| View in App |
 |
| |
 |
| |
| 09/13/2024 In this edition of MarketRent™ powered by Clarendon, we explore Boston’s forward-thinking tax incentive program, designed to transform vacant downtown office spaces into much-needed residential units. By offering significant tax reductions—lowering the commercial tax rate to the more favorable residential rate, with additional discounts spanning 29 years—Boston is addressing both high office vacancy rates and housing shortages. The initiative requires developers to include affordable housing and meet energy efficiency standards, promoting sustainable development. While challenges like implementation costs persist, this program is set to revitalize the city’s downtown core, attract new residents, and boost local businesses. |
| |
| INSIGHTS Reimagining Boston's Workspaces: A Tax-Driven Push for Residential Conversions |
 |
| Boston’s innovative tax incentive program aims to convert vacant downtown office buildings into residential units, addressing high vacancy rates and housing shortages. The plan offers a substantial tax break, reducing the commercial tax rate to a lower residential rate, with further discounts for 29 years. Developers must include affordable housing and adhere to energy efficiency standards. This strategy seeks to revitalize downtown, attract residents, and support local businesses. |
|
| |
 |
| |
| RESEARCH 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. |
|
| |
|
| |
| PULSE What We're Reading |
|
| |
 |
| Comprehensive, Data-Driven Insights Analyses and Reports in Major Markets Nationwide |
| CONNECT WITH US |
|
| |
| All content is provided herein “as is” and neither Clarendon Valuation Advisors, LLC (“the Company”) nor its affiliated or related entities, nor any person involved in the creation, production and distribution of the content make any warranties, express or implied. The Company does not make any representations regarding the reliability, usefulness, completeness, accuracy, currency nor represent that use of any information provided herein would not infringe on other third party rights. The Company shall not be liable for any direct, indirect or consequential damages to the reader or a third party arising from the use of the information contained herein . © Copyright MarketRent™ | Clarendon. All Rights Reserved. |
| |
