Boston Retail Market Report
Hiring Stokes Incomes and Spending;
Vacancy Tightens in Northern Suburbs
Retail foot traffic enhanced by high-paying employers. Firms like Vertex Pharmaceuticals and Capital One are among the large-scale employers moving in to Boston and Cambridge offices, as corporate tenants signal confidence in a strong near-term recovery of activity in the CBD. Furthermore, Boston's nationally-leading concentration of life science initiatives has kept foot traffic above a minimum around biotechnology campuses, as operations in this sector necessitate employees working on site. Growth in this industry, in addition to other high-compensation segments, will push the median household income above $100,000, ranking among the highest in the nation.