Banker & Tradesman MAY 21, 2018

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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

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County close-up: Hampden Spotlight: Westfield

HqO’s founder, Chase Garbarino, previously co-founded the BostInno website. HqO (which is short for Headquarters Optimized) launched in 2015 and received $4 million in funding last year led by Accomplice. The company, based in the Leather District, has 19 employees and is hiring sales, marketing, engineering and product managers.

IN PERSON

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WEEK OF MONDAY, MAY 21, 2018

RESIDENTIAL REAL ESTATE BY THE NUMBERS

B E T T E R , FA S T E R , C H E A P E R

180 The number of degrees in water views for the home in the top spot of this week’s Gossip Report. See the Gossip Report page 7 for more. Source: The Warren Group

4.6 percent Zillow insists that its Zestimates have a “median [national] error rate” of 4.6 percent. See Washington Post Columnist Kenneth Harney’s story on page 4 for more. Source: Zillow

16,075 The number of housing units in By the Numbers’ spotlight town of Westfield on page 6. Source: The Warren Group’s Real Estate Records Search

Federal Rule Change Could Boost CRE Lending

$53.37 The price of office rents per square foot in the first quarter in the Fenway submarket. See Steve Adams’ story on rising rents on page 8. Source: Colliers International Boston

Appraisals No Longer Required on Property Up to $500K

$500,000 Appraisals are no longer required on properties up to $500,000 under a newly amended real estate appraisal rule. See Bram Berkowitz’s story on the changes on the cover. Source: The FDIC, the Board of Governors of the Federal Reserve and the Office of the Comptroller of the Currency

$20.2 million

BY BRAM BERKOWITZ

The amount the state has doled out in incentive payments to communities which create districts where new, mainly multifamily housing can be built. See Scott Van Voorhis’ column on the financial allocations on page 7. Source: Citizens Housing and Planning Association

A

recent change in federal regulation could spur more commercial real estate lending at smaller

banks. The FDIC, the Board of Governors of the Federal Reserve and the Office of the Comptroller of the Currency have amended the real estate appraisal rule, raising the current threshold on commercial real estate transactions requiring appraisals from $250,000 to $500,000. Continued on page 7

15,000 Pagliuca Harvard Life Lab’s, featured in this week’s Hot Property on page 8, is a 15,000-square-foot modular building pilot project for co-working space. Source: Shepley Bulfinch

$4 million The amount of funding the commercial real estate app HqO raised last year. See this week’s In Person on page 9. Source: Chase Garbarino, CEO of HqO

COMMERCIAL INTERESTS

40R a Failure?

More Than Half of Dollars Spent Went to Planning, Not Building Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

250-500K REGULATION ANALYSIS

BANKER & TRADESMAN STAFF

By Scott Van Voorhis | Banker & Tradesman Columnist

Commercial Real Estate PAGE 3

Number of Properties Under 250 (1994-Q4) 100% 429.4K

Number of Properties Under 250 (2000-Q4)

314.0K Number of Properties Under 250 (2005-Q4)

307.5K Number of Properties Under 250 (2010-Q4)

274.8K Number of Properties Under 250 (2015-Q4)

180.1K Number of Properties Under 250 (2017-Q4)

160.9K Number of Properties Under 500 (2017-Q4) 73.2% 314.3K Courtesy of CoStar

GOODBYE GRIT

Fenway Makes a Play for Corporate Office Space

Only the Citgo Sign Will Remain Unchanged By Steve Adams | Banker & Tradesman Staff

Commercial Real Estate PAGE 8


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