GE is coming: beat the rush
Last weekend, after the announcement that GE is moving its corporate HQ to Boston, the first GE executives were spotted house-hunting in Marblehead.
For the real estate market in and around Boston the significance is not just the arrival of 800 GE employees but also the fact that GE is expected to be a draw for other technology companies, particularly those in the “Internet of Things”.
Why is GE moving to Boston?
“GE aspires to be the most competitive company in the world,” said GE Chairman and CEO Jeff Immelt. “We want to be at the center of an ecosystem that shares our aspirations. Greater Boston is home to 55 colleges and universities. Massachusetts spends more on research & development than any other region in the world, and Boston attracts a diverse, technologically-fluent workforce focused on solving challenges for the world. We are excited to bring our headquarters to this dynamic and creative city.”
The headquarters will be located in the Seaport District of Boston. Employees will move to a temporary location in Boston starting in the summer of 2016, with a full move completed in several steps by 2018. GE will host a public briefing in Boston with government officials, and business and community leaders, on February 18, 2016.
Bloomberg recently ranked Massachusetts the most innovative State in America and pointed out: “Innovation usually leads to job creation, and high-skilled job creation, mostly,” Behravesh said. “But there are other jobs that come with it, namely, that as the labor force grows, they need haircuts, they need landscapers, all that stuff — so it does tend to have linkages to other parts of the economy.”a massive corporation is moving to a dense, vibrant, walkable city center with abundant transit, lots of talent, superb universities, and great quality of place.
As the Boston Globe said: “The world can now mention Boston in the same sentence as Silicon Valley when talking about where the future is being built.”
“It’s more than hometown pride,” Jim Rooney, chief executive of the Greater Boston Chamber of Commerce, said in an e-mail. “Boston is increasingly expanding its global influence, and the talent is already here. GE will be able to recruit an innovation workforce that already has a T pass.”
This move can only be a boost to the real estate market.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
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