Joe Turco’s Post

Ever noticed those vacant offices around Boston while housing demand spikes? Boston's first office-to-residences conversion at 1000 Boylston Street might just be the answer! A win-win strategy, addressing our housing needs while breathing life into dormant commercial spaces. It signals a shift in BostonRealEstate. Ask yourself: Is your business adapting to this new reality? Or are we clinging onto outdated real estate strategies? This innovative change not only caters to our city's housing demand, but it also aids in economic recovery. Your business can benefit too, but only if you're willing to embrace the change. Intrigued by the potential benefits? Tap into a different perspective with real estate expert, Joe Turco. Discover more about how your real estate decisions can redefine, propel, and lead in this evolving Boston market. This is BostonRealtor at the cutting edge of the real estate wave. Are you ready to ride it? #TurcoGroup #eXpRealty #BostonCondo #BostonHome #MovemetoBoston

Navigating the ever-evolving real estate landscape requires a keen understanding of market dynamics and strategic foresight. An example of unlocking profitable real estate strategies, is evident in the Navigating Urban vs. Suburban Dynamics. As businesses adapt post-Covid, we witness two distinct yet impactful approaches shaping success in the industry. One strategy capitalizes on tight markets, leveraging high demand and limited supply to command premium pricing. This approach thrives on maintaining an imbalance that protects pricing strategies, ensuring profitability even in competitive environments. On the flip side, another strategy targets robust markets with ample demand and space for expansion. By meeting the needs of a growing tenant base and scaling supply accordingly, businesses tap into sustainable growth opportunities and fulfill market demands efficiently. The insights gleaned from these strategies resonate deeply with the current real estate trends in New Jersey and mirror the shifts observed in North and South Carolina. The move towards suburban living and the revitalization of suburban office markets highlight the importance of strategic investments in well-located properties. At The Eider Group at Marcus & Millichap, we specialize in guiding our clients through these nuanced strategies, leveraging market insights and economic trends, while looking at the specific markets and the buildings within them, to maximize returns in multifamily, office, and land for developments. Drawing from recent insights shared by Erik Sherman in his article for GlobeSt.com exploring ‘The Carolinas Have Become a Major Multifamily Market. The article delves into how household growth mirrors supply expansion. #realestate #cre #Multifamily #multifamilyrealestate #officebuildings #officerealestate #RealEstateStrategies #MarketDynamics #BusinessInsights #SustainableGrowth #NewJerseyRealEstate #SuburbanRevitalization #InvestmentOpportunities

🌆 Transforming Boston's Skyline: A New Era of Urban Living with BRI Management! 🌆 🔗 Exciting news featured on traded.co! Boston Pinnacle Properties, in collaboration with BRI Management, is at the forefront of transforming Boston's cityscape. Our latest venture is part of the Boston Planning and Development Agency's initiative to repurpose office spaces into residential units, a move prompted by the city's new tax breaks. 🏢 The project at 281 Franklin St. is a beacon of this transformation, where we're converting an office building into 15 modern residential units. This initiative, which includes proposals from various developers, demonstrates the potential of urban redevelopment in revitalizing downtown Boston and the West End areas. 👷♀️ BRI Management's expertise in property management complements Boston Pinnacle Properties vision, ensuring that this transition from office to residential space meets the highest standards of quality and innovation. 📈 This project is more than just construction; it's about community building and offering new living opportunities in the heart of the city. With a significant tax abatement over the next 29 years, we're excited to be a part of this sustainable growth and urban renewal. Read more about this transformative project and its impact on Boston's urban landscape in the full article: https://lnkd.in/eHnntGGV #UrbanRedevelopment #BostonPinnacleProperties #BRImanagement #PropertyTransformation #BostonRealEstate #InnovativeLiving

That’s largely because the Detroit real estate market has proven to be remarkably resilient, even as high interest rates throw challenges its way. Like other CRE markets, the Detroit-area office sector is seeing a flight to quality, with tenants seeking out higher-quality office space with more amenities. Because of hybrid work schedules, these tenants are willing to pay more per square foot for higher-quality office space while renting a smaller amount of square footage. This gives these tenants higher-quality space without boosting their overall rent expenses by a significant amount. https://okt.to/1h6Cuf

