Boston's Building Boom
Cranes dot the skyline, inventory will increase.
An estimated $6 billion has been invested in construction projects citywide, with another $10 billion in the pipeline.
This sudden surge in development represents a huge change from the situation that existed a few short years ago, when weaker market conditions resulted in the delay or abandonment of planned projects throughout the city.
5000+ New residences expected citywide by 2016
The most prominent addition to the South End landscape is Ink Block, bringing 475 one- to three-bedroom units, plus 80,000 square feet of retail space. Initially slated to be 100% rentals, Ink Block's development team turned one of the four buildings into condos and dubbed it Sepia. Check out the construction cam at www.sepiaboston.com to watch the site take shape!
Additional housing developments will bring both an influx of new neighbors and a dynamic mix of restaurants, retail establishments and amenities to the city.
The impact that this increase in supply will have on Boston's real estate market, particularly on the rental side, is less clear.
Interestingly, more than 80% of the approximately 5,000 anticipated new housing units are designated for renters. This trend will likely curb the sharp increase in rents that tenants have endured over the past four years.