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As the nation is recovering from the pandemic, Boston is among one of the cities coming out on top. The Biotech Industry has fueled growth within the region and the surrounding suburbs have gone platinum. Neighboring towns are eager to take on new residents and companies to fuel economic development. Here are some key takeaways to pivot your investments:
1. Vacancy Is at An All-Time Low
According to the Colliers Q1 report, the vacancy rate in Boston reached 1.4% while in Cambridge it reached 0.8%. With the lack of buildable land and low vacancy rates, nearby towns are looking to obtain the overflow. There is a demand for all types of CRE in the outlying areas.
2. Look Towards Manufacturing Facilities
Due to the pandemic, the demand for health and life sciences has increased. Companies more than ever are looking at Boston for the industrial sector, which has in turn generated huge demand for manufacturing facilities.
3. Invest In the Right Areas
Although growth around Boston continues to increase, it is important to look at the right areas. Massbio created a list, “BioReady Communities”, to highlight towns and cities ready to host life science companies to attract developers. Cities at the top of the list include: Waltham, Watertown, Burlington, Woburn, & Chelmsford.
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