Harvard to Help Expand Boston’s Real Estate Market
Boston has experienced a recent real estate boom especially in hotbed areas such as Kendall Square. With Massachusetts Institute of Technology situated nearby, the life science and technology markets have exploded within the Cambridge market. This boom has come with a price however, as rent prices for prime space have risen sharply with the decline in availability.
Now, Harvard University is seeking to develop its own hotbed area across the Charles River in Allston. Harvard owns 358 acres of land in the Allston/Brighton area in comparison to 215 acres in Cambridge. Bisnow reports that 38 acres of this property is planned to house various startups, enterprises, and incubators, in an area nicknamed the Enterprise Research Campus. Additionally, this campus is also planned to be the new home for Harvard’s Paulson School of Engineering and Applied Sciences. Although Harvard has previously stated that this property is not meant to compete with Kendall Square, the need for life science and R&D office space is evident.
Harvard is not alone in trying to develop further into Allston. Several projects, both residential and commercial, are transforming the Allston area into an attractive work, live, and play. Considerably more connectivity to transit lines than other hotbed areas makes Allston easily accessible for many firms looking to move. While rents continue to rise in the Kendall Square district, Harvard’s development can create much needed space for a multitude of companies looking to penetrate the Boston market.