Quest Diagnostics' new office boosts suburban Boston real estate
Quest Diagnostics recently agreed to create a Northeast laboratory facility in suburban Boston by moving into the former Hewlett-Packard office complex in Marlborough, Massachusetts, according to the Boston Globe. With the move expected to bring in more than a thousand jobs in the city, the local real estate market should see a slight bump as well. Potential homeowners looking to secure a tech job at Quest Diagnostics or one of the many other similar companies in the area should consider the homes for sale in Boston.
The news source reports that the residential real estate market around the Interstate 495 area had been sagging in recent years. With a relative dearth of employers around Marlborough, the suburb was having a difficult time getting rid of its supply of single-family homes. Local real estate experts are optimistic that the introduction of Quest Diagnostics into Marlborough will not only attract new residents through job creation, but also lift and modernize the general atmosphere in the area.
The company, which provides medical testing services and information, was assisted in its job creation endeavors by tax incentives from Massachusetts' Life Sciences Center. Quest plans to move 950 existing employees from around the world to the state while creating approximately 240 jobs. The company also plans to spend more than $75 million on construction and renovation at the vacant building, which used to be an office for Hewlett-Packard.
Quest Diagnostics' move to Boston is indicative of a general trend of positive commercial real estate development among tech companies in the state. According to World Property Channel, the growth of the tech and life sciences sector is a massive driver of economic growth in Massachusetts and also contributes to increasing demand in both commercial and residential real estate.
"...Boston appears to be bucking the East Coast trend of stalled momentum," local real estate agent Lori Mabardi told the news source. "Once [the tech and life sciences sectors turn the corner], the fundamentals can improve dramatically."
Once the Quest Diagnostics office is opened, the surge of more than a thousand employees into the region could rapidly cut into the local real estate supply. As such, homeowners looking for new property in the suburban region should act quickly.