BOSTON—As we've reported before about Boston's office and industrial cycle, relative strength during the downturn has positioned the city well for the current upcycle. In a recent interview with Intercontinental Real Estate chairman and CEO Peter Palandjian, the inherent market diversity has done the same for multifamily, with an asterisk as the middle class faces a possible squeeze out.
GlobeSt.com: Give us a quick play-by-play of multifamily conditions here during the downturn.
Palandjian: We all know the story. Home and condo purchasing was in decline, which sent people to renting because they generally couldn't afford or qualify for mortgages, and even if they could afford mortgages, they were hard to find. Of course, bank balance sheets were getting battered so they generally weren't lending. There was this perfect storm where no one was adding supply and most consumers were getting pushed toward rental.
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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.
