Well, call it what you’d like: Seaport/Innovation/Fort Point; the reality is the area has blossomed for a myriad companies. Since the sale of the Boston Wharf portfolio we have seen a steady influx of capital to renovate old, tired buildings that had roof leaks, failing windows, and inoperable elevators. The addition of the Turnpike exit and the convention center has added to the core infrastructure that’s helping to accommodate the demand for office space and housing. In the past 30 months, rents in Class B buildings have increased from the upper $20’s to the low $40’s PSF.
Banker & Tradesman recently explored the roots, and validity, of the waterfront’s building ‘boom’:
“with Menino riding into the sunset, it’s high time to find out whether the so-called waterfront building boom is real or instead government-driven at the behest of one of the nation’s most powerful big city mayors.”
B&T’s complete article is available here