342 W Boylston Street 342 W Boylston St 1,680 SF Retail Building Worcester, MA 01606 For Sale

ACCESS TO AMENITIES: The Property enjoys proximity to Worcester’s primary commercial thoroughfares and offers convenient access to an array of amenities including the Worcester’s Union Station, national retailers, local businesses and services, and numerous bars, restaurants, cafés and retailers. Additionally, the area is home to numerous hospitals and medical centers, colleges and universities, and recreational/entertainment venues.
HIGHER EDUCATION ECONOMIC DRIVERS: Worcester is home to eight universities and colleges, which enroll over 36,000 students combined, and bring a large population of renters to the market. Worcester’s prominent colleges and universities include College of the Holy Cross, Worcester State University, Clark University, Worcester Polytechnic Institute, UMASS Chan Medical School, and Assumption University.
DEMOGRAPHICS: The Property is part of the Worcester MSA (880,000 Residents); there are more than 106,700 people living within 3-miles and more than 243,700 people living within 5-mile of the Property with an average household income of $110,055 and $110,770 respectively.
BURGEONING BIOTECH INDUSTRY: Worcester’s biotech industry has evolved into a dynamic and rapidly growing cluster, emerging as an especially attractive alternative to the more expensive Boston–Cambridge corridor. A key strength lies in its affordable and well-equipped infrastructure: incubators such as Massachusetts Biomedical Initiatives (MBI) offer turnkey lab and office space, shared equipment, mentorship, and connections—while Gateway Park at WPI and The Reactory’s biomanufacturing campus provide flexible R&D and manufacturing facilities, with major investments by WuXi Biologics and Galaxy Life Sciences totaling hundreds of millions and generating hundreds of jobs.
The region’s academic and workforce ecosystem is equally impressive. Worcester benefits from 8 colleges and universities, including UMass Chan Medical School, WPI, Worcester State, and QCC, contributing a steady stream of biotech-trained professionals. UMass Chan alone attracts over $294 million in NIH funding, and Worcester ranks among the top 15 U.S. metro areas for life science research talent, a distinction credited to CBRE. Worcester State’s biotech program further enhances this talent pipeline with hands-on training and partnerships with industry, helping fill a nearly 20% increase in R&D jobs.
Investment and job growth are gaining momentum: in 2024, Worcester biopharma companies secured approximately $56 million in venture capital, while biomanufacturing jobs in Worcester County expanded by nearly 12%, outpacing statewide trends. Public-private collaboration has also stimulated industry expansion, with grants supporting workforce development initiatives like QCC’s technician onramp and MBI’s biomanufacturing center expansion.
Beyond the lab, Worcester offers a livable urban environment—revitalized parks, an arts scene, affordable housing (about 22% cheaper than Boston), and proximity to Boston without its congestion. Altogether, Worcester presents a compelling biotech ecosystem: cost-effective infrastructure, a deep academic and talent base, robust investment activity, and a thriving quality of life. These combined strengths are transforming the city from a regional presence into a major life sciences powerhouse.