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Boston Market Reports

Boston Office Market

Average Asking Rent (Price/SF) $36.53
Vacancy Rate (%) 11.7%
Net Absorption (SF) 956,728

The Greater Boston office market realized its largest first-quarter expansion since 2005 after posting 957,000 square feet of net absorption. The CBD, Cambridge and suburban submarkets all recorded growth, pushing overall market vacancy down for a third consecutive quarter. Large user activity in the urban core remained heightened, with a focus on new construction. Of the 4.3 million square feet of new office construction now underway marketwide-the highest total since 2000-70.8% is pre-committed. Cambridge vacancy remained very low, with landlords placing a premium on any quality availability. The suburbs saw their highest quarterly absorption in two years, having extended their recent expansion run amid more tenant relocations to the city.

Boston Industrial Market

Average Asking Rent (Price/SF) $8.82
Vacancy Rate (%) 6.8%
Net Absorption (SF)   -279,191

As the total industrial inventory grows across Boston, so are industrial asking rents. Over the past six quarters, the under construction pipeline has consistently totaled more than 1.0 million square feet, and overall average asking rents have increased from $7.88/SF to $8.82/SF, today. Absorption turned slightly negative as the delivery of more new construction leaves more spaces to backfill, while landlords are also looking to create more contiguous space to cater to large users. Vacancy increased slightly for the third consecutive quarter, to 6.8%, or 14.3 million square feet of inventory.

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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