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Is it a good time to be a commercial agent in Boston?
I got this from CPN.
Apartment assets in outlying areas of the Boston metropolitan area should see competition from the shadow rental market, but core assets are predicted to outperform, according to a recent Marcus & Millichap Real Estate Investment Services Inc. report. A major question, though, is how job losses will affect the city's multi-family market.It will certainly suffer as the U.S. recession tightens its grip because renters are likely to transition into less-expensive housing. Class A properties in the outlying suburbs of North Shore and Mystic River North/Route 128, both of which prospered during the housing boom, will compete with shadow rental stock throughout this year, pushing vacancy higher. Lower-tier apartments in Cambridge/Watertown and Brookline/Brighton are predicted to fare well, owing to student demand and renters seeking affordable housing options close to the city.The report found that investment trends are likely to take two forms in 2009: Demand for stable assets in close-in submarkets should remain robust, and properties in tertiary areas will face challenges. Indeed, some of those difficulties may create buying opportunities, as properties that were acquired during the height of the market with aggressive underwriting will appeal to bargain hunters.The volume of apartment sales in 2009 ... more

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