Dec. 23, 2024 - Real Estate Report & Economic ForecastEdition

In December 2023, the WBJ Editorial staff made 10 bold predictions for news events to happen in Central Massachusetts throughout the year. Turns out, we missed the mark on all but two.

Every December for this Economic Forecast special edition, the journalists in the WBJ newsroom forecast 10 possible news events for the coming year, based on their expertise and the trends in the Central Massachusetts business community.

Central Massachusetts business leaders generally feel good about the economy, although they don’t feel great about it.

The Worcester Memorial Auditorium, colloquially known as the Aud, has sat vacant for the past 25 years.

Converting big-box retail spaces has become increasingly necessary as digital retail impacts demand.

This directory is a list of business and industrial park throughout Central Mass. including in Devens, Framingham, and Grafton.

There have been some bright spots, but vacancies and empty pad sites remain.

Some of Worcester’s proposed housing projects falling by the wayside isn’t helping the region’s housing crisis.

With high-potential inventory in Worcester drying up, investors in smaller multi-family properties are casting a wider net to find parcels with promise.

Worcester’s two tallest office buildings have had quite the wild ride over the past 10 years.

Overall, the amount of available space in suburban Central Massachusetts office markets is more than 90 football fields.

Central Mass. is well positioned for economic growth in 2025. Macroeconomic factors, namely declining interest rates and a reduction in the growth rate of inflation, suggest the national economy will trend upward in 2025.

Worcester, New England’s second largest and fastest-growing major city, continues to benefit from a surge in both public and private investments. This growth is positively impacting residents and businesses across the city’s diverse community.

The real estate industry, particularly commercial real estate, is at the heart of all business journal coverage, including at Worcester Business Journal. More than just a collection of simple listings of property transactions and proposed developments, the real estate beat is key to understanding the inner workings of the Central Massachusetts economy.