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Update on Boston Business Trends

One economic indicator that many businesses and real estate investors monitor is employment.  The Boston Planning & Development Agency recently published a report titled “Trends in Boston Business Establishments & Payroll Employment”, which provides some useful data.  Here are some highlights:

  • In 2016, Boston’s total payroll and non-payroll jobs increased to 794,038, up from 669,423 in 2010.  Total jobs are forecasted to reach 829,000 by 2030.
     
  • In terms of job density, the commercial core of Boston has the highest density.  Downtown/North End had 163,845 jobs per square mile in 2015; Mattapan, by contrast, had 981 jobs per square mile.
     
  • The “Health Care and Social Assistance” industry has the most payroll jobs in Boston, with over 140,000 in 2016.  The second highest is the “Professional, Scientific and Technical Services” industry at 80,524.

As it is based on census data, some of the analysis is a little stale (most of the data is from 2015-2016).  However, it does support that Boston continues to add jobs and is expected to do so for the foreseeable future.  Continued job growth is good for real estate investors, as those employees will need places to live.  It is also good for businesses, as those employees could be consumers of their goods and services.

There are a number of strategies investors can employ when deciding what opportunities they want to pursue.  Contact one of our investment property experts to formulate a plan and begin executing on it. 

Or, dive right into your search!  Whether you are looking for multifamily or commercial, you can start your search for investment property in Boston here.  

 

 

Cabot Field Trip at Echelon Seaport!

Sales agents from Cabot & Company Real Estate enjoyed a private experience tour of the fantastic and expansive new construction property Echelon Seaport on Seaport Boulevard consisting of luxury condominiums with every lifestyle amenity offered and more!  

Be part of the exciting life in the Seaport as more shops and restaurants join the new Icon movie theater, LL Bean, Bonobos, and loads of green space fun!

 

 
 

Thank you to Patrick Cutter and Cottonwood staff for the comprehensive tour!

Pricing and floor plans available, be the first, contact us for information about Destination Living! 

 

 

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Where in Boston Have Rents Increased the Most?

For multi-family investors, it is important to know what areas in and around Boston are seeing the highest rent increases.  Whether it is due to an increase in renter demand or a shortage of supply (or a combination of the two), these are generally areas worth exploring.


Data Source:  MLS Property Information Network, Inc.

The chart above shows the areas that have seen the greatest average percent increases in rent since 2015.  The Seaport District is somewhat unique; it is a relatively new market, so much of the increase is likely due to the fact that there were not many options in the Seaport 2015 compared to the new, luxury apartments that have recently been built.

Many of the other top performers – Mission Hill, Hyde Park, Roslindale and Watertown – abut prime areas that are continuing to get more expensive.  As renters continue to get priced out, we expect that this trend will continue – particularly near transit hubs, such as MBTA subway and commuter rail stations. 

For additional market data on Boston investment property or for help finding the right opportunity for you, contact Eric Shabshelowitz.  

Interested in exploring what is currently on the market?  Check these quick searches: "Core" Multi-Family Search and "Emerging Neighborhood" Multi-Family Search.

 

 

Four Seasons One Dalton Street: Sneak Peek

Four Seasons One Dalton hard hat tour with vests, goggles, gloves and construction boots!  (See our photos from the 54th floor)  Cabot & Company was treated to an exhilarating tour of the much anticipated luxury hotel and private condominium property at One Dalton Street, which will be 61 stories tall when complete.
 
  
  
 
Some of the exciting state of the art amenities include a Private Resident’s Club Lounge in the sky with a TV lounge, full bar, kitchen and terrace.  The building also offers a salon and spa, fitness center, steam rooms, golf simulator room with wet bar, private theater room, indoor lap pool, family activity center and more!  The contemporary homes will have floor to ceiling windows, custom Semantic cabinetry and marble baths.  
 
Thank you to Sarah Ragsdale and Gabby Guagliano Baron for a great day!!
 
Contact us for detailed unit information and pricing.  
 
 
 

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Prime Real Estate to Celebrate the Fourth of July in Boston

July 4, 1929:  Boston’s first free Fourth of July concert along the picturesque Charles River. That season of events was enjoyed by over 208,000 people.
 
July 4, 1974:  The first free concert on The Esplanade, including cannons and fireworks. That evening alone attracted a record 400,000 people.
 
Now:  More than 1/2 million people watch from the banks of the Charles River, and millions view on television!
 
 
 
Find homes here that are close to the Charles River (some even offer the private roof decks with incredible views).
 
 

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Boston Retail Market: Q1 2018 Update

Boston’s retail market did not experience much change in the first quarter of 2018 and remains strong.  There has been a lot of press around the impending doom of retail, but, in my opinion, that is over-hyped.  The retail environment is constantly changing – clothing stores are seeing a higher percentage of sales online, but “experiential” retailers are expanding.  Here are some highlights of Boston’s retail market:
 

Boston’s Retail Leasing Market

  • Average Rent Rates Increased: +2.7% over Q4 2017, +9.44% over Q1 2017.
  • Vacancy Rate Increased Slightly: 3.0%. Vacancy rate was 2.9% in second, third and fourth quarters of 2017. 
  • Negative Net Absorption:  Retail net absorption in Boston in Q1 2018 was -297,204 square feet.  This means that more retail space became available than was moved into. The past three quarters all had a positive absorption rates.

 

Boston’s Retail Sales Market

  • Sale Volume Increased:  Retail sales activity rose during Q4 2017 compared to Q3 2017.
  • Sale Prices Increased:  The average price per square foot in Q4 2017 was $203.81, compared to $145.74 in Q3 2017.
  • One of the largest transactions in the past year was the sale of the retail block at 201 Newbury Street, which consisted of 24,712 square feet for $75 million, or $3,034.96 per square foot.

           

Are you searching for retail space in the Boston area?  Feel free to browse available retail space for lease and retail space for sale, or contact us for assistance.

 

 

 

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Work From Home

According to a 2017 Gallup poll, 43% of Americans in 2016 worked from home in some capacity.  This number had increased from previous years and is steadily rising.  Many developers are taking this into consideration when planning projects and are catering to this popular and growing concept.

Park Lane Apartments in Boston’s Seaport anticipated this as the first apartment building in a new neighborhood.  They offer a conference room, club room with billiards, and a 24-hour gym.  The newer, Waterside Apartments in Seaport has extended work space in the business center with a Wi-fi connected cafe and a 24-hour fitness center, among many other perks. 

How you "work from home" depends upon how you like to work.  Some may prefer to be in a luxury building that offers many of these types of amenities, so that while you are "trapped" at home/work, you can sneak in a quick workout at your building's gym or spread out in the business center.  

For those who want to search for a private in-home office, the best bet is to look at homes offering a private den or small second (or third or fourth) bedroom.  Click here to search for two bedrooms for sale under $1 million to help get started.

There are lots of options in and around Boston.  Our team is here to help do a lot of the legwork to help hone in on the properties that would be the best fit for what you're looking for.  Feel free to contact us and let us show you how we can help you find your next home (and office)!

 

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