I’m writing this from our offices in Boston, and I’m pleased to report I have had an epiphany. You know all the whining and hand-wringing Philadelphia magazine has been doing over the thuggery of the unions and the narrow vision of our city leaders? I hate to admit it, but we may have it all wrong. Their actions have made real estate in Philadelphia a veritable bargain!
Both of our office leases are coming up for renewal. For comparable space, the cost per square foot in Boston is double what it is in Philadelphia. Isn’t that nuts? As a result, we may have to locate the Boston magazine office in what you would euphemistically call an “emerging” neighborhood. As if I want to be part of urban renewal.
And if you think office rents here are crazy, you should check out the cost of residential real estate. According to Trulia, the median price for a condo in Boston’s trendy Back Bay is $740,000, up 18 percent over last year; in Rittenhouse Square, the cost is only $377,000, down 23 percent. I challenge anyone to find a bad neighborhood in Boston. Gentrification is such a dirty word. Come on people, gritty neighborhoods make cities more interesting!
See, Boston doesn’t get the simple laws of supply and demand. Because the city’s leadership focuses on innovation, business development and making the city so damn beautiful, too many companies and people want to be there.
So a big thank you to our meddling union leadership; they should build statues in your honor. And to the Mayor and City Council, who courageously protect the status quo and raise our city taxes every year, I salute you. You guys are the best!