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September 18, 2017 10 Things

10 Things I Know About ... Worcester real estate

Dufresne is a project manager with Worcester engineering and development firm VHB. Reach him at JDufresne@vhb.com.

10) Revitalization of the urban core. The Worcester Redevelopment Authority’s Downtown Urban Revitalization Plan aims to improve the culture downtown to attract residents and employers to Worcester.

9) Redevelopment & repositioning of malls. Shopping centers are repositioning anchor tenants, adding open-air shopping, restaurants and grocers, and offering entertainment venues.

8) Industrial boom. With the increase of ecommerce and next/same day delivery, companies are looking for high-bay warehouse space located closer to the cities they serve.

7) Reinvigoration of suburban office parks. With companies migrating to urban centers, suburban office park managers are improving their properties with high-end amenities.

6) Multi-family housing. A major driver is the introduction of hundreds of new housing units, redevelopment of under-utilized sites and the repurposing of historic buildings.

5) Higher education. With a recent a recent influx of research and development centers, graduates now have options to live and work in the city following graduation.

4) Suburban life science. The Worcester and MetroWest markets, unlike Cambridge, it can offer affordable land for life sciences companies.

3) Grocery store innovation. Developers are aiming to creating a sense of place and there has been a resurgence of small-scale grocers.

2) Benefits of networking. A great way to stay on top of industry trends and make connections is by attending networking events.

1) Stay on your toes. Keep an eye on market trends, but always be prepared for an unexpected shift – that’s what makes it fun!

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