Boston offers something very attractive to both residents and businesses: walkable neighborhoods. We are ranked third in the nation for walkable cities, following only New York and San Francisco. This distinction serves us well when it comes to commercial and residential real estate appeal.
The Boston Business Journal reports that corporate executives see walkable, downtown areas as best bets for talent acquisition and retention. They are willing to pay a handsome premium for locations that offer nearby amenities and public transportation. According to a study by George Washington University, Boston commercial tenants pay 78% more, on average, for office space in a walkable urban area, than a suburban location.
Urban office properties, with public transportation access, average about 134% higher value than a similar office building in a drivable location.
At the same time, more Americans are also looking to make their homes in walkable, urban areas. According to national surveys, about half of U.S. residents, especially Millennials, desire to live in walkable distance to stores, employment, restaurants, financial services and schools.
The desire to live in a walkable area is about more than convenience. By unshackling themselves from car payments, car insurance, parking expenses, fuel costs and repairs, urban residents spend less income on transportation, not to mention less time driving. George Washington University estimates that walkable urban areas have 41% higher gross domestic product than non-walkable regions.
The Boston Metro area offers an excellent quality of life. Our diverse and well-educated residents will continue to draw quality employers. Of course, not all businesses can be located in the heart of the financial district. Fortunately, Boston has a wide-reaching public transportation network; this opens opportunities for small and mid-sized businesses to find locations that appeal to today’s walkable workforce.
Finding the right office location for your business involves a host of factors that are unique to your needs. Using the guidance of an experienced commercial real estate broker who understands the market makes all the difference!
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!