Boston is a city which boasts a great deal of American history and showcases it well. It’s one of the locations where our ancestors fought for and eventually won the right to practice free enterprise. Today, Boston’s commercial real estate and office space available for purchase or lease are evidence that free enterprise is alive and well in Boston.
Of course, this city suffered some set backs as a result of the economic problems that have recently faced America. This resulted in overall Boston metro office space vacancies of 14.2 percent in 2010, up from 12.8 two years previous. This makes it a good time for any small business wanting to expand in the Boston market or wanting to relocate their office. The slightly higher than normal office vacancy rate provides many desirable Boston area commercial office locations from which to choose a place to house your business.
In the downtown area, commercial real estate, Class A & B, showed wide variances in commercial vacancies, from 11 percent in the Financial District to abut 26.5 in the Seaport. Vacancies in commercial, non-industrial real estate along Route 128 indicated 16.1 percent while the I-495 market corridor reached 19.4 percent. The core downtown area has approximately 50,536,702 square feet of commercial and office space in the lease market. The Seaport and peripheral downtown areas offers 21,205,209 square feet of space in the lease market, making Boston metro’s commercial and office space equal to about 71,741,911 square feet.
Office space rental rates in Boston remained stable during the final two quarters of 2010. Class A space averages $32 per square foot per year while Class B rents average $21 per square foot per year.
Boston offers employees of companies, both small and large, wonderful multi-cultural experiences. The historic sites in the Boston area provide many fun educational opportunities for families. The proximity to New York and Washington D.C. offer even more delightful opportunities to explore and experience life along the Eastern Seaboard.
Some of the finest schools and universities are available for educating children and young adults in this area. Harvard is probably one of the most renowned institutions of higher education in America. There are also state and community colleges available for two- or four-year degrees and post-graduate work.