With the recession tightening its grip on the nation's economy, Boston Mayor Thomas M. Menino says he is reconsidering moving City Hall to a new site on the south waterfront. "I can't consciously move ahead on a major project like this at this time" he said.
Any property sale in Beantown and beyond is facing stiff headwinds. Deals are getting done but values are dropping, and the dollar volume of office sales priced at $5 million or more in Boston's central business district is expected to fall to about $870 million this year, from about $7 billion last year, according to Real Capital Analytics.