CITY SYNOPSIS:BOSTON

Boston is often referred

to as the Capital of

New England for its

economic and cultural

impact on the region.

As one of America’s

oldest cities, Boston is

a popular destination

for visitors, assignees,

and businesses alike.

Its population is on the

rise, buildings are going

up on every horizon (by

the end of 2014, 14.6

million square feet was

being built1), and the

appeal of living in this

bustling metropolis has

never wavered.

The Boston Globe

attributes the city’s

success to a few things:

attractive housing and a

strong technology and

life sciences presence

that has helped draw

investment and

educated young people

to the city.

ABOUT BOSTONFACTS

> Country: United States > Population: 4.7 million

(Greater Boston area) > Climate: Humid > Industries: Tourism/travel, education,

finance, technology

> Languages: English > Nicknames: Beantown, Titletown,

The Hub, City of Neighborhoods > Dominant mode of transport:

Public transportation (MBTA)

ECONOMIC TRENDSKnown around the globe as an economic powerhouse, Boston is placed among the top 30 most economically powerful cities in the world. The Greater Boston metropolitan area is ranked as the sixth-largest economy in the U.S., and twelfth largest in the world.

Boston’s economy was affected strongly by the events on September 11, 2001. The sectors that were hit hardest were travel, financial services, and high technology, which resulted in nearly 32,000 lost jobs between 2001 and 2003. Other sectors including education and healthcare were also impacted.2 Boston began to regain lost ground in 2004, especially in tourism. Now, Boston is considered one of the top places in which to do business in the U.S. Major industries include finance, high-technology research and development, tourism, medicine, education, commercial fishing, food processing, printing and publishing, and government.3

The city’s population is rising more rapidly than it has in previous decades. According to the U.S. Census Bureau, Boston proper’s population

rose by nearly 30,000 people – to about 646,000 – between 2010 and 2013. That number totals more growth in three years than Boston experienced throughout the 1980s and 1990s combined.4

The city’s growth continues to draw worldwide attention – in addition to money from across the globe. International investors are putting billions of dollars into Boston real estate developments. Banks and real estate funds from Europe, Asia, and South America are buying office towers and funding construction of luxury hotels and condominiums.5

Both tourism and education comprise large shares of Boston’s economy. Boston’s reputation as an intellectual and medical hub stems from the teaching and research activities of more than 100 colleges and universities located in the area, with more than 250,000 students attending college in Boston and Cambridge alone.6 And several major global companies are headquartered in the Greater Boston area, especially along I-95 (Route 128), which is the center of the region’s high-tech industry.

1 Casey Ross. “A new age for an old town.” The Boston Globe, March 1, 2015.2 www.city-data.com/city/Boston-massachusetts.html3 Ibid.4 Casey Ross. “A new age for an old town.” The Boston Globe, March 1, 2015.

5 Ibid.6 “The Best Places for Business and Careers.” Forbes, 2015.

Baker’s DozenCustomer Satisfaction Ratings

2015 WinnerRELOCATION

A TOP TOURIST DESTINATIONBoston is one of the country’s top 10 tourist attractions, thanks to the city’s 62 historic sites, its nearly 2,000 restaurants, and hundreds of hotels. Tourism is a year-round industry in Boston, which hosts 12 million annual visitors from across the country, and more than 16 million international visitors from overseas and Canada.7

Sports play a big role in the city’s entertainment offerings. With four major North American professional sports leagues plus Major League Soccer, Boston is a top destination for sports enthusiasts. As of 2014, the city has won 36 championships in these leagues, and is one of six U.S cities to have won championships in all four major sports. Dubbed “TitleTown USA,” Boston’s affinity for sports has made it home for many monumental events and locations, including Fenway Park, the oldest ballpark in Major League Baseball.

Additional notable tourist places to see include the Freedom Trail, a 2.5-mile walking route of historic sites that tells the story of the nation’s founding and highlights the key role Boston played in the American Revolution. At the start of the Freedom Trail and in the heart of the city is Boston Common, America’s oldest park. In the education realm, there is Harvard University, the oldest institution of higher learning in the U.S. And pop culture enthusiasts can visit the original Cheers pub on Beacon Street, where many shots for the television show were filmed.

BOSTON HOUSING MARKETThe Boston real estate market is one of the strongest in the country, according to the Urban Land Institute, in part because of its strong housing market and the medical and technology companies’ workforces of highly educated millennials in the 20- to 34-year-old segment.

According to a recent report by financial website WalletHub, Boston’s housing marketing ranked as the number-one “healthiest” among the nation’s 25 largest metro areas. This consideration takes into account factors like how much equity owners had in their homes and who paid the lowest interest rates.8

However, affordability is not necessarily considered in this rating. According to Zillow, the median home price is nearly $450,000 – up from $326,000 at the height of the housing crisis.9 But housing of course depends on the location – and Boston offers a multitude of different, eclectic neighborhoods that cater to many different tastes. Each of its 23 neighborhoods has a distinctive atmosphere and demographic profile, earning Boston the nickname “City of Neighborhoods.”

