Commercial real estate demand in the Boston Metro is strong and likely to grow stronger, according to the latest report from Boston Bisnow. While large-scale, pricey developments along Boston’s Seaport make the headlines, there’s also been a quiet, steady push into areas like Newton, Needham and Quincy.
A combination of demographic and economic shifts are behind the trend. Employers, particularly those in the tech sector, have long seen urban locations as a necessity for attracting and retaining recent college graduates. But Millennials are discovering the suburbs as they grow older and begin forming families. Lower housing costs and a growing array of amenities are proving competitive against the allure of the city.
Nor are suburban employment opportunities seen as second-best. For example, the 500-acre N-Squared Innovation District is home to TripAdvisor, and will be the future location of NBC Universal’s regional offices. The N-Squared Innovation District is strategically situated along Needham and Newton, with multiple developments for office space, housing, shopping and dining.
Meanwhile, Quincy is planning nearly $1 billion in new residential and commercial development, which will create approximately 4,000 residential units and potentially one million square feet of commercial space. The development plans emphasize walkability, access to commuter services, and a generous amount of open, public space.
Some employers are finding it advantageous to have more than one location in the Boston Metro. Companies such as Red Hat, Microsoft and Shire Pharmaceuticals have urban sites as well as suburban operations.
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