Reimagining Boston's Workspaces: A Tax-Driven Push for Residential Conversions

Boston’s innovative tax incentive program aims to convert vacant downtown office buildings into residential units, addressing high vacancy rates and housing shortages. The plan offers a substantial tax break, reducing the commercial tax rate to a lower residential rate, with further discounts for 29 years. Developers must include affordable housing and adhere to energy efficiency standards. This strategy seeks to revitalize downtown, attract residents, and support local businesses.

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RESEARCH

Boston's Transformation: Mapping the Future of Office Conversions

Boston is tackling high downtown office vacancy rates by incentivizing the conversion of office buildings into residential units through targeted tax abatements.

The city is offering a reduction in the commercial tax rate – in fiscal 2024, $25.27 per $1,000 of assessed value - to the residential rate of $10.90, with up to 75% available for 29 years. This initiative aims to revitalize downtown, promote affordable housing, and ensure energy efficiency.

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PULSE

What Were Reading

• Accelerating demand for mid-priced apartments has already surpassed last year (CoStar)
• Level of multifamily oversupply may be smaller than you think (CoStar)
• Vacant office along Boston waterfront catches eye of luxury hotel investment firm ?(CoStar)?
• After stagnating for two years, multifamily rent growth finally expands (CoStar) ?
• Map: Adaptive Reuse (MarketRent)

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