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Why It's Important to Real Estate That Boston Stay a Tech Hub

Well, then. Never mind the recent bloviation of Medford native Michael Bloomberg—a recent survey has declared the Boston area the world's top tech hub, with tentacular Cambridge institutions M.I .T. and Harvard leading the way. From the press release by Australian concern 2thinknow:

The analysts first named Boston as the second-top global innovation destination in 2007. In 2011, the analysts stated that Boston's dominant institutions Harvard and MIT, coupled with a strengthening start-up and arts in global networks kept the city number one overall globally across multiple economic segments in the turbulent national economic cycle.

See, Boston's economy teeters on a fulcrum of services and tech. In fact, for the year ending July 2011, the two fastest-growing sectors in the area's economy were, according to the Bureau of Labor Statistics, "leisure & hospitality" and "information" (e.g., shops/spas/hotels/restaurants and IT/every tech start-up, big and small, that you're familiar with). "Education & health services" ran a predictable third in jobs growth (we've got a lot of colleges and hospitals). Sectors like finance and manufacturing—the days of those leading employment around here either will never come because of competitors with a much bigger head start, in the case of the former, or have come and are long gone because of macroeconomics beyond any one sector's control, in the case of the latter. The area is a chugging engine of geeks and waiters, and that's the way it will probably stay, unless the global economy overall suddenly shifts.

So! To real estate and the latest accolade regarding Boston's tech scene. It's not simply that a robust tech sectors draws upwardly mobile buyers and renters to the area, though that's important. It's that they're here at all. So much of real estate—its valuations, its tax revenue, its amenities—stems directly from the quality of life of an area. And the quality of life of an area stems from its people. There is a reason exposed brick and Charles views are enviable here. Ditto frictionless wireless at South Station and Logan. Hug a techie today. And, hey, a waiter, too.

· Boston Ranks #1 Most Innovative City in the World [BostInnovation]
· Innovation Cities 2011 Index Launched [2thinknow]
· Boston Area Employment—July 2011 [BLS]

M.I.T.

Kendall Square, Cambridge, MA