The Innovation Industry in Boston Commercial Real EstateApril 29, 2017
With Boston rising as a major epicenter for bio-tech, high-tech and startup companies, the Boston luxury real estate commercial market is trying to catch up and cater to the demand. In the past, new Industrial parks in the 128 & 495 belts have always been attractive to these companies, due to price and availability of large spaces. However, the trend is now moving closer to the city where there’s more liveliness and interaction.
Boston neighborhoods like the metro area and Cambridge are becoming more and more the hub for the high-tech companies. These areas are jumping through hoops to accommodate and outfit the work space needed for these companies. Existing warehouse buildings are a given and easy to create open work space ideal for the “Innovation Industry.”
The Innovation Industry is not attracted by high rises or first class office spaces. They prefer low rise buildings, and Boston luxury real estate spaces with open floor plans. The Seaport and parts of South Boston, also known as the “Innovation District” are becoming ideal Boston neighborhoods for this industry. There are countless existing buildings and warehouses that are ideal or could be easily converted to workspace for the tech industry.
To attract these tech companies in the financial district, some Boston luxury real estate high rise owners, giant banks, insurance companies etc., are catching up to the idea of the demand and trying to build out the lower floors of these high rises that are in lesser demand among the financial crowd. This is a good tactic to bring the high-tech industry into the downtown area and fill the empty floors that they can’t otherwise rent out.