Boston is clearly seeing a tremendous amount of new construction from office to multi-family in all areas of the city. Once you dig deeper into the numbers you come to realize that the height of the vast majority of new projects doesn’t exceed 200 – 300 feet. The exceptions are 1 Dalton and Millennium Tower at 700 feet and 690 feet, respectively. Boston developers instead are building what the market wants at a price point the market can support. Some of the challenges with going about 300 feet requires an additional elevator core which increases the add on factor.
According to Banker and Tradesman, “almost all of Boston’s true office skyscrapers – 500 feet and up – were built in the 1980s and before. The Hancock and Prudential towers may be gems of the Boston skyline, but they are also the last of a dying breed and one we are unlikely to see again anytime soon…Since 2000, Boston has seen 52 new office, condo and apartment buildings take shape. The vast majority of them – 36 – are between 200 and 300 feet.”
You can read the full article on B&T’s website.