Risks & Benefits of Doing Business in Boston’s Next Transitional Neighborhoods
As Boston undergoes a long-term growth strategy to develop and enhance specific neighborhood areas through community planning and land use, the commercial market demand for these areas will increase. The presence of major corporate residents has a cascading effect for corporate leasing opportunities with companies looking to expand their operational presence to attract top talent. Small business is following suit to accommodate the needs of relocated young professionals that are often concerned about the quality of life along with their work which includes an ample supply of food and beverage offerings, a variety of entertainment and shopping options – all within walking distance of public transportation. Retailers and service providers know that leasing or purchasing commercial property in a transiting area can be complicated, moving into a promising neighborhood too early could mean a struggle for early survival. However, waiting too long to enter the market could mean losing out on available prime property locations and paying high rents as the area becomes more affluent.
Areas like Kendall Square in Cambridge, MA experienced this over the last decade where the arrival of major tech and life-science companies created a supercluster dubbed “the most innovative square mile on the planet,” and brought in several new small businesses to the neighborhood. Some neighborhoods to watch in the Imagine Boston 2030 plan to boost real estate development in neighborhoods across Boston include Sullivan Square, Newmarket and Widett Circle, Fort Point Channel, Suffolk Downs, Beacon Yard, Seaport District, and Fairmont Corridor in Dorchester. Notable technology companies like GE, Amazon, and Facebook have already started the processes of acquiring commercial land or relocating to buildings in downtown Boston and developing areas. Boston is becoming the premier location in the US to watch as corporations are looking at the city for prospective future locations to power their business with young qualified talent.