Boston's Innovation District could be your future home
The market for real estate in Boston is making a strong comeback. For example, the metro area's office construction market is thriving again, driven by the expansions of medical and biotechnology companies in the Seaport District.
According to The Boston Globe, more than 4.7 million square feet of office and laboratory space is under redevelopment in the Boston area - up from 430,000 square feet in the summer of 2011. The uptick will impact the state's construction industry, which lost about 5,200 jobs in 2012 and has yet to rebound from the economic crisis of the late 2000s. However, as the market continues to improve, real estate specialists expect residential and commercial property construction to significantly increase.
"The office market overall is in good shape," local real estate expert Joe Fallon said in a statement. "Vacancy rates are down and rents are increasing. The laws of supply and demand are working more favorably now than they were 24 or 36 months ago."
The commercial property construction upturn is tied to the growth of biotechnology and medical companies that are renovating spaces in places like Boston's Seaport District. The area, in fact, was recently renamed the Innovation District by Mayor Thomas M. Menino. However, this community isn't just ideal for businesses - big apartment buildings also span the District.
According to the Boston Business Journal, the city of Boston issued 140 permits for residential projects in the first eight months of 2012. This number is up from 37 from the same period of 2011 and the highest number seen since 2007.
"Buyers that were on the sidelines for a new home are out shopping now," Joseph DiSipio, co-owner of DiSipio Building Group, said to the news source. "They're not hesitant anymore because the market's bottomed out and interest rates are low. It's the time to go out and buy."
There is demand for new residential properties in Boston, and developers have chosen the Seaport District as their prime location. While Hub residents often hear about Seaport for its growing population of tech companies, new homes are also popping up at impressive rates, and the community is developing into an attractive place to live.
Homebuyers looking for a unique community to relocate to in the Greater Boston area should consider Seaport - or the Innovation District.