We all know about Fort Point's reinvention and rise as the home of trendy condos, cafes, and offices under Menino's watch.
But there's a new Mayor in town (in Dorchester, actually). So maybe it's time to look at Boston anew and consider DTX (you know, Downtown Crossing) as a contender for the Innovation District title. According to Cresa, a commercial real estate firm, Downtown Boston is growing into this category quite nicely because of changing industry profiles.
Rental rates are rising, despite the hiatus of traditional industries from the area. Why? Banking and finance are consolidating and looking for new digs with less space. In their place are tech and e-commerce companies who want to move in to offices that are moderately more affordable than nearby options in Kendall Square.
Another factor is weighing in favor of Downtown, and away from South Boston, the original Innovation District. And it's one letter: the T. With the red, green, blue, orange, and silver at the ready, it's easy to get in and out without a car. PayPal and the Cambridge Innovation Center have relocated here.
Downtown Crossing is actually one of a handful of locations identified as high growth areas. According to the Brookings Institution, a local think tank, the location sits alongside other stars in Philadelphia, St. Louis, Detroit, Seattle, and Raleigh Durham.
Residents know that the neighborhood is not without its problems. But with time, the area could become one large startup neighborhood to live, work, and play.
· Rental Rates Rise as Boston's Tech and E-Commerce Companies Populate the "New Innovation District" in Downtown Crossing [Boston Business Times]
· Mapping Mayor Tom Menino's Real Estate Legacy [Curbed Boston]