Parking Garage as Market Indicator
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Numbers say everything in real estate, like why an investor recently paid $56M for an asset—in this case the Necco Street parking garage in the Seaport District—that sold for $34M barely two years earlier. Reis economist Brad Doremus explains: As the investor—the Multi-Employer Property Trust—clearly knows, the once-windswept waterfront neighborhood is filling up with businesses, office workers and residents. That’s clear from the “hefty decline” in the Seaport District office vacancy rate from 10.9 % at the end of 2012 to 6.8% at the end of the last quarter, Brad tells Bisnow.