Boston Beats Miami!
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|We'd love that as an NBA headline, but we'll settle for a good real estate news. Boston office properties came up on the sunny side of distressed property sales in the CoStar Group's accounting last week. As of Q1, distressed office sales amounted to about 22% of all office deals. On a dollar basis going back to the start of 2009, about $2.5B of distressed office assets traded hands compared to $19.1B in non-distressed sales, the report states. The average PSF for all distress deals was $97 compared to nearly twice as much for non-distressed office space. Boston, Seattle, San Francisco, Houston, Minneapolis, and Dallas were projected to have AARs of 16% or more and lower projections of future distress. Portland, Sacramento, Atlanta, and Miami were on the cloudy side of the street, where returns were projected to be lower and distress higher.|