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Boston Market Reports

Boston Office Market

Average Asking Rent (Price/SF) $36.19
Vacancy Rate (%) 11.4%
Net Absorption (SF)  47,627

Overall market conditions remain positive in Greater Boston, but a handful of major move-outs in the suburbs weighed on third-quarter performance. Net absorption was positive but slipped to a moderate 47,627 square feet for the quarter. As a result, vacancies were also flat at 11.4%. That said, the CBD and Cambridge office markets are frothier than ever. Tech giants like Apple, Google, Toast and Twitter are executing expansions throughout the urban markets, and WeWork inked another four deals this quarter alone. Vacancies are at or near historic lows across Boston and Cambridge, and developers continue to break ground on new product, with construction climbing to levels rarely seen in this market. Landlords are clearly in the driver's seat, as the scarcity of supply has given way to swift increases in lease rates. Despite the growing concern over macro headwinds, Greater Boston is primed for continued growth in the near term. Expect more moderate gains, though, as certain markets are nearing full occupancy.

Average Asking Rent (Price/SF) $9.25
Vacancy Rate (%) 6.3%
Net Absorption (SF)   181,099

Activity in Boston's industrial market remains strong, as tenants looking for space have continued to push rents and drive down availabilities. Although absorption for the quarter remained relatively low at 181,099 square feet, quality space remains in high demand. The majority of activity was not commitments, but rather came in the form of tenants, including Amazon, making requests for pricing, ultimately to gauge the strength of the market. The results were as expected, rent continued to climb across all subtypes, up 3.6% year-over-year to $9.25/SF. Vacancy continued on a downward trend to 6.3% this quarter, compared with 6.4% at this time last year. The under-construction pipeline remains consistent as well. No new space delivered, although several signed leases were committed to the new inventory upon competition.

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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