Even though the weather outside has been rather dreary and rainy, spring has officially sprung according to the calendar. This new season reigns in an important one for real estate and there are some developments to watch out for in the coming months. The Boston area neighborhoods will receive immense attention as progress starts to make way.
First, Boston is certainly facing a lot of construction. Some major projects like the South Station Tower and Town Center and Bulfinch Crossing expect to start in the coming season or soon after. South Station Tower will embody 970,000 square feet and begin nine stories above the ground. The purpose for the Tower lies in the first 26 floors of office space and 16 stories of luxury condos above that. This design represents one of many new building developments looking to increase office and residential space.
Office and Residential oriented buildings do not represent the only market these construction projects intend to focus on. Many can expect to see hotels and theaters break ground soon as well.
Second, condos are receiving great attention as crowds continue to invest more interest and money into these buildings. Millennium Tower and The Whitwell pose as two forces with an abundance of top selling condos. But creating a condo bubble could create dangers for the upcoming season and is worth watching out for.
Finally, the rental market in Boston continues to present itself as a threat to consumer’s wallets. While prices may generally remain stable for the spring season, apartment rents will continue to increase. In fact, due to Boston’s infamous role as the third most expensive places to rent in the United States, the prices prove hard to argue for anything else. (San Francisco and New York come in as the top two most expensive places to rent). As the prime time for rental season dawns on the city with college graduates on the prowl and renewal notices going out, keeping an eye on the rental market is more important than ever.
The amount of demand for the real estate market in the city of Boston keeps prices high and construction going; however, remaining aware of these norms will help ensure a successful spring season.