A recent article in the Boston Herald details a new plan by Mayor Menino to jumpstart commercial construction in the city. He has stipulated that this money is earmarked for projects that already have permitting in place. Much of what the federal government is undertaking is geared toward the consumer. This effort is aimed a keeping Boston competitive and securing jobs.
Commercial real estate specialist, Jas Bhogal from Gibson Sotheby's International Realty sees this as a boost to a challenged market. “As we travel through the tunnel of financial crisis, this initiative will keep some important commercial projects moving through instead of stalling. Commercial financing has become even harder in the current times, as bank have pulled funding back from these projects.” Bhogal also commented on the difference between this and federal efforts. “The federal government has been mostly aiming to rectify the housing and financial crisis at the consumer level. This help at the city level will get the commercial projects which are stuck in the pipeline and create much needed jobs and revenue for Boston.”
View the complete article on BostonHerald.com.
For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.
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