The Future of the Boston Real Estate Market: Are New Skyscrapers in the City a Thing of the Past?
One outgrowth of the slowdown and uncertainty in the Boston real estate market is the belief amongst many analysis that new skyscrapers in the city very likely will be a thing of the past. Even though there are some skyscraper projects on the drawing board at this time, some of these experts are predicting that they never will get off the ground – literally.
A specific reason why future Boston real estate development may be devoid from skyscrapers rests in the reality that in looking at those current projects on the drawing board, pre-leasing has been challenging, sluggish at best. Developers are finding it very difficult to find individuals and businesses willing to agree to pre-leases space in these particular planned skyscraper projects.
The overall downturn in the job market is also contributing to the possibility that new skyscraper development may be a thing of the past. Although there are some signs that the economy overall is heading towards at least somewhat of a rebound, some analysts are suggesting that upwards to 30,000 jobs will move out of Boston during the coming few years. The reduction the the Boston workforce will lessen the need for office space in the city.
However, there are some experts who are suggesting that the movement of workers out of the city may not be as significant and that the economy as a whole may rebound quicker than some people are anticipating at the present time. This would result in a stronger Boston real estate market, including giving new life to skyscraper projects in the future.
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