Boston's Transformation: Mapping the Future of Office Conversions
Boston is tackling high downtown office vacancy rates by incentivizing the conversion of office buildings into residential units through targeted tax abatements.
The city is offering a reduction in the commercial tax rate – in fiscal 2024, $25.27 per $1,000 of assessed value - to the residential rate of $10.90, with up to 75% available for 29 years. This initiative aims to revitalize downtown, promote affordable housing, and ensure energy efficiency.