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?
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?
Have you googled your building lately? I would hope so as that is how renters and buyers are finding your property. Having worked in property management for over a decade I certainly understand firsthand the significance of your building's brand and online presence. A large majority of multi-family projects are now spending quite a pretty penny on branding, covering naming of the building to renderings, web design and social media. Much thought is put into tying the project to the neighborhood or history of the project site to ensure the brand will be unique and enticing to renters or buyers. The goal, pre-sales/leasing and perhaps a waiting list for your project.