Today, renters looking for homes must take on fierce competition within the rental market in one of the most expensive cities in the country. Boston’s upscale neighborhoods just outside downtown can result in skyrocketing monthly rents. Proximity to the T, Boston’s number-one mass transit system, is likely to increase monthly rent even further.

With educational institutions that are recognized worldwide in and around Boston – including Harvard and Massachusetts Institute of Technology – the influx of students is considerable, and many choose to live off-campus,

which can make finding a place to live an even more difficult task. As a general rule, it’s a good idea to jump on the first available housing with appeal rather than taking time to shop around.

COST OF LIVINGAccording to data analyzed by FindTheHome, a real estate research engine, Boston is among the top 10 places in the U.S. that require the highest salaries to live. The estimated salary required for a dual income household in the Boston metro area is $86,497 per partner.10

Housing isn’t the only cost that’s rising. Entertainment in Greater Boston is also becoming more expensive. From museum admissions to cable bills, gym memberships to sporting goods, the price of recreation and leisure activities rose 3.7-percent in May 2015, compared with a year earlier, according to the latest U.S. Bureau of Labor Statistics.11

See Figure 1 for a list of everyday items and prices in Boston. See Figure 2 to compare Boston’s cost of living with Singapore, which ranks at 100.

7 Greater Boston Convention and Visitors Bureau. www.BostonUSA.com8 Ian Salisbury. “This City Has Nation’s Healthiest Housing Marketing.” Time, July 29, 2015.9 Ibid.10 Marc Fortier. “Boston Ranks #8 for Highest Cost of Living.” NECN, July 21, 2015.

11 Megan Woolhouse. “Price increases take fun out of having fun in Boston.” The Boston Globe, August 4, 2015.12 www.numbeo.com. August 13, 2015.13 Ibid.

FIGURE 1: PRICE OF COMMON ITEMS IN BOSTON12*

USD EUR GBP SGD

Loaf of bread $3.02 2.71 € £1.94 $4.22

Bottle of wine $14.00 12.57 € £8.97 $19.56

One-way bus ticket $2.50 2.25 € £1.60 $3.49

Pair of sport shoes $78.62 70.59 € £50.38 $109.84

One-bedroom city apartment (monthly rent)

$2,385.86 2,142.07 € £1,528.94 $3,333.35

Imported beer at a restaurant

$6.00 5.39 € £3.84 $8.38

*Note: currency conversions reported on August 13, 2015.

FIGURE 2: COST OF LIVING IN BOSTON COMPARED

TO SINGAPORE13

Consumer price index 3.61

Rent index 7.06

Groceries index 27.56

Restaurants index 54.84

Consumer price plus rent index 5.21

Local purchasing power 7.57

FREE APPS TO HELP YOU NAVIGATE YOUR NEW CITY

Yelp – Find more than 50 million reviews for businesses worldwide, easily search nearby restaurants, read reviews, and view local deals.

OpenTable – Read restaurant reviews from diners, and make real-time reservations at restaurants anywhere – anytime.

Waze – Get real-time traffic and information from drivers on the road to save time and gas money, and improve daily commuting for all.

Guide Map Boston – Points out Boston’s main attractions, information, and transportation options.

Boston.com News – Keep up-to-date with the latest news and weather.

Transit Tracker Boston ($1) – Easily ride the T, and track schedules, and explore other transportation options including Boston’s ferries, streetcars, buses, and subways.

Boston City Guide TripAdvisor – Find detailed recommendations on places to eat and visit using GPS tracking, and browse hotel locations, rates, and ratings.

EveryScape Eats! Boston – Get reviews on Boston’s finest dining experiences, including menu, prices, ratings, and recommendations.

GLOBAL EXPERTISE FOR SUCCESSFUL RELOCATIONSGraebel worldwide offices are staffed with global relocation industry experts who are ready to help companies and their assignees on long- or short-term assignments in Boston – or anywhere on six continents. As the industry leader, Graebel proactively provides pre-departure to ongoing assistance, helping clients’ employees remain productive throughout the assignment. For answers to questions concerning relocations to Boston and the East Coast, contact Graebel today.

Relocation Services Transformed on Six ContinentsGlobal Employee & Office Relocation, Move Management & Workplace Services

CONNECT AND SHARE

World Headquarters: USA 16346 Airport Circle | Aurora, CO 80011 USA +1.800.723.6683 | marcom@graebel.com

EMEA Headquarters: Czech Republic Malé nám stí 459/11 110 00 Prague 1, Czech Republic +420.225.982.819

APAC Headquarters: Singapore 4 Shenton Way | SGX Centre 2, #29-01 Singapore, 068807 +65.6302.5111

The information contained in this document represents the current research of Graebel Companies, Inc. on the issues discussed as of the date of publication. This document is for informational purposes only and does not serve as an endorsement of products nor providers. Graebel cannot guarantee the accuracy of any information presented after the date of publication.

© 2015 Graebel Companies, Inc. All rights reserved. All trademarks are property of their respective owners.

CITY SYNOPSIS:BOSTON

BOSTON