Massachusetts as of late
The commercial real
estate sector, just as the wider industry as a whole, continues
to show dramatic growth as it pertains to Boston and the greater
State of Massachusetts. This is certainly not growth that we have
only suddenly become accustomed to today. Already this year we have
reported in nineteen different blogs something pertaining to
commercial real
estate and all of the positive strides that have been taken in
2013.
Some of these more notable posts that are less direct
than specific developments, were that jobs for the construction
of commercial spaces were up by more than 12% at the beginning
of the year in Boston, the 1st Quarter realizing a
4% boost in commercial real estate opportunities over the
previous Quarter, that construction starts are
to rise by 6% in 2013, and a post breaking down how beneficial it is to be a
commercial real estate landlord in todays market.
If all of these and the many more highlights thus far
throughout the year were not enough backing for the commercial
industrys success, then the latest headline that the Bay State has
suddenly climbed up two rankings in the nations top commercial real
estate markets is further justification. Now in the 7th ranked
spot in the United States, the gains in overall construction
spending are what jolted Massachusetts up the list yet again,
according to the study enacted by the NAIOP Research
Foundation.
Office, industrial, retail, and warehouse space all
have seen their given expenditures climb with a total of $1.78
Billion of investment supporting 49,653 jobs in Massachusetts in
2012 alone. 2013, while the numbers still are still of course not
near the annual completion date, are only expected to surpass 2012s
figures.
On a national scale, the same positivity can be felt as 2012s
commercial real
estate endeavors added $303.4 Billion to the U.S. GDP. This,
which was later concluded, was a 16% rise from the $261.6 Billion
contribution from commercial real
estate reported from 2011. Spending also was boosted on the
2012 vs 2011 year-over-year numbers with the former reaching $100.1
Billion in spending, up 9.9% over 2011. With the nation as whole
showing far more confidence with commercial spending and
Massachusetts jumping in rankings from 9 to 7 in the country in
just one year, the ascendancy for us here in the Bay State only
looks to continue.
More Information: Boston Business
Journal