Who could have come close to predicting 2020?
2021 will certainly be a tough call, but here are my predictions:
- By the end of the year, rents will be up and vacancies down for warehousing, suburban apartments, and lab space. Lower rents and higher vacancies for retail, hotel, and downtown office. With no change for downtown apartments.
- Retail business failures will be the highest in recent history.
- Apartment properties will continue to be providing free rent concessions.
- The Boston economy will recover far ahead of the rest of the country.
- Work from home will be a flexible part of the work schedule, but most all employees will be happily back in the office.
- Welcome back highway congestion and near pre-Covid capacity for MBTA ridership.
- The state unemployment rate will hit 6%.
- For real estate development, those projects that already started construction will move toward completion. Newer projects will be on hold, other than for lab and apartments/condos.
- An economic recovery bill will pass within 90 days and a major national infrastructure bill will be passed within the first 6 months of the new Biden administration.
- Baseball season will start on schedule with restricted attendance and end with full capacity. The Red Sox will cinch a wild card spot.