Real Estate News, Reviews and Investment
News: factors influencing real-estate development in Boston
The South Boston waterfront has long been a bleak area cordoned off from the rest of the city by the Fort Point Channel where the remnants of its docks and warehouses cast a reminder to its shipping history.
Investors and developers converge on Boston
Developers and investors, enticed by Boston’s expanding life sciences and technology industry, along with a growing workforce of educated young adults, are fueling a boom in construction from the Seaport to downtown and Cambridge.
Realty boom in Boston
Boston’s real-estate market, often overshadowed by the skyscrapers of New York and the government–fueled growth in Washington, is witnessing a boom in construction as developers. Financing by low interest loans, developers seek to profit from a burgeoning labor force of educated young adults and strength in the technology and life-sciences industry. The office-vacancy rate is among the lowest of major U.S. markets and tenants are occupying new space at almost triple the national average.
Construction spending in Boston increased an estimated 37% up to the end of June to US$3.83 billion, the highest uptrend since 2008 according to the mayor’s office. The market is so much in demand that developers are considering building offices without having landed anchor tenants.
In 2010, Boston ranked first among 25 of the largest cities in the U.S that has the biggest population made up mainly of the 20 to 34 years age group that make up 35% of the total population.