Worcester Business Journal

W hen the Great Recession struck about seven years ago, it ate away at the value of all sectors of the housing market: single-family homes, condominiums and multi-family buildings. But as the market continues to recov- er, the three-family investment proper- ty — specifically the triple decker — has surged ahead of the others. The median price of a three-family home in Massachusetts has soared 83 percent since 2009, with Worcester and Middlesex counties seeing jumps of 52 and 56 percent, respectively, according to The Warren Group, t he B o s t o n - b a s e d real estate data firm. During that span, the median price of a single- family home rose a relatively paltry 16 percent state- wide, which has cemented the value of triple- deckers among investors. The triple decker has long been a staple of New England's housing stock, especially in the region's cities. In Worcester, specifically, these buildings grew out of the need to house a growing immigrant population that worked in manufacturing at the turn of the 20th century. To this day, according to U.S. Census data, nearly 25 percent of Worcester's homes contain three or four living units. Although many of these homes are now over 100 years old, they're in high demand as investors and first-time homebuyers flock to the unique invest- ment opportunity they represent. For owner-occupiers, living on one floor while renting out the other units to Little interest in watching Fed? 6 Central Mass. businesses, banks are already planning for hike in key lending rate – whenever it happens. WBJ >> To Subscribe Central Massachusetts' Source for Business News August 3, 2015 Volume 26 Number 17 www.wbjournal.com $2.00 Q&A with Paul Reilly of ActiveRx, Westborough Shop Talk 8 FOCUS: Business & Public Policy From taxes to energy to the workplace, a look at key issues impacting businesses. The people who have graduated from some of the world's best technological institutions no doubt have the knowl- edge to develop those products. Whether they can survive the trials of keeping an early-stage company treading water for the several years it takes before they bring them to market is a different story. Pamela Norton, vice president for industry relations and programs at the state's Massachusetts Life Sciences Center (MLSC), said a good idea is not BY EMILY MICUCCI Worcester Business Journal Staff Writer >> Continued on Page 10 >> Continued on Page 10 12, 13 Worcester Realtor Dave Stead: There have been bidding wars for some triple deckers. 3 cheers for triple deckers! Sales surge following recessionary drop BY SAM BONACCI Worcester Business Journal Staff Writer T he brainpower at Central Massachusetts life sciences startup companies is remarkable. But are brains synonymous with business savvy? It's an important question for any person with an advanced scientific degree who has dreamed of launching a company: to bring to market a new type of therapy or cure that could serve an unmet medical need, or even save a life. Growing pains in biotech In the long wait before a product is market ready, what's the secret to survival for life sciences startups? VitaThreads' Adam Collette: Startups need to temper excitement with realism. P H O T O / E M I L Y M I C U C C I VC money flows Source: PricewaterhouseCoopers via Mass. Biotechnology Council $0 $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 $509,443,000 $762,658,100 $823,466,300 $593,291,700 $778,107,100 $954,071,400 $904,407,800 $806,772,000 $880,313,300 $1,197,808,700 $1,103,570,500 $1,018,740,500 $1,822,294,200 $0 $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 $509.4M $762.7M $823.5M $593.3M $778.1M $954.1M $904.4M $806.8M $880.3M $1.2B $1.1B $1.02B $1.82B Venture capital investment in Massachusetts biotechnology companies more than tripled from 2002 to 2014, reaching a record last year.

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