According
to a report by Jones Lang LaSalle (JLL), Greater Boston’s rapidly growing tech
economy has become a catalyst for commercial real estate investment, with the
city topping Silicon Valley and many other global markets categorized as
“innovators”. The report groups Greater Boston with other markets, such as
Austin, Denver, San Diego and Seattle with all having high real estate
investment levels relative to their economic size. Boston, with over $33
billion in commercial real estate deals, has been the top destination for real
estate investment among the group in the “Universe of City Indices” report,
topping $5 million in 2015-2017. The data IS exclusive of land, development,
and residential transactions.
This
report also indicates that Boston and other U.S. global markets along with
overseas competitors, like, Berlin and Stockholm, have world-class tech sectors
that attract high levels of foreign investment. Cities like London, New York,
Paris, Hong Kong, Tokyo, Singapore and Seoul have been classified as the “Big
Seven” global cities, attracting nearly a quarter of all global commercial real
estate investment. However, it has also been concluded the market tends to lag
in creating a diverse cosmopolitan culture and the market still faces housing
and infrastructure challenges. For Investors interested in Back Bay Boston real estate, it is highly recommended that they do their
in-depth research or hire an experienced local real estate agent to make a
sound financial decision.
Not
only JLL, a survey by AFIRE - DC-based real estate investment association,
has ranked Boston second in top markets for global real estate investors, which
seems a pretty good news for people looking for homes for sale in Back Bay, Boston.
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