Real Estate — Value in the Burbs
Housing in small cities is likely to be hot in 2012. Once again, Jed Kolko, the chief economist at Trulia.com expressed his opinion about places such as Boston, San Jose, Austin/Houston, and Rochester in upstate New York and how they are some of the smaller cities that will out-do the rest of the country in real estate.
The western suburbs of Boston, in particular locations such as Cambridge, Newton, Weston, Wellesley, Lexington and even Framingham and the northern suburbs like Burlington, Winchester, Andover are all going to fair well. This is largely due to their strong job markets and the biotech and high-tech firms that are booming and constructing far more office and research space. Vacant office locations are highly diminishing, down to now 13 percent in the town of Waltham, as an example. We will see if this continued attraction for companies to flock to the Greater Boston area and develop our suburbs has what is predicted to be a significant positive influence on the real estate market in this new year.