BOSTON—Boston real estate developer and observer Ian Gillespie says that if there is a downturn, Boston office market will become a house of cards.
In an exclusive Face-to-Face interview with Boston Real Estate Times, Mr. Gillespie said that Boston real estate has seen many severe recessions in recent years, starting in 1988, then during the dotcom bust and then 2006-08.
“If we have that kind of downturns, these office structures, which are all based on the greater fool theory” they will become a house of cards. “Office structures don’t make a lot of money.”
Mr. Gillespie, however, remained bullish on multifamily and live-and-work space. “Live-work is the future.”
To view the full interview, please click here, or on the image below.
Prior to founding Gillespie and Co., Inc. in 1982, Mr. Gillespie was vice president of Ryan, Elliott and Company, Inc. of Boston, a leading commercial real estate consulting, brokerage and management firm. In addition to being responsible for Ryan, Elliott’s downtown Boston division, he was project manager for the leasing of several office towers.
A native of Charleston, South Carolina, Ian was educated at St. Paul’s School in Concord, New Hampshire, and received his Bachelor of Arts degree from the University of North Carolina at Chapel Hill.