Rise of Innovation District Drives Tech Downtown
With the Seaport “Innovation District” drawing in industry leaders like Reebok and GE, growing tech startups are beginning to fill the space left behind downtown. The modernizing economic climate in Boston has created a greater appeal for the waterfront locale. With new models for collaborative work spaces, company headquarters, and housing, the Innovation District has transformed into the digital hub of Boston.
But the territory comes at a price. The Seaport District, although one of the fastest growing sectors in Boston, is also one of the most expensive to rent. The inflating prices and dissipating space available has caused a shift from the Innovation District to the “Innovation Crossing”, an area spanning between Fort Point Channel and Downtown Crossing. Tech startups, like The Abbey Group and CloudHealth, are among the many to take advantage of the lower rents and emerging space available downtown. The Financial District has welcomed an increasing number of new tenants into Summer Street, like software company Rapid7. The shift in demand in the space market has created new possibilities for tech startups in Boston. Although the Wharf may be out of reach, tech companies looking to expand their businesses will only benefit from their new homes downtown.