Boston’s Competing NeighborhoodsFebruary 13, 2016
Given the hotbed of industries in the Boston Area, including education, pharmaceutical, biotech and health care, different towns are competing to attract top notch companies. These companies are not looking for office space for their workplace and /or headquarters, but housing for their employees.
Cambridge’s Harvard Square and Kendall Square areas, being in the close proximity to Harvard & MIT, have been very popular and, therefore, in high demand with most of the biotech, bio-med and hi-tech companies. With the Google headquarters in Cambridge, the demand for Boston luxury real estate has tripled and residential towers are being built to satisfy the demand for Boston luxury homes.
The City of Boston, not wanting to be left behind, has been working hard to attract a piece of the pie and get some of these big companies to move their headquarters into town. Seaport district demonstrates the rise in Boston luxury real estate, both commercially as well as residentially. Of course, many large law firms as well as the financial companies are also relocating their offices to the Seaport.
The increasing number of Boston luxury real estate buildings being built in the area is to provide housing for the workforce in the area as well as the financial district which is within walking distance. The building of luxury high-rises in the Fenway area has also quadrupled in the last couple of years due to its proximity to the medical area and hospitals, as well as multiple universities and colleges.
Of course, you can still choose to live in more residential areas and historic neighborhoods of Back Bay, Beacon Hill and the South End. Some Boston luxury homes towers in the Back Bay are also providing office space for big companies. A great mix of high-end residential and commercial areas in the Back Bay is having the best of both worlds.