NO SIGNS OF SUMMER SLOWDOWN
Greater Boston’s market showed no signs of weakening during the second quarter by recording strong growth from numerous industry types. The market continued receiving inbound demand as well as converting organic growth into significant expansion. Most notably, Amazon’s commitment to nearly 430,000 square feet at Parcel L4 in the Seaport reflects inbound demand while Wayfair’s torrid expansion into roughly 395,000 SF in the Back Bay at 222 Berkeley and 500 Boylston Street exemplifies organic growth.
The region’s demographics and economy have remained solid which has supported and promoted Boston’s recent expansion. Firmly rooted in education, technology and life sciences, Boston’s diverse economic base has submitted strong job growth through increased recruitment and skilled labor retention from the area’s leading universities and institutions. Looking forward, expect durable market conditions and a diversified economy to guide the region’s commercial real estate market to a strong performance over the next several years.