Boston’s Commerce Springs Back Into Action
Anyone living in Boston or in the surrounding areas know to start wearing rain boots, as our snow is finally melting sporadically in 40 degree temperatures. This past February has beat records as the snowiest four weeks Boston has ever had. Our last record from 2005 was toppled by more than 15 inches, placing us at 58.5 inches (with a grand total of 101.8 inches), says the Boston Globe. The MBTA has been cancelled time and time again due to icy conditions and is only now finally recuperating after disperse and unorganized delays. With the snow melting and spring only a few weeks away, businesses are recuperating their lost clientele and are seeing resurgence in trade.
Massachusetts unfortunately had a rough time dealing with drops in sales and productivity. It lost $1 billion dollars due to the recent snow alone, cited by the Globe staff on February 14. Even so, Boston is one of the cities best suited for rough climates. Some of Boston’s most distinguishing features are its mixed commercial and residential areas. Take the South End Historic District for example. Known for its old Victorian-era housing, the South End is home to some of Boston’s most popular restaurants and stores. This mixed style of commerce and habitation allows for easy store access regardless of the weather. That being said, the ability to buy does not guarantee business, especially in small stores where only slight inconveniences disrupt the flow of income. Having to establish new hours of operation, avoiding snowed in streets, and dealing with delayed staff all harshly affect small businesses that only have a limited amount of visitors a day. The lessening snow is a huge comfort for all, customers and store owners alike.
Much like in 2014, our economy is expected to reboot and quickly get back on its feet. Last year, up until March, the US economy decreased at an annual rate of 2 percent. After a few weeks, however, a strong rebound led to a commercial expansion of about 5 percent in each of the next two quarters. While a lot of purchases were recently postponed due to the snow, previous accounts indicate that the money will be recuperated. As summer comes around, more and more free samples, pop-up sales, reward programs, and even open events are seen to stimulate the economy. Basic economics tells us that a decrease in price leads to an increase in quantity demanded. In addition, as Boston transportation returns to normal, people are finally going out more. Businesses are opening their doors with a revived vigor but they can rest assured, Boston will fight back just as it has in the past.
Our experienced commercial agents are ready to take on your questions and help you find the right property for your business, investment, etc. Look into properties represented by our commercial agents by going to www.abgcommercial.com.
ABG Commercial – Associated Brokerage Group | 307 Cambridge St. Cambridge, MA 02141 | 617.492.9900