Before COVID-19 disrupted the business world, predictions were rosy for Boston Metro Commercial real estate. Forbes had named Boston as one of the “Hottest Cities for Commercial Real Estate Investing in 2020.” Fortune Builders placed Boston among the “best commercial real estate markets for overall investment and development in 2020.”
While the pandemic has curtailed business activity, Boston’s office sector is making good on these forecasts. According to Boston Bisnow, the Boston Metro is outpacing New York City in office tower sales, to the tune of a few million dollars in a billions vs. billions comparison. This may not sound like much at first, given the price tag of Class A office towers and the market variety caused by the pandemic.
Yet NYC’s metro population is more than double that of the Greater Boston area. Catching up to NYC’s office tower market – and then surpassing it – is no easy feat. To do so during a pandemic and recession speaks volumes for the resilience and appeal of the Boston Metro commercial real estate market.
It could be said that Boston’s office tower demand is moving in tandem with its life science industry boom, which has the attention of the world in today’s vaccine race. But statistics since 1998 show that the Boston Metro has had occasional outlier quarters that have exceeded New York’s market performance. The pandemic era may be giving Boston an advantage in market demand – but whether it’s a temporary boost, or defining moment, will be evidenced in the months and years ahead.
When you are ready to begin, relocate or expand your business, team up with the Jay Nuss Realty Group, LLC! Whether you are thinking of buying, leasing, or investing in Boston Metro commercial real estate, we can help you find the ideal property.
Contact us today for expert guidance!