News
Boston's Boom Numbers
October 9, 2012
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| In Q3, downtown absorbed 429k SF, the vacancy rate fell to 11.5% from 12.1%, and the Class-A average asking rent was steady at $49.07/SF, Richards Barry Joyce & Partners reports. Construction activity (Vertex Fan Pier HQ's September topping off is pictured above) has accelerated rapidly with 4.7M SF of new lab and office space under construction in the metro area, as well as at least 2,000 residential units. In the Boston, Cambridge, and Rte 128 markets, 2.3M SF of offices are under construction, the largest amount in eight years. About 95% of this space is pre-leased, beating the 15-year average of 57% and indicating that overbuilding is unlikely. |
