News: Spotlights

2023 Year in Review: Mike Kearns, Shawmut Design and Construction

Mike Kearns
VP of Construction Ops., N.E. Region
Shawmut Design and Construction

What person, project, transaction, or market trend had the greatest impact on your industry this year?

The high volatility of price escalation experienced in 2021 and 2022 has generally normalized to more traditional escalation, and supply chain issues have also mostly stabilized. Because of this, 2023 was an incredibly strong year for growth in New England, especially in the education, commercial and life sciences markets.

What was your greatest professional accomplishment or most notable project, deal, or transaction in 2023?

We’ve begun a new design-build project spanning a corporate campus. Collectively, it includes the demolition of an existing 144,000 s/f office-lab building, the construction of a new 300,000 s/f flagship office-lab and R&D building, as well as a new four-story, 930-space parking garage.

What emerging trends will drive investment and development in 2024?

The education sector will remain robust. We will see a strong focus on sustainability and energy projects, such as geothermal initiatives, campus decarbonization, electrification, and net-zero ready renovations and new construction. We will also see higher education institutions explore the development of residence halls led by developers to expand housing.

MORE FROM Spotlights
Spotlights

The New England Real Estate Journal presents the First Annual Project of the Year Award! Vote today!

The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
CRE market continues to navigate and adjust - by Kristie Russell

CRE market continues to navigate and adjust - by Kristie Russell

The New Hampshire commercial real estate landscape has experienced notable fluctuations in recent years. Within the office sector, there has been a consistent uptick in available space since 2020, attributed to a wave of companies downsizing or closing their New Hampshire operations. However,
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary
Navigating conversations and industrial real estate: Unveiling the intricacies with a dash of dad jokes - by David Skinner

Navigating conversations and industrial real estate: Unveiling the intricacies with a dash of dad jokes - by David Skinner

Here are a few of my favorite topics of conversation: politics, religion, money, and relationships. Other than a below average level of social capability, why do you suppose that those are some of my favorite conversation pieces? Well, I believe that there is a fascinating truth hidden within these realms
Risk-based capital requirements: Impact of rules on commercial real estate loans - by Michael Chase

Risk-based capital requirements: Impact of rules on commercial real estate loans - by Michael Chase

Two popular sources of commercial real estate financing are banks and insurance companies. According to the Mortgage Bankers Association, banks and insurance companies combined hold 54% of the nearly $4.7 trillion in outstanding commercial mortgages as of the end of 2023. Both of these lender groups are subject to regulations