Worcester Business Journal

6 Worcester Business Journal | May 4, 2026 | wbjournal.com REAL ESTATE INSIDER ACTON Insulet tax break e Town of Acton is considering a tax increment financing deal for Insulet Corp. e Acton-headquar- tered firm is considering expansion, and the goal of the TIF agreement would be to encourage the company to further expand its presence in the town, according to Town Manager John Mangiaratti. He explained Insulet is considering purchasing 35 Nagog Park, a site which contains a three-story office building, accord- ing to municipal property records. Negotiations regarding specifics of the agreement are ongoing, but Mangia- ratti said the deal would be expected to be in the 10-20 year range. e Acton Select Board voted to put the item on the warrant for an upcoming Town Meeting, where the full propos- al will be explained to voters for their approval. AUBURN New commercial buildings Todd Ostrokolowicz, president of Quality Contracting in Auburn, is seeking Auburn Planning Board approval to build two flex-space buildings at 282 Southbridge St. e project calls for the construction of two smaller buildings designed to accommodate multiple tenants, with intended uses including office, stor- age, and light commercial activity. e updated proposal modifies an earlier approval for larger structures, scaling down the building footprints while maintaining the overall commercial concept. CHARLTON Restaurant space sold 443 Worcester Road LLC, a Westborough-based entity managed by Todd Alexander and Maximil- ian Candidus, purchased a property at 443 Worcester Road featuring 2,632 square feet of restaurant space for $625,000 from D&L Ventures, a Wales-based entity managed by Michael DuPont and John Langeleir. omas Bodden and Mark Johns of Kelleher & Sadowsky Associates served as the listing brokers for this transaction. FRAMINGHAM Industrial lease Foundation Building Materials of California renewed a lease for 14,020 square feet of industrial space at 81 Morton St. from Exhibit B Realty LLC of Holliston. Scott Hughes of New Dover Associates in Framing- ham served as the leasing representa- tive for this transaction. FITCHBURG Apartments sold Seven Hills Rental Partners LLC, an Acton-based entity managed by Chakra Bokkisam, purchased a prop- erty at 5 Gibson Place featuring a six-unit apartment building for $1.13 million from Gibson Place Proper- ties, a Lincoln-based entity managed by Yuliya Tsaur and Mike Preshman. GRAFTON Delayed subdivision e Graon Planning Board preliminarily granted an 18-month extension to Central MA Home Builders of Worcester to complete its 10-home Abby Woods subdivision at 18 Carroll Road. e public roadway is 80% complete, with the remaining work set to finish the sidewalks and street lighting. Manufacturing building sold 491C Main Street LLC, a Welles- ley-based entity managed by Max- well Cantor, purchased a property at 29 Hawthorne St. featuring a 4,410-square-foot manufacturing building for $415,000 from Prestige WW LLC, a Graon-based entity managed by Jarad DeWolfe, David Samara, and Luke DeWolfe. Tyler DeWolfe of Greater Boston Com- mercial Properties in Northborough served as the listing broker for this transaction. HUDSON $660K contract e Hudson Select Board in its April 27 meeting considered award- ing a contract totalling $659,822 to Massachusetts Broken Stone in Berlin for the milling and overlay of various roads in town. e president of the company is Andrew Forrest of Berlin. REAL ESTATE INSIDER | B R I E F S BY ERIC CASEY WBJ Managing Editor T he average apartment rent has been on a slight decline in Worcester for the past two quarters, the first the city has seen a two-quarter decline in the past 16 years. e market effective rent in Worcester stood at $1,845 in the first quarter of 2026, according to figures from real estate firm CoStar. at is down $2 from the previous quarter. is followed a slightly steeper $9 decrease in the fourth quarter of last year. While modest, the two straight quarters of decline ended a streak of 32 consecutive quarters where the average effective rent climbed in the city. e average rent climbed from $1,414 to $1,852 during that 32-quarter period beginning in the fourth quarter of 2017, an increase of 31.3%. e last time Worcester had two quarters of consecutive decline was in 2010, as rents fell consistently from the fourth quarter of 2008 to the first quarter of 2010 in the wake of the 2008 financial crisis. roughout Massachusetts, the average rent declined $17 between the third quarter of 2025 and the fourth quarter, but climbed $35 in the first quarter of 2026, leaving it at $2,544. Even with the two-quarter decline, the average rent in Worcester has climbed 35.7% since 2016. is compares to a 32.6% increase across the state. CoStar's Worcester data was derived from 21,208 units across 978 multifamily properties in the city. Of the included apartments, 18% were studios, 43% were one-bedroom units, and 29% were two-bedroom units, with the remaining 10% consisting of three- and four-bedroom units. e decline in rents came as multiple newly constructed apartments came online in 2026. Construction was completed on the 210-unit Poet Hill Place apartments in January, with units now listed for rent. e 28-unit Railroad Los luxury apartments at 383 Shrewsbury St. were completed in February and are now leasing. Construction started on 1,291 new Worcester units in 2025, up from 755 in 2024. Construction started on 116 units in the first quarter. Despite some progress, market conditions continue to have an impact. Boston Capital, a firm looking to build a 78-unit building at 120 Washington St., is seeking a two- year extension for the project from the Worcester Planning Board. Such requests have been a common occurrence in the past two years, with a letter to the planning board from Boston Capital Principal Rich Mazzocchi citing the impacts of construction cost increases, interest rates, and tariffs. e extension request is set to be heard at the planning board's May 13 meeting. e two-quarter decline in rent comes amid debates over the impact of environmental building codes and the potential impact of the rent control ballot initiative on track for November's ballot. Worcester rents fall for two straight quarters, first since 2010 PHOTO | ERIC CASEY W The Railroad Lofts at 383 Shrewsbury St. in Worcester

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