Multifamily Construction Market Looks Strong in 2016

BOSTON—Veteran residential and commercial real estate executive Bud LaRosa says that the multifamily construction market is very strong in Boston and is showing no sign of let-up.

LaRosa, chief business performance officer at Tocci Building Cos. a Boston-based construction and project management firm, tells Globest.com, “Right now multifamily in Boston is on fire, which in fact is an understatement.” LaRosa says that demand for rental housing in Boston is strong because new construction did not keep up with demand for the past five to seven years. In addition, a significant amount of Millennials are also attracted to the Boston area and its 24-7-live-work environment. In addition, he finds to a lesser degree Baby Boomers are selling their suburban homes and moving to the city in order to take advantage of the urban amenities there.