Greater Boston Office Market Extends Positive Absorption Streak To Eight Quarters
Overall Vacancy Rate Declines to 12.7 Percent During First-Quarter 2015
Apr 13, 2015, 06:54 ET
BOSTON, April 13, 2015 /PRNewswire/ -- Greater Boston's commercial real estate office market extended its positive absorption streak to eight quarters, with tenants absorbing 493,000 square feet of space during first-quarter 2015, according to Transwestern | RBJ's "officeSTATus – Q1 2015" report. The activity drove market-wide vacancy down to 12.7 percent.
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"Greater Boston's office market is on a remarkable stretch of positive activity," said Chase Bourdelaise, Research director for the Northeast. "And based on the number of high-profile move-ins scheduled for the remainder of the year, as well as the 4.1 million-square-foot construction inventory, we anticipate the run to continue."
In Boston's Central Business District, vacancy dropped to 9.3 percent, with the Financial District submarket hitting 10.0 percent vacancy for the first time since 2008. Cambridge vacancy rose slightly to 8.6 percent due to some large tenants moving out of market; however, availability dropped dramatically from 11.5 percent to 8.8 percent in the past quarter.
Along Route 128, vacancy dropped to 13.3 percent as tenants absorbed 442,000 square feet of space. The Interstate 495 submarkets had negative absorption of 89,000 square feet, although Class A asking lease rates crept upward.
Download the full "officeSTATus – Q1 2015" report at http://twurls.com/boston-office-1q15.
In addition to "officeSTATus," Transwestern | RBJ publishes 10 other quarterly research reports: "indSTATus," which focuses on industrial property types (manufacturing, warehouse and flex) and individual "marketSTATus" reports on nine crucial submarkets. The firm's biotechnology-focused report, "bioSTATus," is released twice a year. In total, the firm produces 46 reports per year, in addition to custom research projects for clients.
ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit transwestern.com and follow us on Twitter: @Transwestern and @TranswesternBOS.
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SOURCE Transwestern