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.