Is the region headed for a Seattle-like future?
Life science and tech companies are the driving force behind many construction cranes currently soaring over Boston.
The crashing wave of new labs and custom-built offices will benefit the region economically during the recovery from the pandemic, but it also threatens to send already sky-high housing costs even higher.
“It’s almost impossible to build our way out of the demand that we have now for housing,” said Michael Procopio, CEO at Procopio Cos.
Greater Boston was already in the depths of a housing shortage before the pandemic. The development community’s enormous acceleration of life science and lab development during the pandemic, as well as the ongoing tech boom, will only exacerbate that supply-demand imbalance.
Office growth in neighborhoods like the Seaport during the last real estate cycle was largely fueled by bringing existing jobs into the urban core from other parts of the region — Reebok, PricewaterhouseCoopers, and law firm Goodwin are three examples — but the ever-expanding pipeline of lab and … [ FULL ARTICLE ]