Jan 7, 2013|
Boston Globe's Casey Ross on the Financial District
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Welcome back into the financial strains -- not a filling in for -- Armstrong with united. And we are joined now by Casey Ross. From the Boston Globe and Casey how large this morning carried on on doing well it's good to have you with us and let's talk a little bit about this article from this morning talking about some of the new businesses and stores going into the financial district. What types of businesses are moving into the space at this point. We're seeing a lot of them there's going to be -- communication technology companies. Partners how scared just -- a big release. And there's an engineering companies. And you're also seeing some -- online businesses business this is associated with. The Internet and development. Web site software talk technology. And this is really different because for the longest time this truly was all financial companies just about correct. Yeah I mean the financial district historically you know from a the perspective of the who is occupying -- are what companies are occupying it as though it's an economist stodgy boring place. Not a monolith that filled with. You know very large banks insurance companies law firms that occupied he used huge chunks of space and that's changing pretty dramatically. And so because of all these new types of businesses that are moving in. What are you seeing in terms of any movement on the vacancy front 'cause of this. Well you -- -- vacancy rate go down very significantly. It's not dropped four percentage points over the last a year but financial district really was. Apart of this commercial real estate market in Boston that suffered as a result of the recession and a lot of that financial companies. I shedding jobs and -- state. That left a lot of space on the market and in the last year that's really began to change in a lot of the companies that are moving yen. Our nontraditional -- the technology companies and and digital media companies and others that you used to moving in my opinion now. And is there any one company that you can really point to -- you know kicking off this trend and really starting. Well you know a lot of these other companies moving into this this district that previously. Had really been just financial companies. Is the police by PayPal PayPal signed pretty substantial lead at one international place. Which has always been that our dominated by financial services companies. They moved in and really changed the -- pretty dramatically in the way that. Companies started to think about the financial district it just it got other business is nontraditional and looking at the area and a different way. And one other effect of all of this is. 'cause of all these different types of companies moving in there you've also seen a lot of retail and restaurants moving into the area as well so what are what are you seeing. From these tenants in terms of why they're moving in potentially any new ones that are moving in. Well I think basically I younger workforce now workforce that's a little bit more willing to. Stay out at night go to restaurant go to our. You know try. Different places. For -- for meals to shop says there. There's a kind of an enthusiasm about the financial district right now and in the city of certain. Certainly encouraging more retail entity to open their press them on. The owner of late he Belmont in the -- district which is a pretty popular restaurant is opening. Another restaurant on high street the palm is moving into international place which is a steak house that a lot of people know and patronize so you're seeing a lot of different. Does. Well it retailers excited by what they see happening in the area. And it seems like there are a lot of neighborhoods in Boston that really are undergoing. Quite a bit to change at this point we've talked before about the seaport district -- that's really picking up a lot of restaurants as well some new office and residential towers that are going in down there. You've also seen a lot of development in more traditional south be where you're seeing a lot more younger folks moving into that neighborhood so how long do you expect to see this trend continue and is this something. That we can also see stretching into some other neighborhoods that possibly have been no more restrictive in terms of the types of businesses that operate in them. Yeah I mean I'd say we're in the midst of a pretty fundamental may be permanent shift. Toward it. It's bringing a lot of businesses that a lot of residents back into the city there was this time period you know maybe the last. -- thirty years forty years where. A lot of the companies in the people employed by them moved out to the suburbs and you're just seeing the population shift toward urban centers that's not just -- embarrassment happening. All across the country and that's changing the neighborhood that's why you see a lot of building at Boston right now which is one of the two or three. I that's real estate market in the country. So so that's something that a lot of real estate specialist with today's. You know real fundamental shift in the market that that is not an -- in the foreseeable future. And so do you see this kind of starting to spread out from. Really the center of Boston because a lot of these changes they've they've taken place you know towards that financial district in south the really towards the waterfront do you see this pushing out. Possibly beyond that you know towards back pay eventually Alston -- seeing some developed development as well. Well I mean absolutely there's you know for example -- balance is planning a very large in the sixties complex in Brighton you're gonna see that kind of development that we're gonna be opposite the hotel. Our new residences of retail shops. I think you are gonna see that happen and certainly it's already happening in the that way. The back -- the very. Tight neighborhood intent they're not being a lot of space available for development it's certainly seat of their style. I do expect it to migrate outward as. As the economy improve even more. Already looked Casey I appreciate you coming all with us this morning and certainly. Left people got to Boston four a lot of this development that is going on CL a continues over the course of the year. -- -- -- -- -- -- -- All right that was Casey Ross from the Boston Globe in that article is -- on boston.com as well as in today's globe. Coming up getting back to our text question of the day text does at 68680. Let us know. 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