Commercial Real Estate in Boston
The greater Boston area harbors an approximate population of 4.7 million inhabitants while the city is a home to more than 667,137 people working, doing business and or studying. With this population, Boston is recognized as the most populous region in Massachusetts and the fourth densely populated region in the United States.
Besides being a populous city, Boston is well known as an educational industry hosting some of the world’ s higher learning institutions like the Harvard and Cambridge. Moreover, Boston is a major business hub with private sector companies, healthcare organizations, and financial organizations.
Based on the fact that Boston is a populous city, an educational center and a renowned business center, the city has a higher demand for housing facilities. Despite the demand, its real estate industry has always kept pace to cater for the needs of all businesses. Are you looking for executive suites for rent in Boston? If you do, you are in the right Commercial Real Estate in Boston place.
Boston has a full array of real estate inventories suitable for health care facilities, office suites, retail businesses, manufacturing companies, private offices, and many businesses. The existing real estate inventories give companies the freedom to rent a property that aligns with their needs of activities.
According to Boston Planning and Development Agency, Boston’ s vacancy rates have reduced from 8.9% in 2015 to 7.5 % in 2016. The decline in vacancy rate implies that more than 1 million square feet of commercial space had been occupied within 2015 and 2016.
Boston’s economy is defined by a slow but steady growth. A report that was released by Boston Planning and Development Agency reveals that Boston’s economy grew to 3.8% in 2015. Besides the impressive economic growth, Boston’s employment rate increased by 2.7% between 2014 and 2015. Moreover, Boston’s unemployment rate has reduced from 4.4% in 2014 to less than 3% in 2016.
The Healthcare and social assistance industry is the primary employer. Other top companies that play a major role in Boston’s economy include the Scientific and Technical service industries, food companies, real estate, retail trade, and the natural resource and mining industry.
Based on Boston’s economic vigor, and institutional effectiveness, the city, is ranked amongst the top 10 cities to work and do business.