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Boston Market Reports

Boston Office Market

Average Asking Rent (Price/SF) $34.89
Vacancy Rate (%) 12.0%
Net Absorption (SF) 373,430

The Greater Boston office market witnessed more balanced growth as the suburban submarkets recorded their first absorption gain of the year. Boston's Central Business District (CBD) continues to fire on all cylinders, with robust leasing activity fueling both absorption and rent gains complemented by a recent upswing in investment activity and record-level pricing. With nearly all new construction in the CBD spoken for, a new wave of projects could be on the horizon. In Cambridge, net absorption was also positive, driving down vacancy in both East and Mid Cambridge to below 2.0%. The shake-up from Takeda's acquisition of Shire recently entailed an announcement that Shire will halt its build-out of 500 Kendall Street. However, the space could remain under the Takeda-Shire umbrella as Takeda also announced that it will move its U.S. headquarters to the area. All told, the wider market combined for 373,400 square feet of net absorption, the highest quarterly total so far in 2018. The market total vacancy rate closed the quarter at 12.0%.

Boston Industrial Market

Average Asking Rent (Price/SF) $8.99
Vacancy Rate (%) 6.1%
Net Absorption (SF) 102,023

Boston's industrial market shows no signs of slowing down as new product emerges and rents continue to grow across all sectors. The Central and North submarkets led the charge with rent growth of 3.6% and 6.4% respectively, as market rents grew 3.3% overall for the quarter. Vacancy rates stayed consistent at 6.1% and net absorption posted its sixth consecutive positive quarter, led by large moves in the R&D/Flex space. Warehouse/distribution, the largest subtype by inventory, continues to lead the market with the most competitive vacancy rate of just 5.4%, validating the overall demand for this asset. Rents in this space stayed true, up only 2.5% year-over-year, a figure easily surpassed by the 9.4% year-over-year increase posted by the R&D/Flex subtype. The capital markets sector supports this claim as benchmark data continues on a seven year growth trend of pricing.

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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