News: Front Section

A strong Boston economy means more traffic - by Liz Berthelette

Liz Berthelette, NAI Hunneman

Boston consistently ranks among the worst cities for traffic congestion, and it’s no secret that the region’s public transit system has been marred by overcrowding and delays. Not surprisingly, the Census Bureau recently ranked Greater Boston’s average commute the 6th longest in the nation at 31.4 minutes in 2015; representing a 10.6% increase from 2010.

While commuting to work in Greater Boston can be brutal, it may not be all bad news as the market’s congestion could point to a healthy economy. Simply put, more people on the roads and on the trains mean more jobs, shopping trips and tourists.

NAI Hunneman’s research department took a look at our data and the results are interesting. The chart below looks at the percentage of workers traveling 60+ minutes to work in the Boston MSA against the metro’s unemployment rate.

During times of economic decline (2008-09) Greater Boston’s unemployment rate was on the rise while the percentage of mega-commuters fell. As the local economy began to recover those commuting more than 60 minutes to work increased exponentially.

One could attribute this phenomenon to the urban core’s over-heated housing market which has likely pushed some residents further away from job centers. However, the population base in the city of Boston expanded by more than 13 percent in the last 15 years.

While too much congestion could ultimately become a drag on productivity, the data suggests a strong economy and traffic are connected.

Liz Berthelette is director of research at NAI Hunneman, Boston, Mass.

MORE FROM Front Section

Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.

Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Five ways to ruin a  Section 1031  Like-Kind Exchange - by Bill Lopriore

Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore

While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Make PR pop by highlighting unique angles - by Stanley Hurwitz

Make PR pop by highlighting unique angles - by Stanley Hurwitz

Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul

How COVID-19 has impacted office leasing - by Noble Allen and John Sokul

To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.

Four tips for a smooth 1031 Exchange - by Bill Lopriore

Four tips for a smooth 1031 Exchange - by Bill Lopriore

Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.