🏡 During the pandemic, the hunt for more space was on, from suburban homes to spacious apartments. Now, as offices reopen, the pendulum swings back. Let's discuss how you may be able to optimize your multifamily property to meet changing tenant preferences! Send me a direct message or comment below. #Adaptability #RemoteWork #WorkspaceTrends

Phoenix is blazing a trail in the real estate world. According to a new study from, Phoenix, AZ has been crowned the second-best performing real estate market in the U.S. from 1980 to 2023 - trailing only behind Houston. This isn't just a recent hot streak; Phoenix has been a powerhouse across all key sectors for over four decades. Whether it’s single-family homes, where Phoenix has issued nearly 50,000 more permits than any other city, or industrial space, where the city is currently leading the nation with nearly 40 million square feet under construction, Phoenix continues to shine. And it’s not just about housing -Phoenix ranks in the top 10 for multifamily, retail, office, and self-storage development as well. In a time where national trends have shown a decline in office and retail construction, Phoenix has remained resilient, even seeing impressive growth in areas like self-storage and industrial spaces. The East Valley is especially booming, with advanced manufacturers making their mark. Phoenix isn’t just a good place for real estate - it’s one of the best in the nation. The data says it all. https://lnkd.in/gSDzKPx4 #PhoenixRealEstate #CommercialRealEstate #RealEstateDevelopment #CRE #IndustrialRealEstate #Multifamily #RetailRealEstate #RealEstateTrends #PhoenixGrowth

Boston's real estate market has shifted gears in light of Covid-19. We see a growing trend of converting office spaces into residential suits. Encouraged by state initiatives, this trend is fueled by continued housing demand in the city. The question is, are we prepared for unexpected hitches this chameleon effect could bring? As we celebrate 1.7 million sq. ft of office spaces approved for transformation, housing advocates cheer. But have we considered the long-term economic impact? Is there a blind spot in our planning strategy ignoring the potential of future office space shortages? It’s time to review our strategies. Lookout Boston professionals, as our decisions today could deliberately alter tomorrow’s landscape. Following trends may be key, but understanding long-term implications of this transforming market can be challenging. Embrace change, but also ensure to weigh all possibilities and risks involved. Need help in navigating these waters? Reach out to Joe Turco, your trusted partner in Boston real estate. Let's redefine the Boston skyline together! #BostonRealEstate #Boston #TurcoGroup #BostonCondo #MovemetoBoston

There’s been a lot of talk lately about converting struggling office buildings into apartments as a way to revitalize not just the properties, but the central business districts of US gateway cities, especially New York's. In fact, many of the owners, developers, investors and funds we talk with are contemplating the idea in hopes of turning around their distressed office assets. In Part 2 in our on-going series on multifamily conversions, we take a detailed look at office to apartment conversions, including the number of recent conversions, which office buildings are good candidates for conversion and the market conditions that support apartment conversions. Read Part 2 at https://bit.ly/3XVJZMs #commercialrealestate #multifamily #multifamilyconversions #officebuildings #apartments #offices

Thanks to Ronald Davis and the Phoenix Business Journal for including my commentary and CoStar data in their latest cover story. Though the onset of COVID is now 4+ years in our rearview mirror, pandemic-driven shifts in demand are still causing uncertainty in the Phoenix office market. Check out the below article comparing the Valley's current performance to pre-COVID and expectations moving forward.

Proposed Office-to-Residential Conversion for Affordable Housing in Denver In response to the growing need for affordable housing near workplaces, Shea Properties, a California-based development firm, has submitted plans for an office-to-residential conversion in Denver's Southmoor Park neighborhood. The project involves transforming a vacant four-story office building into 143 housing units, targeting residents with incomes ranging from 30% to 70% of the area median income. Shea Properties, well-versed in both office and multifamily development, has secured $6 million in funding through Denver’s Direct Allocation Private Activity Bonds. The proposed conversion aims to provide an affordable living alternative for Denver residents and is currently undergoing feasibility exploration, with a potential leasing commencement in 2026. #AffordableHousingDenver #OfficeToResidentialConversion #DenverRealEstate #CommunityDevelopment #AffordableLiving #DenverHousingMarket #UrbanRenewal #WorkplaceHousing #HousingSolutions