RESEARCH CONTACT
Lauren Picariello
+1 617 531 4208
Lauren.Picariello@am.jll.com

The Greater Boston marketplace extends from the core of Boston out to suburban submarkets along Route 128 and Route 495. The region has a population of approximately 3.5 million people and an employment base of just under 2.5 million jobs. Greater Boston is most well known for its unparalleled concentration and quality of institutions of higher education, with over 75 colleges and universities in the area that graduate a quarter of a million of the best and brightest students each year. Boston is also a hub of finance, health care, life sciences, and high technology. The economy has trended away from manufacturing and toward services industries steadily over the last 25 years. The industries that thrive in the region are those that depend on and leverage the intellectual capital available. Boston is also a high cost metropolitan area, both for residents and businesses, and the rich history, culture, sports and entertainment, as well as the desirable access to rest of beautiful New England, are elements that have historically drawn people to the area. The largest commercial towns for office space are Boston, Cambridge, Waltham, Burlington and Framingham.

 

EMPLOYMENT BASE

• February 2008: 2.5 Million
• Growth February '07-February '08: 0.9%
• Office Growth Rate: 1.2%
  

 

UNEMPLOYMENT RATE

• Greater Boston February '08: 4.4%
• United States February '08: 4.8%

 

GROWING INDUSTRIES

• Education and Health Services
  11,900 jobs added in the last year
• Professional and Business Services
  7,600 jobs added in the last year
• Leisure and Hospitality
  3,600 jobs added in the last year