CRES Stats Report | Week Ending November 13

• A quiet week with 11 spaces hitting the market as available in the subject area in the last 7 days, overwhelmingly sublease suites, equating to 38,000 SF
• 7 spaces (over 1,000 SF) came off the market equating to 41,000 SF
• The availability rate is luffing around the all-time recent high at 15,300,000 SF

Negative absorption continues with 24 spaces hitting the market as available in the subject area in the last 7 days, equating to 176,000 SF.

18 spaces (over 1,000 SF) came off the market equating to 196,000 SF which appears to be sublease space “going direct” or being withdrawn by sublessors.  More study is needed.

Checking back in on the Financial District: this is a 36,000,000 SF office area, with a direct availability of 10.1%, resulting in a 13.1% (9.5mm SF) total availability rate.

The availability rate in Boston spiked to an all-time recent high of 15,800,000 SF.

28 spaces hit the market as available in the subject area in the last 7 days, equating to what seems to be a consistent weekly ~167,000 SF;

12 spaces (over 1,000 SF) came off the market equating to a mere ~53,000 SF;

Checking Back In on East Cambridge/Kendall Square: this is a 5,000,000 SF office area, with a direct availability of a mere 4.2% & 7.7% (886,000 SF) total availability rate, substantially less than its big brother Boston;

12 spaces (over 1,000 SF) came off the market in Boston equating to ~53,000 SF.

The availability rate in Boston ticked up slightly to an all-time recent high of 13.1%, equating to ~15,300,000 SF.

18 spaces hit the market as available in the subject area in the last 7 days, equating to 170,000 SF, roughly in the range (yet higher end) of recent weekly additions;

ONLY 5 spaces (over 1,000 SF) came off the market equating to 140,000 SF, albeit 4 of the spaces were full floors removed from the sublease market in the lower block of 10 St. James.

DID YOU KNOW?: the 213 acre “LMA” (Longwood Medical & Academic Area) is home to 7 world class hospitals and 11 private & public secondary and colleges & universities.  Pre-COVID, 111,000 people a day come to the LMA!  2.6 million patients are treated in the LMA – EVERY YEAR!  Also, the LMA has its own power generation facility called “MATEP”.

Sadly, the availability rate in Boston rose to an all-time recent high at 13.4%, a substantial uptick, equating to 15,100,000 SF.

20 spaces hit the market as available in the subject area in the last 7 days, equating to ~164,000 SF;

11 spaces (over 1,000 SF) came off the market ~52,000 SF;

The Harvard Square-Central Square marketplace is a 2.0mm SF office market of mostly class C & B buildings – with “Class A pricing” (average ask of $61.39/SF).  The availability rate here is 13.8% equating to ~485,000 SF

The availability rate in Boston held for the last 2 weeks at 13.0% equating to ~15,000,000 SF.