Will Salem, N.H., be the site of Boston’s best new town center?
By Al Urbanski
It will have 800,000 sq. ft. of “best in class” retail. It will have a million sq. ft. of Class A office space. It will have 900 residential units. It will have a “high energy” entertainment district with a 6-acre lake sitting in the middle of it.
What it does not have that residents and tenants of new developments in booming Boston do have is state income taxes.
That could be the thing that makes Tuscan Village in Salem, N.H., a popular lifestyle alternative to the thousands of people streaming into Boston for lucrative jobs in the technology and medical industries. Tuscan Village is just 30 miles from the Boston Common.
Boston’s population, which remains well under a million, increased by more than 120,000 people between 2013 and 2017. The retail real estate vacancy rate is under 3% and average asking rent downtown is $36 per sq. ft., according to Marcus & Millichap.