Commercial & Residential Boston Real Estate Projects in the PipelineMarch 2, 2013
With the economy picking up, the Boston real estate residential market has received a tremendous boost in activity. Due to the shortage of inventory and multiple offers on most properties, prices are on the rise by several percentage points over last year. This increase is evident in the commercial sector as well. All the new developments that were on hold a year ago are now being revived, which has restored confidence in local buyers and sellers.
Development for Boston Condos
All in all, there are 63 projects throughout the Metro Boston in the works. To name several of the most notable area renovations: the new Christian Science Plaza; The Ink Block, the old Boston Herald site; 275 Albany, a combination of rental units and hotel rooms; The Kensington, luxury apartments for lease; The Millennium Towers, a hotel with luxury Boston condos and commercial space.
Additionally, several building projects are creating quite the buzz, including Fan Pier Plaza, Millennium Place, Avalon Exeter, Lovejoy Wharf, Cambridge Park Drive, Charlesview Residences, Seaport Square to name a few. The number of construction permits in 2012 more than doubled compared to current projects in the works.
The unemployment rate continues to fall and Boston has weathered much better than most American cities, at 6.1% jobless. Job numbers are near the pre-recession rate, and job growth is driven by scientific, medical, health care, food/restaurant and technical industries – and Boston has a plethora of each. This growth has spiked the city’s construction activity and demand.
Convinced that Boston real estate is a solid investment? Contact me to find out what properties are available now – in both the commercial and residential sectors.