Commercial Real Estate in Boston
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Overview of Commercial Real Estate in Boston
One of the nation’s oldest and most iconic cities, Boston is both the capital of the Commonwealth of Massachusetts and an economic powerhouse in the northeast corridor. Covering nearly 50 square miles and home to almost 700,000 people, Boston offers plenty in the way of business opportunities to businesses young and old.
With an annual GDP of $371 billion, Boston’s metropolitan area boasts the sixth-largest economy in the United States and the 12th largest in the entire world with education, biotechnology, healthcare, venture capital, tourism, finance, shipping and logistics, and international trade being the primary driving factors for business. The median rate per square foot/year is hovering around $45 - but the median size for these listings is a scant 360 square feet. The competitive nature of the Boston commercial real estate market may push some prospective tenants elsewhere, but the city remains a ripe hotbed for entrepreneurs and startups looking to get noticed and secure investments.
Economy of Boston
Boston’s Planning and Development Agency has a reputation for ensuring the city remains true to its history while promoting growth and economic well-being, which is clear from the nearly 30 projects underway in the downtown area alone. In the face of housing shortages and a lack of large-scale commercial real estate space, the city is making a concerted effort to promote new constructions of both residential and commercial buildings throughout the city.
The city also boasts one of the nation’s highest median household incomes, ranking fourth behind only Washington, DC, San Francisco, and San Jose. According to 2016 Census data, Bostonians enjoy a median household income of $82,380 - a 10% increase from 2013. Due to the city’s long history of economic prosperity and the presence of companies like Bain, Berkshire Partners, Liberty Mutual, Boston Dynamics, and several firms in the high-tech sector, the city is sure to remain of particular interest to the business community for many years to come.
Trends of Boston
Cultivated on the backs of a robust business and venture capital community, a major education hub, and a thriving economy, Boston hosts a prosperous technology sector, helping to attract some of the world’s brightest and most talented minds to the region. Alongside the well-established sectors of finance, healthcare, and higher education, Boston’s economy has grown to expand into modern technology, professional services, and tourism. The city’s sports community remains a major attraction, bringing residents of nearby northeastern states into the city for Patriots, Bruins, Red Sox, and Celtics games, spurring the hospitality and restaurant industries alongside them.
Businesses looking to establish themselves in the Greater Boston area would be wise to choose commercial real estate spaces in the Financial District or Downtown to demonstrate credibility and ensure a high profile standing, but businesses with a strong manufacturing or shipping component would be wise to choose a commercial real estate location near the major transportation hubs along the waterfront of the North End, South Boston, or Jeffries Point.
Boston has 832 commercial real estate spaces for lease, representing 4,038,610 sqft space.
55 buildings are available for sale.
In the past 30 days, Boston has had 33 spaces leased.