BOSTON-Not all communities around the country are worried about a possible multifamily overbuild. In fact, Boston Mayor Thomas Menino has just called for 30,000 new housing units to go up in his city by 2020.
Given the push, and the expectation that national development is on the verge of picking up in virtually all commercial real estate sectors, Tom Guidi is concerned. Guidi, who is senior real estate partner at the locally based law firm of Hemenway & Barnes, thinks that investors, especially first-time investors, need to keep certain due-diligence basics in mind.
Actually, given the leap-before-you-look mentality that pervaded the CRE market in the run-up to the Great Downturn, even seasoned pros might be well-served to heed the lawyer's advice. Based on what he is seeing cross his desk, “there is a frenzy of projects,” Guidi notes.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
