2014 will be remembered as the year that Boston solidified its place on the global scene. It was also the year that foreign investors took notice, as we enjoyed double digit rent growth and a revival in all corners of our market. And now that we are entering 2015, the momentum is not stopping. 2015 is the year when Boston became a top 10 Global market in the JLL City Momentum Index.
Jumping 10 spots in a study that ranks 120 cities across 37 characteristics, Boston came in 7th globally and 2nd nationally. Some of the measures are more mainstream like economic output or population growth, education infrastructure and office rents. The study also goes as far as including more obscure but important indicators like air travel connectivity, Fortune 1000 headquarter companies, environmental quality and patents per capita.
Boston’s innovative engine, its growth in high-tech, strong educational infrastructure are just a few reasons why it bubbled to the top. While it has felt terrific to beat our own records locally in rent growth, demand and invested capital, we also broke some neat global records — coming in 3rd in rent growth behind Singapore and San Francisco and 1st in capital value growth.
What is even more incredible is how much of what came through in this quantitative study can actually be felt day-in and day-out on our streets, in our colleges and conference rooms.
Here’s to more bests in 2015. We already won the Super Bowl so we are off to a great start!
Click here for your own copy of the 8-page JLL City Momentum Index to see the impressive company we keep, including three other U.S. cities: San Jose, San Francisco and New York.