Boston office rents continue to grow as tenants continue to migrate to downtown Boston high-rise office buildings.
From the Boston Business Journal:
Low-rise and Class B offices are now commanding rents in the mid- to upper $40s range, while high-rise rents are reaching well past the $90 per square foot range, according to second-quarter research from commercial real estate services firm DTZ. Class B office rents are up 21 percent from last year in the Financial District, 12 percent in the North Station region and 20 percent in South Station, DTZ said.
“It’s also worth noting that nearly 25 percent of Boston’s office inventory has traded hands in the past 12 months,” the research report said.
Meanwhile, Cambridge also maintained its post as the strongest real estate market in Massachusetts, with $2.2 billion in sales activity. That’s more than half of the overall $4 billion in total sales volume so far this year, according to recently released second-quarter research from JLL..Direct average rents rose more than 5 percent year-over-year in nine out of 12 of Boston’s submarkets, topping out with 16.3 percent growth in East Cambridge.