The Fed just released its latest Beige Book on the state of the Greater Boston economy.

It makes for a pretty interesting read.

Right now tourism, consulting and manufacturing (as in high-tech stuff, not widgets) are what’s hot.

Commercial real estate? Well, not really. And residential real estate? Definitely not.

Of note:

Tourism on fire: Travel and tourism saw sales and revenue jump by as much as 8 percent in 2011. Based on advanced bookings, 2012 looks to be a “robust” year as well, industry officials say. Local hotels are projecting a 10 to 12 percent increase in room revenue, while restaurant sales could jump 3 percent this year, doubling the modest 1.5 percent gain in 2011.

A manufacturing bright spot: Of 13 local manufacturers contacted by the Fed, nine reported higher sales, two said revenue was flat and two reported a dip. Of the two that saw sales declined, both were involved in the volatile semi-conductor market. Concerns about the Euro Zone crisis and its impact on demand remain, but firms are hiring, albeit slowly and in small numbers

Marketing makes a comeback? Marketing and ad firms saw 8 to 9 percent growth in 2011, with business particularly picking up in the last three months of the year. Here’s a telling, and encouraging, excerpt from the Fed report.

Contacts note that many clients have a lot of cash and are becoming more confident that - despite risks - the U.S. economy will “muddle through” and thus are willing to spend. In addition, consulting firms have seen a shift in demand towards services that can be directly tied to the bottom line such as sales and process efficiency rather than strategy and management.

It’s not just cities like Boston and Cambridge that compete for hot new biotech companies or prestigious financial services firms.

The competition is getting pretty intense out in the suburbs along 128 as well.

With an envious eye on Waltham, Burlington is giving its blessing to a dramatic revamp of sprawling Northwest Park, with hopes of bringing in a bevy of restaurants to round out plans for a new Wegmans.

It is part of an increasing focus by Burlington on bringing in the amenities, from restaurants to entertainment, which companies want when looking at office space.

Where there are shops, restaurants and the other comforts of life, the big name tenants will follow, or so appears to be Burlington’s thinking.

The Waltham office market is still king in the suburbs – and is likely to remain so given its location at the intersection of 128 and the Massachusetts Turnpike.

But the Watch City’s weak spot is its dearth of readily available dining and shopping options.

And Burlington’s new lifestyle strategy might just give Waltham a run for its money.

In fact, the rent gap between the two 128 office locations is already narrowing, closing to within $5 a square foot.