Boston: Growing demand for luxury goods......and luxury real estate.
"Only a few years ago, Newbury Street was combating an exodus of retailers that struggled to pay the strip's high rents amid sluggish sales. Now the vacancy rate around the shopping district is a spare 2 percent."
With international and high-end retailers coming in, the Back Bay is becoming even more of a destination for boutique and upscale retail. Look no further than Chanel's recent expansion at 6 Newbury Street.
"Once derided as a provincial city, Boston continues to expand its international presence. Its financial and technology companies do business with customers around the world, and even its modest airport has added nonstop flights to numerous exotic capitals." For example, Emirates will offer direct Boston-Dubai air service beginning this spring.
"Though long a draw for wealthy foreign travelers, Boston has changed due to an influx of outsiders; since 2000 the city's population has grown by 47,000, or 8 percent, and now one-fourth of Boston's residents are foreign-born."
Accompanying the influx of these foreigners (as well as a large number of domestic buyers opting for city life) is a downtown building boom of luxury condominiums and apartments.
Boston's Luxury Growth Potential:
According to a recent analysis by Boston Consulting Group, Boston ranks among the top 30 cities projected to outpace booming areas such as Abu Dhabi, Bangkok, Geneva, and New Delhi over the next five years.