BOSTON | Hub of Innovation

Mayor’s Office of Economic DevelopmentCity of Boston

WHY BOSTON?❖ Boston is Open for Business

❖ Boston is a Global City

❖ Boston is a Hub of Innovation

❖ Boston attracts Youthful, Diverse, Skilled Talent

❖ Boston has Strong Industry Sectors

Boston is Open for Business

The Mayor’s Office of Economic Development (OED) aims to promote a healthy environment for businesses of all types and sizes in the City of Boston.

Within OED, the Business Strategy Unit focuses on:● Attracting new businesses to Boston

● Retaining existing businesses in Boston

● Strengthening the City of Boston for growth and recognition as a place to do business in the national and international markets.

● Engaging Boston’s business community

John BarrosChief of Economic Development

“The Walsh Administration is committed to working in

partnership with the business community to help companies thrive in the City of Boston. For companies

considering Boston as their home, our Business

Strategy team will be a resource to ensure your transition is seamless.”

Boston is Open for Business

To achieve this, the Business Strategy Unit includes:

● Industry Management○ Tech Startups○ High Tech (excluding Life Sciences)○ Life Sciences○ Creative Economy○ Backstreets/Advanced Manufacturing

● Global Affairs

● Talent Engagement

Boston Business ResourcesThe Mayor’s Office of Economic Development provides resources to businesses including:

• Business Development Assistance

• Workforce Training

• Connections to Higher Education for Talent

• Business Networking

• Financing Services

• Startup Resources

• Communications & Welcoming Support

Additionally, we partner with city agencies to support economic research & analysis, small business resources, business support for Minority, Women and Veteran owned businesses, permitting, and licensing.

The Mayor’s Office of Economic Development also collaborates with agencies and external organizations to support business needs:

• Boston Planning and Development Agency to provide guidance for project development

• Inspectional Services Department to support expedited permitting

• Boston Home Center to provide homeownership resources and tools for employees

• Boston Private Industry Council to enhance workforce training

• New England Venture Capital Association to place college interns and build talent pipelines

• Greater Boston Chamber of Commerce to connect executives and employees to the Boston business community

• State Agencies and Quasi-Agencies to support collaboration for business and industry-specific resources

And more!

Partnerships Supporting Business Growth

Boston welcomes and celebrates the relocation, expansion, and growth of

many innovative companies in the city

Boston is a Global City

Boston is an open, welcoming, and global city

• 28% of Boston’s residents are foreign born, and come from 150 countries of origin.

• 48% of children in Boston have a foreign-born parent

• Boston residents speak over 80 different languages

• Immigrants own 33% of incorporated businesses in Boston

• 30% of Boston’s workforce are foreign born; 67% of Boston’s medical and life sciences industry are foreign born.

• Boston started the Global Entrepreneur-in-Residence program

Boston is a Global City

Boston is an open, welcoming, and global city

• Boston’s downtown is 15 minutes from Logan International Airport with access to non-stop flights to 54 international and 76 domestic destinations.

• Boston attracts more than 12 million visitors every year.*

• Domestic and international visitor spending in Boston is approximately $12.2 billion, annually**

• In 2016, 29.6 million domestic passengers traveled to Boston - up 6.4%*** and 6.6 million international passengers traveled to Boston - up 19%****

*City of Boston, http://www.cityofboston.gov/visitors/ (June 2014)**U.S. Travel Association, 2014***Massachusetts Port Authority, Aviation Administration, Logan International Airport****Massachusetts Port Authority, Aviation Administration, Logan International Airport

Boston is a Hub of InnovationBoston is a leading city for fostering innovation and entrepreneurial success:

✓ Boston is ranked the #1 U.S. city for fostering entrepreneurial growth and innovation *

✓ Greater Boston helped to position Massachusetts as the #1 “Most Innovative State” **

✓ Boston is among the top cities for attracting startups **

✓ Boston’s low relative tax burden ranks in the top quarter of 111 global cities, ahead of New York City and San Francisco.***

✓ Boston’s long-term competitiveness is ranked #3 among global cities *****U.S. Chamber of Commerce, 1776, and Free Enterprise. “Innovation That Matters” (May 2016)**Bloomberg, 2016, 2017***KPMG Focus on Tax 2016****ATKearney Global Cities 2016, Global Cities Outlook

Boston Attracts Youthful, Diverse, Skilled Talent

Boston is home to a highly educated workforce• High education attainment: over 55% of Boston workers have a Bachelor’s

degree or higher, and almost 25% of Boston workers have an advanced degree.

• High student density: Boston is home to 138,000 students across 33 colleges and universities with more than 55 higher education institutions across the Greater Boston region. International students make up 22% of Boston’s student population.

