Demand for commercial real estate has maintained its strength in the greater Boston area. A lacking supply of industrial property has provided developers like Mutual Development Company the opportunity to pursue large scale projects, meanwhile, land prices in areas like Newmarket have reached an average of $10M per acre.
What’s New?
There has been a notable uptick in suburban community populations in Boston, providing a plethora of opportunities for developers. Moreover, the city’s elected officials have made it abundantly clear that Boston is in need of a greater supply of residential housing in the wake of strong demand.
Exciting Projects Transforming Boston
HYM Investments is acting as the developer on a mixed use project dubbed the Suffolk Downs. Approved in 2020, the multi-hundred-million dollar project includes 10,000 residential units within 1.6M square feet. Such an addition of housing units should, in theory, contribute heavily to the desired outcome of greater affordability within the greater Boston area.
Boston Global Investors has proposed a 518,000 square foot office project situated in the Boston Seaport district. The project comes with an estimated price tag of $132 million.
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Massachusetts Digest