The Boston Metro has the kind of happy problems that any big city would envy: a plethora of employment opportunities and a rising population. According to studies recently published in Boston Curbed, about six jobs were added for every 1,000 residents between 2008 and 2018. Our employment opportunities, including those in the well-paying fields of technology and life sciences, are growing on a year-over-year basis.
This not only encourages our college graduates to stick around, it also draws new residents from other areas of the country. The Boston Planning and Development Agency predicts that the City of Boston itself will have a population of 760,000 by the year 2030. When examined with a regional lens, the combined metropolitan statistical area population of 8.1 million could swell to 8.7 million during the same period.
Growing pains exist in the sphere of housing costs. Residential housing starts have been unable to keep pace with population growth, creating a widening imbalance of supply and demand. Approximately 2.3 new housing units per 1,000 residents were added during the last 10 years – a fraction of what is needed. The rising cost of urban housing has steadily pushed Boston’s workforce to live in outlying areas.
New mixed-use developments such as the TEMPO condominiums in Jamaica Plain offer a model for contemporary housing at mid-range price points. The challenge is finding commercial real estate locations offering the right re-development opportunities for similar concepts. The demand for multi-family housing, with pricing that is within reach of our workforce, shows no signs of weakening. This presents myriad opportunities for Boston Metro real estate investors and developers.
The Boston Metro offers many quality choices for commercial real estate! 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!