Brick-and-mortar retail is alive and well in the Boston Metro! In fact, 2017 is shaping up to be a banner year for Boston Metro retail, according to a recent BisNow article. Here are some highlights!
The Seaport is adding 200,000 square feet of retail space. Seaport Boulevard retail development could be complete in 2017. This space is already 98% committed!
The Millennium Tower in Downtown Crossing has added several tenants recently, and they will be complemented by Old Navy and Café’ Nero, opening soon. A new food emporium will open in an addition being built at 100 Federal Street.
The Back Bay commands some of the highest retail leases in the Boston Metro, and rising rent has caused an increase in vacancies in recent years. However, demand for retail space will likely rise as the Prudential Center completes capital improvements. New restaurants and retailers are lining up.
Quincy has drawn the attention of major retail investors, with new ownership acquiring space occupied by BJ’s Wholesale Club on Crown Colony Drive. Long-term plans include mixed-used residential development and retail expansion.
Meanwhile, FoxRock Properties acquired the former Quincy Medical Center property on Whitwell St. Future development will be related to the medical industry. FoxRock also entered into a five-year lease with the Steward Satellite Emergency Facility, who will continue to provide ER services at the property.
Analysts predict that as Boston’s housing costs and commercial lease rates rise, suburban communities like Quincy will experience an influx of new residents and entrepreneurs. Investors are placing their bets accordingly.
Of course, there are some variables in the retail sector outlook, with questions surfacing about the future of international trade agreements, and the potential effects of rising interest rates. For now, analysts hold a positive view on Boston Metro’s retail sector, and the bullish sentiment is echoed by ongoing investment.
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