By WILLIAM HOLDER
Waltham Times Contributing Writer
The city’s commercial real estate market is holding its value, in contrast to many areas that face struggling markets.
That was the message from Board of Assessors Chair Francis P. Craig to city councilors at a Nov. 25 hearing on the city’s tax classification.
In a detailed presentation, Craig said 38 commercial properties account for 47.7% of the $244 million total tax levy in Waltham.
Topping that list is BXP (formerly called Boston Properties), which is the largest publicly traded developer of workplaces in the United States. The company says it has more than 4 million square feet of holdings in Waltham along the I-95 corridor.
The 2025 assessed value of its Waltham real estate is more than $1.2 billion, roughly twice the assessed value of the next largest contributor to Waltham’s tax rolls, Hobbs Brook.
Hobbs Brook owns 13 buildings and more than 2.2 million square feet of office and life sciences space, including 225 Wyman, completed in 2022.
Waltham appears to be at the tail end of growth in the 3rd, 4th and 5th avenue areas, Craig said. “That growth, I think we’ll see coming to an end,” he added. “We’re not seeing a lot of replacement on the horizon.”
Waltham’s healthy commercial real estate market is not confined to the largest properties. “The multifamily market in Waltham is healthy and vibrant,” Craig said, citing two significant sales: Gardencrest (now ReNew Waltham), with 696 units, and 341 2nd Ave., with 195 units.
Additionally, a dozen small commercial properties sold last year in a short period, all for “solid value,” he said.
In contrast to the residential market, where housing values keep rising, the commercial market is more variable. Newer properties with excellent amenities are much in demand, but older properties can have more difficulties with vacancies, Craig said.
On a forward-looking note, he suggested that declining interest rates may stimulate venture capital investments, which could benefit Waltham. Though startups may initially locate in areas such as Kendall Square in Cambridge, office and laboratory space is much less expensive in Waltham, which is a strong inducement for companies seeking more space.