As an action-packed 2017 ends, we’ve compiled five real estate trends that have shaped this year in real estate. Let the countdown begin!
1. Emerging Markets
As the City’s development boom continues, one of the most interesting and exciting things we’ve witnessed in the past year is the focus on new areas and neighborhoods in Boston. A perfect example of this includes all of the new buildings going into what’s being dubbed “Uptown.” From brand new residential properties to restaurants and retail to commercial space, we’re excited to watch this neighborhood transform. Other areas that we’re watching include Kenmore Square and Dorchester. We’re also interested to see what unfolds in some of Massachusetts’ key Gateway Cities outside of Boston. For example – Lowell, Haverhill and Lawrence, former industrial cities that years ago most developers would not have thought about investing in, are welcoming new mixed-use developments to bring life back into local economies.
– Anna Rabin, Account Supervisor
2. Affordable Housing
This year, solutions to increase Greater Boston’s affordable housing stock have become more innovative and experimental. For example, to alleviate market pressure, Mayor Walsh’s Innovation Lab partnered with Nesterly, to pair graduate students with empty-nesters who have extra living space. While Governor Baker recently announced $10M in incentives to generate 135,000 new housing units by 2035 in cities and towns outside of Boston to help reduce housing prices.
– Katie Daigle, Account Executive
3. Residential Amenities
2017 could easily be named the year of amenities. Developers from Fenway to the Seaport, engaged in a race to offer their tenants luxury amenities and more inclusive tenant spaces. The standard continues to be elevated as both condo and rental properties offer dog pampering and walking services, dry cleaning, private gyms, grocery delivery, event planning, social spaces and even 24-hour security and concierge.
– Katrina Gaddis, Account Executive
4. Community & Art
Collaborative spaces are a priority in residential developments, giving residents areas to get to know their neighbors and grow their community. Local art is often displayed within these collaborative spaces to make them warm and welcoming and to encourage creativity and interaction. Keep your eyes open as you walk along sidewalks and hang in public areas that are adorned with public art. A recent example is a permanent sculpture by Alexandre da Cunha in the Fenway neighborhood and the Underground Ink park near the Ink Block complex.
– Nick Courtois, Account Coordinator
5. Real Estate & Lifestyle
In Boston, providing a lifestyle and not only a place to live or work has become essential across all types of development. Luxury rental buildings are commanding expensive rents, largely because of the lifestyle and community they offer. New to Boston this year are white-glove partnerships such as Luxury Attaché and FirstService Residential, which were introduced in luxury residential buildings. Reflecting on the commercial landscape, forward-thinking companies like Reebok, which moved from Canton, MA, are selecting urban locations that reflect their brands and company culture. The Seaport is considered a fitness destination and has a variety of exciting retail. The work-life balance the location provides correlates with attracting and retaining talent. In addition, civic properties such as City Hall are adding elements, like the recently announced restaurant concept, to provide visitors and employees with a more robust experience.
– Lauren Michaels, Account Supervisor