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Boston Market Reports

Boston Office Market

Average Asking Rent (Price/SF) $34.08
Vacancy Rate (%) 11.9%
Net Absorption (SF) 65,568

While the Boston metro continues to demonstrate its strength through its ability to attract a growing list of industry leading firms, it is clear that both its economy and office market are transitioning to more stable growth. The Greater Boston office market recorded average annual absorption of 2.1 million square feet over the past five years. However, halfway through 2017, absorption was flat. Although office absorption is anticipated to climb in the second half of the year, as several large tenants relocate and pre-committed space in new construction is occupied, the annual total is unlikely to hit levels seen in years past. Through the end of the second quarter, the metro overall vacancy rate held firm at 11.9%, while asking rents averaged $34.08/SF, an increase of 2.6% from a year ago.

Boston Industrial Market

Average Asking Rent (Price/SF) $7.76
Vacancy Rate (%) 6.9%
Net Absorption (SF) 74,229

Economic indicators continue to point in the right direction, guiding the industrial market through its extended expansion phase. Absorption is robust with large e-commerce players looking to take down more space throughout the metro, while infill locations closer to the city are on almost every investors' radar. Closer to Boston, unmatched demand coupled with an outdated inventory has led to a major repositioning of the Raymond L. Flynn Marine Park, while traditional bulk demand in the outer markets has been soft with users looking to small, local assets closer to Boston, leaving recent speculative warehouse deliveries vacant. Throughout the metro, however, R&D space continues to thrive thanks to smaller tech firms looking for modern space.



Boston Office Market Report
2Q17
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Boston Industrial Market Report
2Q17
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Boston Life Sciences Market Report
2Q17
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