Greater Boston Rent Fundamentals
Prior to the COVID-19 pandemic, the state had been experiencing significant job growth and the lowest unemployment levels in over 20 years. Over the years, new companies have continued to form in Massachusetts as well as come from out-of-market to take advantage of the highly skilled and educated labor force. In fact, over the last 10 years (Mar-10 to Feb-20), the state gained 530,000 jobs, while expanding the labor force by 350,000 people.
Boston has proven to be an extremely resilient market. As demonstrated throughout the 2008/9 Great Recession, Boston experienced only a very minor dip in operations in 2009 before rebounding with above inflationary growth in the years that followed, as demonstrated in the following chart.