34 spaces hit the market as available in the last 7 days, equating to 200,000 SF
Only 8 spaces (over 1,000 SF) came off the market 83,000 SF
Boston’s “Seaport District” is an 8.7mm SF market with some of the world’s top companies (Fidelity, Amazon, VERTEX, State Street to name a few). Today’s availability rate here is a whopping 21%! That equates to 1 of every 5 buildings being vacant
The availability rate stayed about the same as last week at 12.0% equating to 14,900,000 SF.
Fall is starting in Boston and the market is back to shedding space, post Labor Day. 23 spaces hit the market as available in the last 7 days, equating to 225,000 SF
18 spaces (over 1,000 SF) came off the market 230,000 SF
Broker incentives increasing!; in a bid to drum up activity, many buildings are offering $1,000 showing bonuses and some offering 3.0% fees (which add up when doing larger deals in expensive buildings)
The availability rate creeped up again to a new high of 12.0% equating to 14,900,000 SF.
Amazon.com is again hiring in Massachusetts.
The Seattle-based e-commerce giant (Nasdaq: AMZN), already one of the largest employers in Massachusetts, is expecting to add more than 650 full-time and part-time jobs in the area, according to spokesperson Stephanie Cortez. She added that Amazon has hired for 15,500 full-time and part-time jobs in Massachusetts.
The majority of the new positions will be based in Amazon’s fulfillment center in Stoughton, according to Cortez. Amazon also has fulfillment centers in Holyoke, Everett and Fall River.
“I think that’s just an area that we have noticed that we’re able to meet our customer demand and can really focus in on serving in the greater Boston area within Massachusetts,” Cortez, a New York City-based public relations manager with Amazon, said about Stoughton.
Cortez added that the new roles are part of Amazon’s operations network and its delivery partners, so they are not corporate roles. Pay starts at $15.25 per hour with opportunity for bonuses and career advancement.
The local hires are part of an international hiring spree for more than 100,000 jobs throughout the U.S. and Canada in Amazon’s fulfillment and logistics network. The additional recruiting effort is not related to competitor Walmart Inc. (NYSE: WMT) launching its own membership program later this week, according to Cortez. Instead, it has to do with the upcoming holiday season.
“We’re really looking to gear up for the holiday season and visitation for high customer demand,” Cortez said.
The 650 new positions are separate from the 1,800 new Massachusetts roles that Amazon announced in April, according to Cortez. Cortez did not provide a breakdown of full-time versus part-time roles, but added that hiring has kicked off on Monday.
Separately, Boston planning officials last week recommended against an Amazon warehouse in the neighborhood of South Boston, citing planning guidelines for the stretch between the Broadway and Andrew Red Line MBTA stations that would not fit with the proposed warehouse renovation. Cortez declined to comment on the move.
Similarly quiet week on its face to last week for additional added spaces as 29 spaces hit the market as available in the last 7 days, equating to 105,000 SF;
7 spaces (over 1,000 SF) came off the market ~18,000 SF
127– 129 Newbury Street has a new leasing company – BRA!
Just across the “Salt & Pepper” Bridge in Kendall Square/East Cambridge (a small – but powerful – 4.1MM SF market) the vacancy rate (again, for office) is 9.1%, with a paltry 320,000 SF of available space if you know the right people!
Shockingly, the availability rate SPIKED to 11.6% equating to 14,800,000 SF.
A very quiet week for additional added spaces, probably due to the end-of-Summer vacations, only 14 spaces hit the market as available in the last 7 days, equating to 43,000 SF.
4 spaces (over 1,000 SF) came off the market 18,000 SF.
Analyzing the data, there are 149 contiguous blocks of space in the subject area between 10,000 & 20,000 SF available. There are also 130 contiguous blocks of between 20,000 & 60,000 SF.
The availability rate keeps climbing, now at 11.5% equating to 14,100,000 SF available – a new high during the C19 period.
FINALLY, the onslaught of new space slowed (a bit), but still totaled 39 spaces, with +258,000 SF hitting the market as available in the last 7 days, similar to the numbers in July & early August.
11 spaces (over 1,000 SF) came off the market (66,000 SF) but again, some of that is sublease space converting to direct.
Need 5,000 – 7,000 SF? No problem, there are 227 options for you in 126 different buildings. That’s a long day of touring!
Sadly, we easily crested 14,000,000 SF available now – a new high – equating to a +11.4% availability rate.
A Summer WAVE (tsunami?) of space has hit Boston: An unprecedented 51 spaces hit the market as available in the last 7 days as a whopping 553,000 SF, easily eclipsing the past few months’ weekly totals.
11 spaces (over 1,000 SF) came off the market (170,000 SF), but this was mostly a block at 10 St. James on the 3rd and 7th– 10th floors coming off.
31 properties in the subject area can provide blocks – and sometimes multiple blocks – of contiguous +50,000 SF suites.
There is 14,000,000 SF available now – a new high – equating to a 11.4% availability rate. You probably have to go back to 1999-2001 and the dot-com bust to find a similar number.
The onslaught of space coming on market INCREASES: 33 spaces (over 1,000 SF) hit the market as available, easily one of highest amounts in recent memory, equaling 335,000 SF. That equates to FOUR vacant 545 Boylston Street’s hitting the market – in 7 days!;
Only 8 spaces (over 1,000 SF) came off the market (63,000 SF);
The vacancy rate in MIDTOWN (24 mostly class B buildings of 1.5mmSF) is 11.0% and the availability rate is slightly higher at 12.3%);
The rotation from sublet to direct space has continued. Either companies are walking on leases, paying to get out of them or giving up on trying to sublease it (“shadow space”);
There is 13,800,000 SF available (that’s thirteen vacant Hancock Towers) of which 3.3mm SF is sublease.
Continuing the trend 43 spaces (over 1,000 SF) hit the market as available equaling 180,000 SF, much less than last week, but typical for many of the weeks over the past 4 months;
13 spaces (over 1,000 SF) came off the market (56,000 SF) which has been consistent over the past month, many of these spaces are merely going to direct available from a previously listed sublease;
Quarter To Date net absorption is -139,000 SF and Year To Date absorption is -985,000 SF.
The Office VACANCY RATE in Cambridge (“ride the Red Line from Alewife to Kendall”) is 5.5% with 3.9% sublet availability, for a TOTAL AVAILABILITY of 9.4%.
Boston Office stats from the PAST 7 days: (sublease & direct – in all cases temp space excluded) in Mass Ave to the Seaport, South to North Station