Businesses Migrate to DTX
We’ve mentioned both the co-working trend and the growing popularity of downtown Boston commercial real estate before, and new information reveals that the trend of businesses migrating to downtown Boston is set to continue next year. Both traditional businesses and innovative operations, like the Boston co-working startup Coalition, are showing a preference for downtown Boston over other parts of the city.
Coalition Spreads Co-Working Like Wildfire
Coalition, which officially opened in February of this year, has filled up almost all of its co-working spaces. At present, there is just a small amount of space for a few more partners. Located at 101 Arch Street, Coalition offers amazing views of the city center, a fast commute, and easy access to the bars and restaurants of downtown Boston.
Coalition has five different membership options, which can accommodate a range of work styles. If all you need is a business address and a conference center, their Virtual Office plan works well. Their Freestyle package includes center amenities and 20 hours of desk privileges. At the next level, the Open Coworking space gets you a desk 24/7/365, plus all perks. To have the same desk each time you come in, you’ll need the Dedicated Coworking plan. Finally, the Private Office plan is for those looking the more traditional walls-with-a-door space. Coalition has even started accepting bitcoin as a payment to show how forward thinking it is.
Since Coalition interviews everyone interested in joining the shared workspace, you will have the peace of mind that comes with a vetted community. Coalition’s members include Boston NewTech, Scramble Systems, the Journal of Medical Insight, Responsive Inbound Marketing, Mobinett Interactive, PrognosysD, Berna Therapeutics, Cambridge Education Group, The Oxford Group, ProGeant Trading LLC, Notorious Technologies, Trext, Magnetic, Alliance, CardioStories, Munkee, and Pavloc.
Why Tech Loves DTX
A couple of years ago, everyone in tech was talking about South Boston’s Innovation District or putting roots in Kendall Square. Now, though, DTX is poised to be the new tech center for Boston. As of April 2014, there were 24 startups that had claimed venture funding spread throughout DTX, the Leather District, and the Financial District. In the Innovation District, by contrast, there were just 12 startups with venture funding. Southie’s real estate rates had risen so much in such a short time that it was no longer a competitive move for businesses to stray so far from the downtown area.
The skyrocketing price of real estate also made coworking more attractive, especially for fledgling businesses or solopreneurs, who may not want a dedicated investment in a rental office. Increasingly, talent is concentrated along the Red Line from Central Square in Cambridge through DTX, creating more of an innovation corridor along the city’s central subway line. The entire area has become so popular because it offers competitive (if not downright cheap in some areas, like Chinatown) rental areas plus easy access to public transportation. Without public transit, recruiting top talent becomes difficult.
The growing popularity of downtown Boston as a place for creative talent and innovative jobs will ensure that the greater downtown area continues to evolve at a fast pace. Already, tons of bars, cafes, and restaurants have sprung up to keep downtown workers fed, watered, and otherwise entertained. Luxury condos, like those from Millennium Partners, make downtown the place to live and play as well. Combined, these trends will ensure that downtown continues to develop a thriving community even as things change. Lovers of downtown Boston can expect that the area will continue to evolve, but hopefully maintain some of its beloved charm.