Commercial Development

As these residents move Downtown, they have begun to strengthen the local retail and restaurant market.  Industry standards suggest that 1,000 market rate housing units can support the equivalent of one block of main street retail within a short walk.  If the retail serves a regional market with good vehicle and delivery access, larger areas can be supported.

Retail development will be followed by a restored office market as other locations closer to Boston reduce their vacancy rates, Downtown residents seek to locate their workplaces closer to home, and the overall cache of Downtown Lowell grows.  The Hamilton Canal District has a distinct advantage for office development due to its proximity to the commuter rail station.  A recent study by Richards Barry Joyce and Partners, LLC found that Suburban Boston office vacancy rates within walking distance of a commuter rail station were 33% lower than suburban office locations that are not accessible by train.