Related, Synergy, Taurus Execs Warn Boston At Risk Of 'Falling Behind'

Institutional investors are beginning to bet more on the recovery of the Greater Boston market, but Boston commercial real estate experts worry development-limiting policies may end up stunting the rebound.

Executives who spoke at the Bisnow C-Suite Kickoff event Thursday said they are excited about the CRE investment possibilities in 2026 but have concerns that Boston won’t be in a position to capitalize when opportunity comes knocking.

Synergy CEO David Greaney said his concerns start with demand issues across the city. He said leaders must work together to craft policy and practice to put Boston in a position to capitalize on momentum.  

"It needs leadership from the real estate community, business community, the politicians, the state, the city, because we do have a lot to offer and we're in danger of falling behind if we don't wake up pretty quickly," Greaney said.

Synergy has been a dominant buyer in the Boston market, acquiring several Class-B office buildings in the city's central business district, including 101 Arch St., 99 High St. and 179 Lincoln, all within the last couple of years. 

Taurus Investment Holdings CEO Peter Merrigan said there were green shoots in investment interest in Boston and nationally in 2025, and he predicted even more activity in 2026. 

"This will be a big reset year, a big transaction year," Merrigan said. 

The executives said they believe city policies, whether they be rent control, sustainability mandates or affordability requirements, are hindering the industry's ability to fully recover. 

"There's a lot of headwinds here," Merrigan said. "I think the bigger problem that we have going into the [multifamily] side is … rent control is on the ballot, which is pure insanity."

The proposed multifamily rent control measure, which may go before Massachusetts voters in November, would cap annual rent increases at 5%. 

Merrigan said that during a dinner party with Gov. Maura Healey, several major multifamily developers at the dinner warned that they would pull out of the market if the measure passes in November.

Healey also opposes the ballot measure.

The policy pain and the concern that it may hinder growth aren't new. Although industry leaders agree that Boston Mayor Michelle Wu’s policies come in good faith, Related Cos. President Bruce Beal Jr. said these initiatives are doing more harm than good. 

Related Cos.' Boston arm, Related Beal, has worked on several affordable housing projects across the state. Most recently, the firm acquired and preserved 347 apartment units in March 2025 at Fairlawn Estates in Mattapan.

"I think the problem is a lot of the folks that are engaged in these conversations are not doing the math," Beal said. "I think that the biggest thing we could do is actually say, 'Slow down here. Before we start putting things out, let's talk about the math.'"

Large-scale investors are used to seeing past the current policy to plan for the long term. In 2024, one of the largest European insurance companies, Legal & General, bought a stake in Taurus and committed up to $200M in seed capital to invest in multifamily developments in the U.S.

While some European investors have indicated they may pivot away from U.S. investments because of the political climate, Merrigan said the European insurance company is bullish on the country amid the uncertainty. 

"Despite the angst between Europe and the U.S. right now politically, they are very much still bullish on the U.S. from a long-term perspective," Merrigan said. "These political things come and go ... and they think that the U.S. is a dominant market and will continue to be."