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Boston Market Reports

Boston Office Market

Average Asking Rent (Price/SF) $36.48
Vacancy Rate (%) 11.4%
Net Absorption (SF)  475,370

On the heels of one of its best first-quarter performances in recent memory, Greater Boston's office market posted its largest first-half expansion since 2015. Net absorption for the quarter tallied 475,000 square feet and was largely driven by activity in the CBD, where vacancy reached a cyclical low of 7.8% and new construction underway continued to climb to levels unseen in several decades. Conditions in Cambridge remained unchanged, as extremely low vacancy, which has averaged 2.7% over the past 12 months, is forcing tenants of scale to opt for new construction or, in some cases, unwillingly identify locations elsewhere. Absorption in the suburbs stayed positive for a fourth straight quarter, as more tenants expanded in place, counteracting the trend of urban relocations and some larger tenant consolidations.

Boston Industrial Market

Average Asking Rent (Price/SF) $8.96
Vacancy Rate (%) 6.4%
Net Absorption (SF)   656,861

Greater Boston's industrial market has continued its streak of expansion driven by high tenant activity and consistent demand. Rents have climbed significantly, up an average of 7.6% year-over-year for the past 10 quarters. Warehouse/distribution rents increased 15.7% year-over-year, and general industrial rents were up by 12.6% year-over-year, helping to bolster growth. Assisted by new construction, more than 2.4 million square feet delivered over the same 10-quarter period. The majority of product under construction is located in the South submarket and dominated by the warehouse/distribution and R&D/flex subtypes, at 1.1 million square feet and 748,900 square feet, respectively.

Boston Office Market Report
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Boston Industrial Market Report
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Boston Life Sciences Market Report
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