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Boston Office Market

Average Asking Rent (Price/SF) $34.23
Vacancy Rate (%) 11.6%
Net Absorption (SF) 238,508

Notable pre-commitments in new construction along with sizable expansions by existing tenants in key submarkets propelled leasing activity during the third quarter and in all likelihood will support a seventh consecutive year of expansion for the Greater Boston office market in 2017. Year-to-date net absorption rose to 531,500 square feet following a third-quarter expansion of 238,500 square feet. As a result, the metro overall vacancy rate eased to 11.6%, down from 12.0% during the same period a year earlier. Office asking rents across the wider market were up 2.9% year-over-year, with Cambridge and Class B properties in the CBD exhibiting the highest growth rates.

Boston Industrial Market

Average Asking Rent (Price/SF) $8.17
Vacancy Rate (%) 6.5%
Net Absorption (SF) 201,961

Demand drivers for the industrial sector continue to thrive, extending the seemingly never-ending real estate cycle in Boston. Population growth is still strong, while consumer spending is on the rise, fostering e-commerce as the catalyst for the industrial market in the Boston area. Tenants are less concerned with asset quality than they might have been 12 to 18 months ago but are focused on location and proximity to strong demographics and city centers. Leasing volume has remained robust across the metro, filling vacant spaces of all sizes and quality while allowing landlords to push rents.

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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