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Boston Market Reports

Boston Office Market

Average Asking Rent (Price/SF) $37.60
Vacancy Rate (%) 11.5%
Net Absorption (SF)  797,859

The Greater Boston office market ended 2019 on solid footing, with positive momentum experienced throughout the metro area. The CBD posted a record-breaking 1.9 million square feet of net absorption during the year, while Akamai's build-to-suit in Kendall Square pushed Cambridge well into the black. Overall vacancies ended the year at a cyclical low of 11.5%. While leasing velocity waned during the fourth quarter, market conditions remain positive heading into the new year. Tenants are facing few options in Boston and Cambridge, and the scarcity of new supply continues to drive swift increases in lease rates. The development pipeline is swelling with new speculative projects, but it is unclear how much of this proposed space will materialize. Greater Boston's near-term outlook is encouraging, but growing concerns over macro headwinds, particularly the 2020 presidential election, could curtail overall business growth.

Average Asking Rent (Price/SF) $9.10
Vacancy Rate (%) 6.0%
Net Absorption (SF)  729,898

As major players made big moves, Boston's industrial market closed out a strong 2019 with all fundamentals trending in the right direction. Total vacancy hit historic lows at 6.0% as absorption rebounded, adding 729,898 square feet to the 1,377,289 square feet of total absorption for the year. The under-construction pipeline gained steam, as 138,000 square feet of new inventory broke ground. Average asking rents continue to climb at a steady clip as demand grows across the three different industrial subtypes. There are 11.5 million square feet of active requirements, which account for just over half of the 21.8 million square feet of currently available inventory.



Boston Office Market Report
4Q19
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Boston Industrial Market Report
4Q19
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Boston Life Sciences Market Report
4Q19
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