0 Boston Office Market Closes 10th Consecutive Quarter of Positive Absorption

Boston office market trends

Credit: TransWestern.net

The Boston Office market continues ahead with its 10th positive quarter of absorption.

From TWurls.com:

Greater Boston’s office market closed its 10th straight quarter of positive growth, albeit at a much slower pace than the 15-year record high of 2 million square feet absorbed during second-quarter, according to “officeSTATus — Q3 2015,” a new research report from Transwestern | RBJ. Despite tenants absorbing only 36,000 square feet of office space during third-quarter 2015, the market has seen a robust 3.6 million square feet of positive absorption during the past 12 months Ë•’ a more accurate indicator of market strength.

“We were unlikely to maintain the pace that was set during the second quarter, which had the highest absorption rate since the dot-com boom in 2000,” said Northeast Research Director Chase Bourdelaise. “An important contributor to the robust 12-month absorption growth is the continued positive gains to the region’s office-using employment, which has increased 12.0 percent since 2009.”

0 Downtown Boston Office Market Expanding Steadily

lafayette City Center in Boston

Credit: B&T

Downtown Boston is the largest concentration North of New York City and is in the midst of strong rent growth across the Class A and B segments.  Today’s technology and creative services companies are looking for easy access to public transportation combined with an open floor plan.

From Banker & Tradesman:

For the third straight year in 2014, the Greater Boston office market recorded more than 2 million square feet of positive absorption, in a steady expansion that boosted occupancy rates at properties ranging from suburban office parks to converted warehouses and downtown high-rises.

“There’s more office product than ever and it’s getting filled in a much more dense way than ever before,” said Brendan Carroll, vice president of research for Avison Young. “If you’re wondering why the T seems more packed, or why you can’t get a cab to take you across the (Fort Point) Channel, that seems to be the reason.”

0 Downtown Crossing Building on Summer Street Bought by Synergy

Summer Street office building in downtown crossing

Credit: Boston Business Journal

As landlords assemble abutting parcels is there a master development plan or is it simply better economies of scale?  Downtown Crossing (DTX) is clearly getting a lot of attention from tenants and landlords.

A recent purchase in Downtown Crossing by Synergy is described by the BBJ:

“Synergy Investments and DivcoWest spent $48 million Friday on a building that gives Synergy control of a full block in a rapidly improving part of Downtown Crossing. DWF IV LLC bought 55-63 Summer St. and 65-69 Summer St. from Brickman 55 Summer LLC of New York City.”