Boston Office & Commercial Space
Featuring a residential population of over 625,000 residents within the city proper and a larger metropolitan area hosting over four million inhabitants, Boston is the largest city within Massachusetts and serves as the state capitol. Thanks to a thriving economic and cultural sector, Boston provides residents, tourists and business owners with the opportunity to leverage the wide spectrum of interests, talents and people found here. Boston has long been a considered one of the top destinations for entrepreneurs and business owners in the United States thanks to a well-established technology, research and academic sector. Those hoping to find rental properties for lease here, including office space for rent and commercial space for rent, will be able to locate competitively priced properties throughout the various neighborhood zones of the city that are guaranteed to offer an advantageous platform on which to connect with a domestic, region-focused and national consumer base.
Boston Economic Overview
The estimated median household income of Boston’s residents is approximately $52,000, nearly 15% below state averages. Although Boston remains the economic hub of the state, this statistic should not be surprising, due in large part to the fact that many of the wealthier professionals who work within the city have established residences in the countless suburbs existing within the Boston metropolitan area. Boston is currently considered to be one of the top 30 most powerful economic cities in the world, and is also the sixth-largest economy in the United States. Some of the more popular professions and industries found here include a variety of financial services, education, technology and manufacturing, among others. Unemployment levels in Boston have remained largely in line with both state and national averages, thanks to a well-diversified economy and skilled workforce. According to recent studies, Boston is now considered the fourth largest “cyber-city” in the United States as well due to significant investment in the technology sector in recent years.
Boston At A Glance
For many individuals, part of Boston’s allure is its deep connection to the formative years of development in the history of the United States. A casual stroll through downtown Boston will reveal a uniquely gratifying mixture of “old” and “new.” The city itself, in keeping with trends found in other large East Coast hubs, has become quite diverse on both an ethnic and cultural level. The large volume of European, Asian and African migration occurring here has helped the city become increasingly cosmopolitan. A variety of sporting and cultural attractions are available for those visiting the city, including museums, concerts, and a variety of professional sports teams, such as the Boston Red Sox, Boston Bruins and the New England Patriots. Thanks to a well-developed public transportation system, residents of Boston can quickly and easily commute throughout the city without having to rely upon automobile transportation.
As any American citizen or historian will probably know, the city of Boston has hosted some of the most important events in the history of the United States, many of which occurred during the formative years leading up to the American Revolution. One of the most iconic events in which Boston played a leading role was the Boston Tea Party, a protest stated by anti-British activists prior to the onset of armed conflict. In 1822, Boston was officially incorporated as a city within the state of Massachusetts. Beginning in 1830, the city experienced a heavy influx of migrants, many of whom hailed from various countries in Europe, including Germany, Poland, Italy and Ireland, among others. Although Boston experienced industrial decline in the middle of the 20th century, it has since been reinvigorated through a variety of urban renewal projects enacted by the state government. As is becoming the trend in many of the world’s most populous cities, Boston’s home prices and relative cost of living have increased sharply in the last two decades, making it one of the most expensive cities in the United States to live in.
Although the population of Boston was largely homogenous in its early years of development, the significant influx of European migrants in the 1800s has paved the way for an even more diverse palate of cultures and ethnicities found here today. Thanks to a well-developed educational infrastructure, countless foreign students arrive in Boston each year to attend any one of the multiple acclaimed colleges and universities found here. Initial migrations of Irish settlers helped maintain a large Irish influence in the city. According to recent studies, approximately half of the local population in Boston can be classified within the Caucasian ethnic group.
Trends of Boston
Boston’s burgeoning technology sector has helped the city attract some of the brightest minds from around the world, many of whom initially received their training in one of the city’s several prestigious universities. The “cyber-city” that Boston is slowly becoming is helping to ensure that this community will remain viable and present in the global economy of the 21st century. Many of the city’s more established industries, such as financial services, continue to grow and develop. The tourism industry in Boston continues to expand, which provide valuable financial stimulus for many of the city’s more popular attractions.
Where to Lease in Boston
As stated previously, real estate in Boston can be quite expensive, particularly for those seeking attractive properties in the downtown area of the city. As could be expected, the Financial District and downtown are home to many of the city’s more prestigious establishments. That being said, those searching for more affordable rental locations that remain within the city limits may find suitable properties in areas located at a further distance from the center of Boston, including Cambridge, the Back Bay and the South End. Thanks to a well-established public transportation system and thriving local economy, business owners will likely find that a vast majority of available properties in the city will prove to be viable platforms for their next endeavor.
Learn More About Boston
Real time and historical data on commercial real estate listings in Boston.