Why is our office market experiencing a recovery faster than other cities across the country? What does Massachusetts offer the other states don’t?
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The Office Market recovery in Boston and Cambridge is here. The real question is for how much longer will favorable opportunities exist for tenants.
The Boston Business Journal reports that “a survey of 44 office buildings by Boston brokerage McCall & Almy found that of the 26.5 million square feet of space studied in the Financial District, 16.6 percent was available in September, down from 20.3 percent at the close of last year.”
More information on the Financial District occupancy rates is available on the BBJ’s web site.
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(Photo Credit: The Boston Globe)
Cranes, dump trucks continue to be a mainstay within the city limits of Boston. Between office and lab nearly 5 million square feet is under construction, which is up over 10 fold from the summer of 2011
A Boston Globe editorial reports “the region’s office construction market is making a strong comeback, driven by the expansions of medical and biotechnology companies that are funding new buildings going up in Boston’s Seaport District, East Cambridge, and suburbs along Route 128.”
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Tenants continue their migration from Class B buildings to Class A within the Financial District. With vacancy rates just below 15 percent opportunities for tenants to trade up still exist. Rents within the low rise Class A space will fall in the upper $30’s to low $40’s depending on the building.
Banker and Tradesman reports, “the move is the result of an expansion push by Managing Director Robert Brown, who came to the firm last year.”
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Boston continues to be one top cites leading office market recovery nationally. The overall vacancy rate dropped to 10.5 percent, according to CoStar.
A Bloomberg report offers insight on the three-year low in office space vacancy rates in the U.S.
(Photo via Boston Business Journal)
East Cambridge/Kendall Square continues to push rents upward and vacancy down. 162,000 square feet of new leases have been signed at 400 Technology Square. Asking rents in the East Cambridge/Kendall Square submarket for Class A space will start in the low $50’s per square foot.
Among the new tenants, the Boston Business Journal reports, “The Ragon Institute, Massachusetts Institute of Technology, Harvard University, Epizyme, Warp Drive Bio and Aramco Services Co.”
More information is available on the BBJ website.
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