Boston City Guide
Population and Landmark…
Boston is the capital and largest city of the Commonwealth of Massachusetts. The city was the site of several firsts for the US, including America’s first public school, Boston Latin School and first college, Harvard College. Boston was also home to the first subway in the United States.
In 2006, the population of Boston was 596,638. However, the population of Boston can grow during the daytime to about 1.2 million. This fluctuation of people is caused by suburban residents travelling to the city for work, education, medical purposes, and special events.
As in many places across the country, Boston’s economy was affected by the events on September 11, 2001. Especially hit were the travel, financial services and high technology sectors. The city has now recovered.
The economy of metropolitan Boston now primarily rests on high technology, finance, professional and business services, defense, and educational and medical institutions. The city’s economy is more specialized in the financial, business and professional services and educational and medical sectors than the suburban economy, which is more specialized in high technology and the defense industry.
Boston’s financial district includes major banks such as Fleet Bank, purchased in 2004 by Bank of America, and investment firms like Fidelity Investments.
Boston’s colleges and universities have a major impact and region’s economy. Not only are they major employers, but they also attract high-tech industries to the city and surrounding region, including computer hardware and software as well as biotechnology companies. Boston is the largest city in New England and is considered the economic and cultural center of the entire region.
Office rental levels…
Boston’s 58.2 million square foot office space market had 153,359 square feet of negative absorption in the first quarter, the first occupancy decline in nearly a year.
However, unlike the last downturn when the technology sector anticipated growth and leased space but never occupied it, companies in the recent expansion have been conservative in their hiring and leasing.
Little new supply has been delivered and Boston’s region has limited exposure to the mortgage-related banking and residential malaise impacting other areas of the country. The region is well positioned to withstand this downturn because new construction has been modest and robust leasing has reduced overall office space vacancy to just 11% and availability to 16.1%.
The amount of sublease space showed little change in the quarter. Net absorption was a slightly negative 129,651 square feet, primarily due to future availability in the Mass Pike corridor.
Logan International Airport is New England’s largest airport and conveniently located only 2 miles from the city centre, which is just across the bay. There is an enormous range of transport from Logan.
JC Transportation operates 24-hour door-to-door shuttle buses to Downtown. The Logan Express bus service goes to the city suburbs of Framingham, Woburn and Braintree.
Tourism, Attractiveness of the city…
Tourism comprises a large part of Boston’s economy. In 2004, tourists spent $7.9 billion and made the city on of the ten most popular tourist location in the United States. Boston has several historic sites due to its predominant role in the American Revolution. The city is also a center of culture and the birthplace of the hard rock funk music.
Many consider Boston to have a strong sense of cultural identity, perhaps as a result of its intellectual reputation; much of Boston's culture originates at its universities. The city has several ornate theatres, including the Cutler Majestic Theatre, Boston Opera House, Citi Performing Arts Center, and the Orpheum Theatre.
Renowned performing arts organizations include the Boston Symphony Orchestra, Boston Ballet, Boston Pops, Celebrity Series of Boston, Boston Early Music Festival, Boston Lyric Opera Company, Opera Boston, Emmanuel Music, and the Handel and Haydn Society (one of the oldest choral companies in the United States).
There are also many major annual events such as First Night, which occurs during New Year's Eve, Italian summer feasts in the North End honoring Catholic saints, and several events during the Fourth of July. These events include the week-long Harborfest festivities and a Boston Pops concert accompanied by fireworks on the banks of the Charles River.
Boston Guide: www.cityguide.travel-guides.com
City of Boston: www.cityofboston.gov
Chamber of Commerce: www.bostonchamber.com