Boston’s Commercial Real Estate Market RevivesJuly 14, 2012
After several years of slow economic recovery and nervousness in the Boston luxury real estate marketplace, the local commercial sector is taking off with a big bang. Several commercial developers were waiting on the sidelines for three or four years and had been putting projects on the back burner due to shortage of funds.
The same developers are becoming more optimistic now and beginning to invest in major projects again. The scope and size of some of these projects is somewhat scaled back; however they will still have a positive overall impact on the Boston luxury real estate market.
Boston Neighborhood Developments
The skyscraper in the Financial District on Federal Street was initially proposed in 2006 to be the tallest building in Boston, standing over 1000 feet high (taller than the Hancock). The development plan is now being revised and the project is simply waiting to secure construction financing.
In Downtown Crossing the Millennium Partners is full force with the Millennium Place project. This development project will be a combination of retail, commercial, and residential space located on the site of the old Filene’s Basement building. The scope of this project will bring a much-needed facelift to the Downtown Crossing Boston neighborhood.
Waterfront and Seaport are among other booming Boston neighborhoods with commercial towers under construction. The development of Waterside Place and several other planned large residential and commercial towers are clearly evident signs of Boston’s growing urbanization.
This imminent commercial boom also means relocating the commercial workforce to the local residential market. More people will be moving to the city, based on the booming construction projects that provide even more amenities and possibility.