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.