Real Estate Market in the Back Bay Station Area
As with the real estate market across Back Bay, Back Bay Station is a hotspot for growth and vitality. Prospective buyers and renters here will find a mix of real estate opportunities, including single-family and multi-family homes, condominiums, and commercial real estate including industrial properties, warehouses, office complexes, and more.
Retailers and commercial enterprises are particularly drawn to this area for its high volume of pedestrian traffic and proximity to major highways and educational and cultural institutions. One of Back Bay Station's primary advantages is its strategic location south of Copley Square and in the vicinity of Boston's Back Bay and South End neighborhoods. Back Bay is one of Boston's most prestigious and desirable neighborhoods, and Back Bay Station is strategically located within easy reach of the Prudential Center and world-class shopping centers at Newbury Street and Boylston Street. Transportation to and from Boston including the MBTA's Green Line and Orange Line, and the MBTA Commuter Rail and Amtrak, passes through Back Bay Station on a regular basis, generating high visibility for retailers and commercial vendors.
Office and retail space in and around Back Bay Station includes rental and sale opportunities in a mix of historic and modern structures. Prospective renters can find listings ranging from around 100 SF to over 23,000 SF. Prices vary based on the condition of the building and its location; buildings with the highest visibility and amenities like heating and air conditioning command the highest prices. In this area, prices for designated retail or office space range from around $12 to about $50 per SF each year. Parking spots are in high demand, and building owners generally charge more for spaces with designated parking spots on the street or in a private garage.
In the current Back Bay Station market, those searching for space are finding a mix of retail space, industrial space, office space, and mixed-use buildings. Premium spaces feature outdoor areas for tenants, such as patios and decks. Although prospective tenants in Back Bay pay fairly high prices for real estate compared to other areas in Boston, they get access to a diverse and steady volume of traffic in return.
The residential Back Bay Station market includes a mix of apartments, single-family and multi-family homes, and condominiums. As with the Back Bay neighborhood, prospective tenants are finding living quarters available in the neighborhood's historic brownstone and Victorian homes. Apartments and condominium units range from studios and one-bedroom layouts to spaces with four bedrooms or more.
Renters looking for property in Back Bay Station should note that, in keeping with historic trends, price per SF has increased slightly in 2017. Median home sales in 2017 are averaging $1,126, which exceeds 2016's average rate of $1,086 per SF. Per bedroom, rental prices in the Back Bay Station area range from $400 to over $3,000. Median sale prices dropped slightly for one-bedroom homes in 2017 compared to 2016. They rose by 8 percent for two-bedroom homes, but dropped by nearly 20 percent for three-bedroom homes. As of August 2017, the median rental rate across all types of property was $2,750. This is lower than the median rate of $4,025 in January 2017. Rental rates have gradually declined through the year. The number of rentals available across all markets peaked during the summer months of 2017, with an average number of 30 to 36 rentals available in June and July 2017.