily paused in Boston but with strong market fundamentals in place prior to the pandemic the over $16.5 billion in projects that are in process will (hopefully) soon be safely active again. With over 34 million square feet of development across the city, how can those of us in the CRE industry track these projects and find the largest 50 under construction, or the top 50 most important to our particular business? Whether you need this data for business development purposes, research or comps, or you are just looking to for general market knowledge, what is the best way to easily find this information?
In 2020, where is the first place you go to find information? For all of you that just said, “Google” to themselves, you’re right.
We live in a digital age and it is more important than ever that your business also "tags" along for the ride. More specifically, it is important that your business is being tagged consistently as possible across multiple channels.
An easy first step into the world of tagging and digitizing your business is through social media. Facebook, Instagram, Twitter, and LinkedIn are the standards of the business world. However, many companies are also using Snapchat and some have jumped on the TikTok train to promote their business.
It’s no secret that we are in unprecedented times. COVID-19 has essentially halted the construction and real estate development industry. However, by utilizing BLDUP many in the commercial real estate and construction industry are still able to stay informed and on top of their business.