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Bay State Prepares for Retail Boom

BOSTON-Several million square feet of retail space is expected to liven up the shopping market in Massachusetts as developers prepare a number of new developments.

By Beverly Ford | Updated on November 17, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

BOSTON-From Boston’s urban core to its sprawling suburbs, the region is experiencing a major retail boom that will put several million square feet of shops, restaurants and entertainment venues on the map within the next few years. “Boston has been under-retailed for a long time,” Jason Weissman, with Boston Realty Advisors, tells GlobeSt.com. “What you are seeing now is a lot of opportunity for growth.”

The once-stagnant asset class, beset by limited space and high land and construction costs, is currently on the cusp of a major shopping boom as developers, buoyed by strong consumer demand and rising rents, break ground on a number of new projects. According to a report authored by Weissman and colleague Chris Mearn, the suburbs will perhaps benefit the most as the demand for larger and more unique lifestyle centers bring new retail opportunities to under served communities.

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