| The great price that Boston downtown retail draws isn't surprising to Marcus & Millichap?s director of the national retail group, Bob Horvath. He says that few Boston retail properties come up for sale, so when they do, they tend to sell well. (Like a Faberge Egg or a Honus Wagner baseball card.) The metro area has a strong,diverse economy, affluent residents and will post some of the nation's best job growth this year. Like most area CRE, retail development faces high barriers to entry that limit the competition. In recent years, retailers haven?t expanded much, so the appetite for existing and new retail is greater than ever. As this year comes to a close, developers will complete construction on the leastamount of new space ?on record,? according to M&M. |
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