If you need office space or are looking to expand or renew at your existing location, consider now. The market is clearly in favor of the landlord and is expected to continue in that direction. Investors are reaping the benefits, while tenants are looking for options with competitive rents.
Hans Nordby, managing director of CoStar Portfolio Strategy, described the commercial real estate environment as “the prettiest picture you’re likely to see in this economic cycle. If you’re waiting for ‘as good as it gets,’ it’s probably today in terms of year-over-year office employment growth being so pervasive.”
Boston office tenants absorbed over 350,000 sf of space in the 3rd quarter, lowering vacancy to just over 10 percent. Class A rents rose to $51.80 per SF.
Additional information on the national market are available on CoStar.com.