OK, is half the Boston office market really on the edge of foreclosure?
Well, you have to hand it to the folks at CresaPartners.
While most quarterly reports on the commercial real estate market are fairly tame, the ones Cresa churns are attention grabbers, to say the least.
Check out this prediction by the downtown firm, which specializes in advising corporations on their real estate needs.
“Many area landlords are on the doorstep of foreclosure,’’ reads a line from the firm’s latest report, arguing that as many as 50 percent of local office building owners are in such dire straits.
In a bit of somewhat self serving advice, Cresa is urging tenants to seize the day and lock in rent concessions now before their landlords go under. At that point, the bank will step in, take over the property, and jack the rents.
Before you dismiss this all as doomsday talk, I have two words for you: Hancock Tower.
After the foreclosure of the Hub’s iconic, showcase tower, really anything is possible.
And the fact is, while residential real estate may be looking somewhat better, the commercial market is still a wreck thanks to our ever increasing unemployment numbers.
So here’s to you, Cresa, for once again grabbing my attention.
Still, that 50 percent, that sounds a bit high to me.