Issue link: https://nebusinessmedia.uberflip.com/i/1530791
wbjournal.com | December 23, 2024 | Worcester Business Journal 5 TA B L E O F C O N T E N T S 2025 ECONOMIC FORECAST Less enthusiastic optimism In the annual Economic Forecast survey, WBJ's readers expressed an overall positive outlook for the coming year, with more reservations than they had a year ago. Page 6 Column: Key factors will fuel 2025 economic growth Opinion columnist Satya Mitra, president and CEO of e Guru Tax & Financial Services, sees a lot of promise for the Central Massachusetts economy in 2025. Page 9 Column: Worcester's 2025 economic outlook: Brighter road ahead Opinion columnist Marshall Sugarman, commercial market president of Massachusetts for TD Bank, says Greater Worcester is well-positioned to overcome economic setbacks. Page 9 WBJ's bold predictions for 2025 As they do every year, the journalists in the WBJ newsroom predict 10 news events that may come to pass in 2025, based on their expertise and market trends. Page 11 How did WBJ do with 2024's bold predictions? Turns out, last year's predictions may have been too bold, as only two of the 10 predicted news events came to pass this year. Page 13 REAL ESTATE REPORT OFFICE Suburban zombies Soaring office vacancies are hitting MetroWest build- ings hardest, as owners, developers, and companies need to convince governments (and each other) about better paths forward. Page 14 A tale of two towers e two tallest office buildings in Worcester have taken vastly different paths in their attempts to bring occupancy back to the city's downtown core. Page 16 Year in review: Notable office transactions Page 21 HOUSING Hot markets for residential real estate investors As Worcester's small multifamily market cools, prop- erty owners see promise in communities like Auburn, Fitchburg, and Southbridge. Page 22 Chart: Median single-family home prices, by community Page 25 Weathering the perfect storm Worcester's once-robust slate of multifamily devel- opment proposals was hit hard in the last year, but a handful of projects were able to break through. Page 26 Year in review: Notable residential transactions Page 29 INDUSTRIAL Waiting for a life sciences recovery e slowdown in the once-promising industry is impacting facilities across Central Mass., even as the long-term outlook remains positive. Page 34 Directory: Central Mass. industrial parks Page 37 Year in review: Notable industrial transactions Page 39 RETAIL Making big boxes fun again As large retail spaces become vacant, landlords are finding immersive businesses like mini golf and pick- leball can keep the crowds coming in. Page 40 Chart: Central Mass. population, by community Page 43 Year in review: Notable retail transactions Page 44 THE LAST WORD Q&A: Reviving the Aud Project Executive Jake Sanders details the complex and expensive process of bringing e Worcester Memorial Auditorium back to life and why he's more optimistic than ever about the historic project. Page 46