Boston Luxury Real Estate in the Innovation DistrictFebruary 15, 2014
Boston’s landscape and its neighborhood borders are changing so rapidly. The notion of prime residential / commercial areas are evolving quickly too. Boston’s financial district used to be Downtown Crossing, Post Office Square and the surrounding streets nearby. Not anymore.
Neighborhoods Shape Desired Boston Luxury Homes
Thanks to the Big Dig, the elimination of the Expressway and the development of Ted Williams Tunnel, the Greenway and the Seaport District morphed into an entirely new neighborhood called the Innovation District.
The Financial District was expanding rapidly and trickling over to the seaport and beyond. A few years ago when the developer began building office towers in the Innovation District area, very attractive rents were offered to Boston luxury real estate tenants. As a result, big companies and law firms were able to lease larger square footage with 30-40% less rent than they were paying in the Financial District.
Once office space was leased, building after building was erected offering new cafes and restaurants in the area. All of a sudden, the Innovation District has become the place for desired Boston luxury homes and office space. Rental prices are very comparable to the Financial District, due to demand. Many large technology and internet-based companies have a major presence there.
Based on increased demand, residential towers are also being constructed in the Innovation District. Many of these Boston luxury homes have incredible panoramic views of the Harbor with a price tag very similar to homes in the Back Bay, Beacon Hill and other high end neighborhoods.
Although it’s rapidly growing, the Innovation District still doesn’t feel like a warm residential area. Retail shops, grocery stores, drugstores, etc., will hopefully be moving in soon to create more of a neighborhood district and attract families, instead of a strictly professional crowd.