Ask any real estate investor and most likely they will tell you that Boston is the place to be, along with other major metropolitan areas like New York and San Francisco. The Greater Boston real estate market is booming right now, drawing attention and money from around the world. Boston's emerging identity as a technology center along with its rich history of educational and medical institutions has solidified the market as a global powerhouse.
It's an exciting time with developments popping up all over the city and a skyline peppered with cranes. Over the past year, almost 25% of the existing real estate inventory in Boston has changed hands and there's a substantial amount of new development underway or in the pipeline. The Seaport District continues to have significant development activity with office, retail, hospitality and residential projects underway. The Back Bay, Fenway, South End and Downtown Crossing are also seeing noteworthy development activity.
What's driving this activity?
Investment capital, both domestic and foreign, is flooding the market
Competition is fierce. Institutional investors, such as pension funds, life companies and REITs, are very active in the Greater Boston real estate market looking for their next investment. In addition many foreign investors from countries like China, Canada, Norway, Ireland and Switzerland (to name a few) have also been actively pursuing investments in all property types within the market. Deals are attracting multiple competitive offers and many local real estate players are finding it difficult to win deals in this competitive marketplace.
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