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GE moves HQ to Boston, boosts home sales

Real estate uptick expected

Created date

April 12th, 2016

GE announced earlier this year that it is moving its corporate headquarters to the Seaport District of Boston. Current headquarters are located in New York City and Fairfield, Conn. 

After three years of consideration, Boston was selected out of a list of 40 potential locations based on evaluation of the business ecosystem, talent, long-term costs, quality of life for employees, connections with the world, and proximity to other important company assets.

Dynamic, creative center

“Today, GE is a $130 billion high-tech global industrial company, one that is leading the digital transformation of industry. We want to be at the center of an ecosystem that shares our aspirations,” CEO Jeff Immelt said in a statement. 

“Greater Boston is home to 55 colleges and universities. Massachusetts spends more on research and development than any other region in the world, and Boston attracts a diverse, technologically fluent workforce focused on solving challenges for the world. We are excited to bring our headquarters to this dynamic and creative city.” 

GE employees will begin moving to Boston this summer, with the transition expected to be complete by 2018. The company will have roughly 800 employees located in Boston.

Boon for real estate

The influx of GE employees is likely to be a boon for home sales in the Boston area. 

Linden Ponds Sales Director Christine Hansen says that is good news for area retirees planning to sell their house in preparation for a move to the Erickson Living community in Hingham, Mass.

“It will definitely impact the local real estate market as well as lead other businesses to the city,” Hansen says. “I would foresee an uptick in home sales on both the north and south shores to accommodate the staff.”

As houses sell more quickly in the Boston area, Hansen expects to see an even greater demand for apartment homes at Linden Ponds. While there are apartment homes available now, wait time may increase to up to ten months for some popular two-bedroom, two-bath models. Now is an ideal time to put your house on the market if you are considering a move to Linden Ponds.

“Spring is traditionally the start of the selling season in New England, when the weather is nicer, people can work on improvements to their home, and the mindset is just right for buyers and sellers motivated to move,” Hansen says.