Boston Commercial Real Estate Boosts Residential MarketFebruary 18, 2012
Commercial real estate in Boston is absolutely booming. Boston is ranked as one of the top commercial markets worldwide. Last year there was over $6 billion invested in commercial real estate locally, and the trend is expected to continue. The city appeals to many flourishing industries, including biotech, pharmaceutical, computer/tech startups, etc.
The success and demand for Boston property could only be attributed to the exquisite caliber of higher education and its concentrated brain power that results. Additionally, city officials are incredibly willing to work closely with investors and often provide incentives to develop in the area. Officials are well aware that creating jobs in the commercial sector will force development of housing and an increased demand for Boston luxury homes. It’s a great way to pump revenue and expand the inventory of condos in Boston –a mutually beneficial arrangement for the community.
In the last few months alone, I’ve noticed a significant increase in the number of high level CEO’s relocating to Boston (as their companies setup shop in the area). Their purchasing power has swallowed up the demand for the Boston luxury homes, and inventory is shrinking rapidly. In some cases, buyers who plan to relocate have made offers and bought top-of-the-market properties sight-unseen. This shows how limited the inventory really is for luxury properties – condos in Boston and townhouses.
In addition to high level employees, there is an increasing number of junior level executives entering the market place. These are generally first-time buyers who are looking for entry level homes and condos in Boston. We’re seeing multiple offers on a single property, and listings are moving quickly – again, due to the fairly low inventory.
Curious about what Boston luxury homes are available now? Browse my listings and contact me for additional information.