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Boston Office Rocks
Boston Office Rocks
No wonder deals involving the John Hancock Tower moved along despite uncertain economic conditions, according to top Reis analyst Brad Doremus: With a 14.6% vacancy rate among office buildings, according to Reis?s Q3 preliminary findings, Boston ranks among the top 15 tightest metros in the country. That means vacancies fell by 20 bps quarter-over-quarter. Sure, the metro took its hits, with vacancies rising to 14.9% in Q1. However, current figures are still well below the peak of 19.7% reached in Q3 2004, and it looks like vacancies have begun to tighten. Why the generally good performance? Construction activity really eased over the past few years relative to the overbuilding in the late 1990s and early 2000s that flooded supply and drove up vacancy rates.
Related Topics: Brad Doremus, John Hancock Tower