• Boston graduates 10,000 students a year with degrees in STEM.

• A young city: over 35% of Bostonians are between the ages of 20-34.

Boston is home to Startups

1) Innovation District2) North End3) Government Center4) Financial District5) Leather District6) Back Bay

Outside of Boston:7) Kendall Square8) Harvard Square9) Somerville

bostontechguide.com

Boston is home to Life Sciences

Boston is part of the world’s largest life sciences cluster• Over 12,000 life sciences jobs span research, development, and

manufacturing in Boston

• The Longwood Medical Area has over 46,000 scientists, researchers and staff, and over 21,000 students

• Boston is the #1 U.S. city for NIH funding, receiving the most NIH funding of any U.S. city for 21 consecutive years; 41 Boston institutions received 3,491 NIH awards, totaling more than $1.74 billion in funding in FY 2015

• Boston joins 4 neighboring cities as part of the Life Sciences Corridor, the world’s largest life sciences cluster with over 450 companies

Boston is home to Life Sciences

University partnerships spark innovation within the life sciences:

The Harvard Innovation Lab (i-Lab) at Harvard University is a resource for students at Harvard interested in entrepreneurship and innovation, to help growth their ventures at any stage of development. The Pagliuca Harvard Life Lab supports Harvard-founded high potential life sciences and biotech startups.

BioSquare Research Park at Boston University features the National Emerging Infectious Diseases Lab, Boston Medica Center, and Boston University’s Medical Center and Charles River Campus. Boston University’s BuzzLab is home to entrepreneurship programs, student clubs, and student and alumni startups.

IDEA is Northeastern University’s student-led venture accelerator, providing students with support, in-kind resources, and the educational experience of developing a business from core concept to launch.

The Venture Development Center at Umass Boston offers a 18,000 sf lab and office space, located along the Red Line transit system, for life sciences and healthcare startups. Startups have access on a reduced fee for service basis to the university’s new core research facilities – sparing them the expense of buying expensive equipment.

Boston is home to High Tech

High Tech Industry captures: 

● Mature Technology Companies including businesses with a high proportion of their workforce in science, technology, engineering and math (STEM) occupations including: computer and electronics manufacturing; aerospace product and parts manufacturing; software publishers; data processing, hosting, and related services; architectural, engineering, and related services; computer systems design and related services; and other information services.

● Financial Technology (FinTech) including businesses within the financial services industry focused on disrupting incumbent financial systems with the use of software.

● Clean Technology including businesses focused on recycling, renewable energy, green transportation, electric motors, lighting, and other energy efficient uses.

● Advanced Manufacturing including businesses within manufacturing industries that use innovative technology to improve products or processes.

Boston is home to High Tech

Boston is a hub for technology• Boston’s economy boasts over 30,000 high tech jobs.

• Boston’s high tech sector continues to grow, experiencing 9% growth per year since 2010.

• Boston’s share of employment in scientific research and development is two and a half times the national average.

Martin J. WalshMayor

“It’s an opportunity to define a new era, as

we build a new vision for our city. That vision

is of a Boston that’s thriving, healthy, and

innovative.”

Mayor’s Office of Economic Development+1 617-635-5729

Sarah Delude | International Business Strategy Manager

sarah.delude@boston.gov

Boston boasts Accessible Infrastructure & Open Space

Surrounding Boston’s 400 year old downtown peninsula is one of the most extraordinary concentrations of innovation, business, recreation, and transportation in North America.

• Boston’s MBTA subway and transit system, the first in the nation, serves as a connector to Boston’s neighborhoods, ensuring mobility for a highly accessible city.

• Boston ranks 3rd in walkability among U.S. cities

• Boston ranks 5th for bikeability among U.S. cities

Boston boasts Accessible Infrastructure & Open SpaceBoston is a sustainable and environmentally-friendly city

● Boston enjoys a span of more than 2,375 acres of outdoor and green space.

● Boston ranks #1 in energy efficiency by the American Council for Energy-Efficient Economy’s latest City Energy Efficiency Scorecard.

● Boston helped position Massachusetts as the #1 U.S. State for LEED Green Building by the The U.S. Green Building Council. Boston will host the Greenbuild 2017 conference.

● The Greenovate Boston Plan, which tackles climate change through community engagement, received the COP21 Award in "Smart Cities and Smart Community Engagement."

