The New England Real Estate Journal’s recent analysis of commercial real estate in the Boston Metro Area makes a compelling case for sustained business growth. I’m sharing the highlights of this excellent article with you here!
According to the article, there are 4 key areas that support the momentum in our regional economy:
1. Our GDP is humming along at 4.5%, well ahead of the country as a whole. Of the 143,000 jobs shed during the recession, 87% of them have been regained. Another 130,000 jobs are expected to be created over the next 3 years.
2. Our colleges and universities draw young adults from all over the world, who come for the excellent education and stay for the economic opportunities. The Boston Metro Area fits the tastes and trends of “Generation Y.”
3. Our technology, laboratory and medical companies continue to expand their operations and invest in the Boston Metro Area. New construction is underway and significant development is planned to accommodate the growing needs of these major employers.
4. Our absorption rate in the commercial real estate sector was strong during 2012. Over 2,791,453 square feet of office and lab space was absorbed last year. Over 2,268,576 square feet of industrial space was absorbed during the same period! These figures are reaching pre-recession levels not seen since 2005 and 2006, respectively. Growth has also been taking place in the Metro West Area, most notably in Marlboro.
Overall, the article cites the Boston Metro Area’s economic climate as “extraordinary.” If there is any aspect of uncertainty, it rests with the questions of national fiscal policy, which have yet to be resolved. However, this is not holding back the development and expansion in our markets.
Now is the time to explore the opportunities in Boston Metro commercial real estate! If you are making plans to relocate, begin, or expand your business, you can trust my experience to guide you. I will provide a cost analysis for the building type and location you are considering, and provide excellent options for leases and purchases. I will help you find the ideal location to suit your business needs!
Contact me today for your commercial real estate consultation!