Panelists at the Boston 2017 Outlook are optimistic about commercial real estate conditions, according to event host Bisnow. Here are some takeaways from industry analysts and consultants in the Boston Metro!
Boston’s large amount of mixed-used property and ongoing mixed-use development is a key strength in our commercial real estate market. Having different property types and uses near each other helps attracts both large and small firms to our market. Locations with proximity to academic campuses are in demand. The synergy of goods and services, combined with a diversity of talent and employment opportunities, puts Boston among the most desirable business locations in the country.
Boston Metro office space is another bright spot, experiencing both quantitative and qualitative booms. Office space design in Boston is years ahead of other markets, with Class-A buildings featuring layout and amenities that catch the attention of investors, corporate heads and personnel. Buildings with public ground floors holding retailers and restaurants add vibrancy to the workplace, and when designed correctly, compliment the fabric of the neighborhood.
The limited supply of Class-A office space has prompted some Class-B property owners to redevelop. This has revitalized older buildings in the Boston Metro, and has helped draw new business to locations that would otherwise be overlooked. Attractive returns on investment make it likely that this trend will continue.
Apartment rents have enjoyed years of growth and the glass remains half-full. However, panelists noted that the luxury market may have reached its peak. Vacancies have climbed, and lease incentives are becoming more common.
Overall, the dynamics of the Boston Metro economy bode well for the commercial real estate market throughout 2017!
When you are ready to begin, relocate or expand your business, team up with an experienced commercial real estate broker at Jay Nuss Realty Group, LLC! Whether you are thinking of buying or leasing Boston Metro commercial real estate, we can help you find the ideal property. Please contact us today for expert guidance!