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Boston Market Reports

Boston Office Market

Average Asking Rent (Price/SF) $34.36
Vacancy Rate (%) 11.6%
Net Absorption (SF) 646,902

A strong fourth-quarter expansion led by the Central Business District's highest absorption in 10 quarters pushed Greater Boston's annual office absorption above 1.0 million square feet for the seventh consecutive year. Attraction and retention of talent continues to fuel more inbound tenant relocations to the Central Business District (CBD), creating absorption gains at a time when much of the traditional tenant base is right sizing and striving for improved space utilization. Despite the uprooting of tenants for offices in town, the suburban submarkets managed to combine for nearly 830,000 square feet of net absorption in 2017. The metro's overall vacancy was stable at 11.6% to close the year as absorption gains were offset by the delivery of new uncommitted suburban construction. Asking rents were up across most markets, with the metro average seeing an increase of 2.2% year-over-year.

Boston Industrial Market

Average Asking Rent (Price/SF) $8.07
Vacancy Rate (%) 6.9%
Net Absorption (SF) -133,188

Demand drivers for the industrial sector continue to thrive, extending the seemingly never-ending real estate cycle in Boston. Rising demand for infill industrial has opened up new opportunities for landlords, allowing for a renaissance of properties previously deemed unattractive. Landlords are renovating this tertiary product just enough to take advantage of the wave of new tenants less concerned with asset quality and focused heavily on location. The steady flow of demand across all asset classes has encouraged tightening vacancies and as a result, rent growth throughout the industrial market.

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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