Worcester: On The Move
Kelleher & Sadowsky Offering Virtual Tours
Kelleher & Sadowsky Associates is now adding virtual tours to its marketing toolkit. The COVID-19 pandemic has profoundly changed the way we shop for real estate as we navigate through our “new normal”. Travel restrictions, social distancing and working from home continue to be encouraged, rapidly accelerating the need for virtual tours.
Finding Opportunity Amid the COVID-Induced Slowdown
Philip DeSimone – Executive Vice President
September 2020
September 2020
The COVID-19 health crisis has sent a shock wave throughout the U.S. economy. In the second quarter, U.S. gross domestic product (GDP) declined from the first quarter by 32.9% when measured on an annualized measure. In Massachusetts, the economy […]
Worcester Poised To Reaccelerate Its Growth Momentum
William D. Kelleher, IV – Principal
June 2020
Before the onset of Covid-19, Worcester roared with commercial real estate activity, attracting developers from coast to coast. Los Angeles-based Benedict Canyon Equities bought the 24-story Sky Mark Tower apartment building for $28.8 million. Boston-based Synergy Investments jumped in the Worcester market with the $16.5 million purchase of Worcester Plaza at 446 Main St. And Madison Properties in Boston began development of the former Wyman Gordan industrial land, adjacent to Polar Park, the $115 million ballpark off Madison Street for the Worcester Red Sox. This multi-use project will feature a new Class A office building just beyond the ballpark’s left field. In addition, two hotels, 250 apartments and 65,000 square feet of retail space are in the works.June 2020
Despite Geopolitical Storm Warnings Worcester CRE Market Conditions Continue to Look Strong
Meghan Liddy - SVP Capital Markets
January 2020
The fundamentals look very strong. Low unemployment, rising wages and an abundance of capital available create favorable market conditions. With a strong consumer foundation, willing investors, and projections for increased business spending, the signs have been pointing toward continued growth in 2020.
Worcester Has Momentum and Outside Developers Are Paying Attention
James G. Umphrey – Principal
January 2020
We’ve seen it in cartoons. The kids on snow days do the field research. A snowball starts rolling from the top of a hill, gaining speed and mass along its journey.
At a certain point, the sheer momentum appears to be doing the work, creating the magic that spurs the growth and the fuel. Worcester’s downtown development is starting to look like that snowball.January 2020
The Cannabis Control Commission To Headquarter in Worcester Soon.
Will Other State Agencies Follow?
William D. Kelleher, IV – Principal
September 2019
The Cannabis Control Commission (CCC) will be relocating its permanent offices to Worcester from downtown Boston this coming December. The CCC signed a 10-year lease for a 14,381-square-foot office at Worcester’s Union Station and 4,523-square-foot satellite office at 50 Franklin Street in Boston’s Downtown Crossing.
The new Worcester headquarters will include 25 offices, 53 work stations and three conference rooms, one of which will be large enough to accommodate the commission’s public meetings. Additionally, CCC will receive 15 parking spots in the garage attached to Union Station, and its office will be accessible by commuter rail.