Harvard Sq.. . The Home to Harvard University.. . Is changing.. The past three years have seen dozens of businesses close it’s doors. Some historic places like Curious George and John Harvard’s Brewery & Alehouse as well as national chains like Starbucks & CVS.
According to the Boston Globe, the vacancy rate has climbed to 11%, where 3-4% is the more typical range states, Denise Jillson, The Executive Director of the Harvard Square Business Association. With the changes in consumer trends with more folks buying online or doing delivery as opposed to eating out the local businesses are forced to close their doors as they can’t keep up with rising rents. Which only gives national chains an opportunity.
There are also newcomers coming into the square and are doubling rents which continue the cycle of the small business owners being forced out. Construction costs being very high ($250-325/SF), any redevelopment will mostly have clauses with their financing to find a national tenant for the loan documents to be approved for financing.
Gateway cities are more and more becoming examples of how capitalism further extracts wealth and opportunity from the less advantaged. Not only in America, but this a global problem.
Inclusive growth.. . Has to be the focus…
