Back Bay The New Flagship For Boston’s Office Market?
When it comes to office vacancy rates, the Back Bay continues to widen its lead over the struggling Financial District.
The vacancy rate for the Back Bay, home to the Hancock, Pru and 111 Huntington towers, dropped in the first quarter to 7.9 percent, Colliers International reports.
The office vacancy rate in the Financial District, by contrast, remains stuck at more than 20 percent.
We all know what’s going right in the Back Bay – it’s a lively neighborhood that businesses want to locate in, full of parks, residents and shops.
The Financial District too often comes across as the opposite – wind whipped, cold and impersonal.
We all know what the problem is – but the solution is much harder given much of the Financial District was built out years ago. In some ways, it is what it is.
A few more coffee shops just won’t cut it.
Now there’s a challenge for Boston’s next development czar!