Categorized | Commercial

Boston Commercial Real Estate Market Improves in 2011

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After years of subpar performances, it appears that Boston’s commercial real estate market is back on track. The city had more growth this year than any other year since 2006, including the groundbreaking of a one billion dollar lease signed by Vertex Pharmaceuticals.

The growth in the commercial property market has been considerably strong in the South Boston waterfront area, where the Mayor has pushed for the development of an innovation district. Boston’s Mayor is hoping to bring in tech firms and other businesses that are looking to hire young workers.

While the premier areas of Boston have shown significant growth, analysts worry that not all is what it seems in the Boston market. While there was growth in 2011, much of it came from the prime areas of Boston. Commercial properties not located in prime areas did not experience nearly the same growth as those in premier areas such as the newly founded innovation district.

With that said, there is still much to celebrate in terms of commercial real estate in Boston. There are a variety of commercial properties that either opened to the public or started construction in 2011, thus contributing to the city’s strong performance. Atlantic Wharf opened for business in 2011, and is nearly full of tenants. Other areas such as Copley Place and the East Boston waterfront have massive commercial real estate projects under construction, which will continue to have a positive impact on commercial real estate in 2012.

Unlike many other cities in the United States, the Boston commercial real estate market is as healthy as it has been in the past few years, and will likely continue its growth into 2012.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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