If you are out hunting for office space today you will get the benefit of paying more than your peers did a year earlier, combined with the privilege of having fewer options to choose from. What’s happened? The CBD of Boston is in the midst of a strong upswing across all submarkets with no sign of slowing down.
Statistics posted on the Boston Business Journal website note, “office vacancies dropped to 9.7 percent from January through March across the city’s eight submarkets, down from 12.4 percent for the same period in 2012. Citywide rents increased to $42.55 per square foot, compared to $41.68 a year ago, a two percent hike.”
The BBJ’s editorial on Boston’s first quarter market data includes additional market details.