What Is The Power of Clean in the Boston Real Estate Boom?

LIGHTNING RELEASES 12/30/14 –Boston’s Best Commercial Cleaning

  • Multi-Family Boston Market Relevant Facts
  • Boston among top 3 markets, nationally, for institutional investors.
  • Boston Apt Market Strong
    • Rent growing at an annual compound rate of 51% per year since 1995
    • 2013/14 Major development years, nearly 4,000 apt projects open.
  • Supply projected a healthy growth between 2014 and 2017
    • 5,300 apt units and 400 condos per year over next four years.
    • Construction Costs continue to rise at rapid pace (about 1%/mo)
  • Competition for multifamily assets very high.
    • 94% apts and only 6% condos.

What is The Power of Clean?

If multi-unit property owners in Boston had any concerns about how they would fair in 2014, reviewing CBRE’s 2014 New England multi-family real estate market outlook report should have put them at ease. Considering the interest rates reported were within 100 basis points of their all-time low, and the demand for assets high, things continue to look hunky-dory for Boston’s rental owners. The question now becomes whether or not those feelings will last. The next three years are expected to be development heavy for the city of Boston, and CBRE projects an average of 5,300 apartment units and 400 condos delivered per year through 2017. Considering the increasing costs of construction, this may seem like a generous statistic. But with the highly active rental market in Boston, it really shouldn’t matter.

As development increases to meet demand, many multi-unit property owners are wondering how they can increase their value in order to measure up to the likes of the new Millennium Place, and highly anticipated Lovejoy Wharf. One Boston resident holds the answer.

CEO and director of Boston’s Best Commercial Cleaning, Victoria Amador, knows better than most what it takes to distinguish oneself as an establishment, or a residence in order to increase value. Prior to her current role at Boston’s Best, located in Jamaica Plain, Victoria cut her teeth as Assistant Executive Housekeeper at the Breakers Hotel in Palm Beach, Florida. Yes — the same Breaker’s Hotel whose interior was famously designed by Adam Tihany, and whose luxury has been awarded AAA’s 5-Diamond status on more than one occasion.  

Amador submits that while many properties possess the unique features and qualities necessary to compete at an elite level, the difference, as it turns out, is in the details. The most prominent distinguishing factor: Cleanliness.

“Because of the current state of the rental market in Boston,” says Amador,” there really isn’t going to be much variety among multi-family options. Now it seems like it’s going to come down to what the value-added ‘extras’ are going to be. Attention to detail and spotlessness is going to be huge for multi-unit properties and condos, especially downtown and in the Seaport Innovation District.”

While it’s highly probable that rental owners are going to find willing tenants regardless, clean rentals are frequently shown more often, and typically sell quicker. Not to mention, increasing cosmetic appeal allows owners a bit more vertical when it comes to assessing rent, and asset value. At the end of the day, there are few reasons not to maintain a clean residence, and employ a professional service in doing so.

As CEO of Boston’s Best, Victoria is now repurposing her talents to achieve the same quality she produced while in Palm Beach, but for slightly different venues. While her company excels in cleaning and maintaining office and daycare spaces, Amador sees the impending development of residential spaces in Boston becoming an increasing focus for her business.

Located in Boston’s Jamaica Plain neighborhood, Boston’s Best Commercial Cleaning is the city’s premiere commercial janitorial service, providing services to residential, office, and daycare facilities. www.bostonsbestcommercialcleaning.com

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