Local Flavor

from Ben Breslau
Head, Americas Research

Yesterday, the Product Council meetings were in full swing. To give you a little local flavor, here’s one interesting session from my council. John Palmieri, from the Boston Redevelopment Authority (BRA), which guides and regulates development activity in the city, talked about the infamous Big Dig. That’s Boston’s massive project to submerge the 50-year-old elevated highway system in a tunnel beneath the city that was completed just a few years ago.  The goal was to improve the transportation network and mass transit, connect the city itself, and create open space.  Having lived through the project as a Boston resident, I can attest to the fact that it was a nightmare while it was underway, but now having it done, I can reflect on what a true engineering feat it was, and more importantly what a real gem it created in the Rose Kennedy Greenway. I live and work close to some of the beautiful new urban parks that make up the greenway and serve as places for people the city’s visitors, workers and residents to connect and recreate.   

That brings up an interesting question, too.  Where does a geographically small and land constrained city (45 sq miles +/-) grow?  John talked a bit about the new growth frontiers in Boston and explained how the BRA is planning for the future.  The primary area for growth will be the South Boston Waterfront submarket, just adjacent to the Financial District.  He showed some vision slides of nearly 20 million additional square feet potentially being built in this area over the next 20 to 30 years in all property types. This includes some large scale projects in the planning stages —obviously demand will have to come back first.  Looking ahead John said one of the Boston’s missions is to cater part of this emerging area to a different target market by creating a young, vibrant, innovative, affordable, and creative neighborhood that can attract everything from life sciences and technology firms to artists.  

I’m biased because Boston is my home, but it’s certainly a great city 
with a great future…real estate and otherwise!!

Hope you’ve all enjoyed the Spring Forum here in Beantown. See you in D.C. for the Fall Meeting.

- Ben

Advertisement