TOMORROW’S BOSTON NOW
Despite Boston’s building boom adding unprecedented new residential units into the market, demand continues to surpass the supply. High demand for housing is attributed to not just fast population growth, but to millennials and empty nesters continuing to move to urban-metros to be surrounded by world-class amenities. Moreover, as commute times increase from outside the urban core, more and more residents are looking for housing within city lines.
Not surprisingly, mature markets such as the Back Bay and Beacon Hill have limited new developments. On the contrary, emerging neighborhoods that contain large parcels of land is where developments are occurring.
In the past five years, 24,082 units have been delivered, and as of May 2018 there is 13,278 units under construction. As developers try to keep pace with the rapid absorption, top residential projects to keep an eye out for are Suffolk Downs Redevelopment in East Boston, Washington Village in South Boston, Bulfinch Crossing in Downtown, the Fenway Center project and Allston Yards adding at minimum 10,180 units to the market by 2028.