Worcester Tax Relief Increases Property Development & Investment The Worcester Telegram is reporting that "seventeen active tax-relief plans that were approved for commercial development projects in the city have generated about $16.5 million in total real estate taxes and triggered more than $306 million in total private investment". Furthermore, six relief plans [...]
City Introduces Worcester Housing Now Program to Help Developers Banker & Tradesman is reporting that "the city of Worcester has launched a new program aimed at helping certain developers get streamlined access to capital to revitalize troubled small two- to four-unit properties throughout the city." This new program called "Worcester Housing Now" [...]
Worcester Sees Growth In Average Rental Rates The Worcester Business Journal is reporting that "in the last year, Worcester rents have increased by 6.1%, as of the third quarter, good for sixth place in small U.S. metro areas". Furthermore, that "Worcester’s average rent in the third quarter was $1,693 per month, with [...]
Worcester Sees Growth In Condo Market A recent article from the Worcester Telegram & Gazette is indicating that the Worcester Condo market is trending upwards (at least compared to last year), per data from The Warren Group, which tracks residential real estate transactions in Massachusetts. When compared to condo sales from August [...]
Worcester Initiates Vacant Storefront Leasing Program A recent article from the Worcester Business Journal about commercial leasing programs and economic impact is mentioning that Worcester is one of "eight communities across Massachusetts to make a new incentive program targeting empty storefronts." According to the article, Worcester will now be offering up to [...]
Worcester Economy Catching Up A recent article from the Worcester Business Journal is highlighting the bounce back in the Greater Worcester Economy, stating that it "appears to finally be outperforming its national and New England peers in key areas." For example, "Per-capita income growth, too – a measure of how much wealth [...]
Worcester Development Going Into "Overdrive" WGBH brought up an an interesting topic this week with a recent article written by Aaron Schachter. Schachter highlights the issues that can sometimes arise with keeping a city unique when "development has gone into overdrive." Worcester certainly falls into this category, with rentals, development, and real [...]
Worcester Area Rental Unit Funding The Worcester Business Journal is reporting that four central Massachusetts cities will be receiving significant government funding as part of "$80 million in government funding and $40 million in tax credits" to "preserve and produce nearly 1,600 housing rental units in Massachusetts." The four cities located in [...]
National Rental Demand Soars CNBC is reporting that the national "apartment demand in the second quarter of this year spiked 11% from a year ago." This in turn has pushed rents up "an average 3% nationally" according to RealPage, a real estate software and analytics company. The article goes on to highlight [...]
Worcester Redevelopment & Investment News The Worcester Business Journal is reporting that "the Worcester County Courthouse, the Lincoln Square Boys Club and the Worcester Memorial Auditorium – are either underway on a development project or slated for a rehabilitation in the coming months and years." The article goes on to state that Worcester [...]