Boston has a Vision for Planning & Development

• Boston is currently experiencing its third greatest building boom in our city’s history

• Approximately, $6.5 billion of construction investment is underway in the city

• Boston is a growing city, with a population of 669,469 as of 2015 and a projection upwards of 700,000 by the early 2020s – a level not seen since the 1950s

• Mayor Walsh and the City of Boston are currently leading Imagine Boston 2030, a comprehensive citywide planning process and the first citywide plan in fifty years

Boston has a Vision for Planning & Development

Imagine Boston 2030 is focused on guiding growth to support Boston’s dynamic economy and to expand opportunity for all residents.

Goals include:

● Encourage affordability, reduce displacement, and improve quality of life;

● Increase access to opportunity;

● Drive inclusive economic growth;

● Prepare for climate change and promote a healthy environment; and

● Invest in open space, arts & culture, transportation, and infrastructure

Boston has a Vision for Planning & Development

Highlights of Boston Planning & Development Agency (BPDA) projects permitted and approved:

Readville Yard 5

Readville Yard 5 site consists of the development of a 21 acre site in the Hyde Park neighborhood of Boston. It includes the construction of an approximately 375,000 square foot building consisting of industrial and commercial space. This transit-oriented site is accessible by train via the Fairmount Commuter Rail with easy access to Rt. 95 along with vehicular and bicycle parking. BPDA has permitted and approved this project; construction has not started.

Boston has a Vision for Planning & Development

Highlights of Boston Planning & Development Agency (BPDA) projects permitted and approved:

80 East Berkeley

80 East Berkeley Street is a redevelopment of an approximately 1.09 acre site in the South End neighborhood of Boston, bound by Washington Street, Shawmut Ave and East Berkeley Street. It includes the construction of an approximately 308,000 square foot building consisting of: innovation-oriented and other office uses; retail, service and/or restaurant space; approximately 200 below grade parking spaces. BPDA has permitted and approved this project; construction has not started.

Boston has a Vision for Planning & Development

Highlights of Boston Planning & Development Agency (BPDA) projects permitted and approved:

Innovation Square at Northern Avenue

Innovation Square is a project consisting of the construction of a 375,000 square foot cutting edge lab facility on a 4 acre parcel along Northern Avenue in the South Boston Waterfront District. The project proposes a two phase build out of a multi-tenanted research and development and manufacturing facility with ample on-site parking, transit access, and open space. The lab ready specifications propose a LEED Silver with amenities and lab infrastructure. Phase 1 consists of 125,000 square feet. BPDA has permitted and approved this project; construction has not started.

Boston has a Vision for Planning & DevelopmentHighlights of projects under review for permitting in 2017:

Former Flower Exchange Site“Massive office complex could blossom at Flower Exchange site,” Boston Globe, May 2016: https://www.bostonglobe.com/business/2016/05/26/boston-flower-exchange-redeveloped-into-office-complex/VBL0qtSD7zgZ97Ng1LKFfL/story.html

“A vestige of Boston’s old economy could soon become a hub for its new economy. The buyers of the Boston Flower Exchange property Thursday unveiled plans to turn the 5.6-acre warehouse facility on Albany Street in the South End into a tech office campus they hope could rival Kendall Square in Cambridge, employing as many as 5,000 to 10,000 people. Officials with the Abbey Group — which transformed the Landmark Center, an office and retail complex in the Fenway, and the old Lafayette Place Mall in Downtown Crossing — confirmed they are the long-unnamed developers who won a bidding war last year for the low-slung warehouse and parking lots along the Southeast Expressway.”

Former Edison Power Plant Site“Boston Edison redevelopment team aims for ‘spectacular’ waterfront project,” Boston Business Journal, January 2017:http://www.bizjournals.com/boston/news/2017/01/19/boston-edison-redevelopment-team-aims-for.html

“The team spearheading the redevelopment of the former Boston Edison power plant aims to make the future mixed-use site in South Boston ‘the most spectacular project in the history of the waterfront.’” Ralph Cox, principal with Redgate Real Estate, presented on the project’s early goals at a community open house Wednesday evening. Redgate is a joint-venture partner with Hilco Redevelopment Partners on the redevelopment of Boston Edison, a decommissioned power plant at the corner of Summer and East First streets in South Boston that dates back to 1898.”

Boston has a Vision for Planning & Development

As Boston prepares for the future, the BPDA commissioned a Strategic Planning Area study along Dorchester Avenue, between Andrew MBTA Station and Broadway MBTA Station, laying a road map for a well-connected, well-designed, people-centric 21st century district.

The Strategic Planning Area includes guidance to support:

• Zoning that provides predictable baseline development entitlements and allows for new models of mixed use development including commercial/industrial

• Explicit requirements for the provision of public benefits in exchange for bonus height

• Inclusive development that improves awareness and access to funding resources

• Best practices for job creation and small business growth

Boston is a Global City

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