Last month General Electric, one of the most storied and innovative companies in the world announced they would be moving their corporate headquarters to the Seaport District in Boston, MA. My brother, who is a 27 year old corporate attorney for GE and Northeastern University graduate couldn’t be happier about the transition. As he put it “moving back to Boston gives me the opportunity to live in the greatest city on earth”! That statement might be slightly biased and I know some friends in New York who would definitely disagree (the Yankees still suck guys), but he does have an incredible chance as a young professional to experience everything our great city does have to offer. Here are five takeaways on what the GE relocation might mean for us Boston residents or future residents who are considering a move to the city!
- The Seaport District will continue a real estate price boom as even before the GE announcement it topped Back Bay as the most expensive place to live in Boston at $1,092 per square foot.
- The benefits from GE bringing 800 employees to the area will greatly outweigh the roughly $151M in projected incentives given by the city of Boston.
- Boston will continue to pride itself as a hub of innovation and will see great strides in moving faster towards a greatly improved public transportation system and renewable energy sources.
- With the influx of new jobs slated for this fall, the next few months could potentially be the best opportunity to purchase real estate in the Greater Boston Area all year. With a rising inventory expected to hit the market by May now may be the time to get in, before all of those new GE personnel are looking for housing arrangements!
- Taking some advice from my brother, Boston will in fact become the greatest city to live in, and having a new condo right downtown will be the perfect place to watch the Patriots Super Bowl Parade next year!