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RE RECOVERY DATE: MAY 16, 2011

Boston

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RE RECOVERY DATE: MAY 16, 2011
CBRE's Andy Majowski made the prediction in our headline during Friday's Boston market overview at the Intercontinental. Other, less specific, offerings suggest we'll slog through another winter of frozen conditions: high vacancies, falling rents, and scant sales, but ever hopeful for spring . . . 2011.
CBRE's David Fitzgerald, here with Keller Augusta?s Kate Keller and Jodi Dakin
We snapped CBRE's David Fitzgerald, here with Keller Augusta?s Kate Keller and Jodi Dakin. He delivered the rough news about downtown in '09. The amount of available office space (direct and sublease) is 16.5%; absorption, negative 1.7M SF; and demand is down about 40% since the peak of ?07. Dave expects vacancies to keep rising and overall rents to slide another 5-10%. Cambridge availability is 17.5%; Boston area sales fell 90% from '07-'09.
BlackRock?s Mark Munroe and Triland Partner?s Tom Garden
BlackRock?s Mark Munroe has been busy ?taking care of day-to-day business? looking after multifamily assets. Translation: light on the investment front. Triland Partner?s Tom Garden tells us his renewable energy development firm is planning a major solar energy facility in Williamstown, VT. The State of Vermont promised to buy energy from Triland for 25 years.
Cresset?s John Baxter and CB?s Nat Kessler
Cresset?s John Baxter and CB?s Nat Kessler. John has a tasty development project, building a new, 70k SF retail/restaurant complex with outdoor roof deck overlooking the wate r at the site of the old Jimmy?s Harborside. Among the attractions will be at least one hometown favorite: Legal Seafood, ?will have a major presence.? They plan to open a little later this year.