There’s Still Life in the ‘burbs
Cummings Properties EVP Eric Anderson says his firm recently has seen more leasing in its 10M SF portfolio than at any time since the recession. It’s “across the board and seems sustainable,” he tells us. This month, surgical instrument maker Microline is moving into 70k SF at 50 Dunham Rd, filling up the 110k SF office/lab building fronting Rt 128 in Beverly. In the past few weeks, Amgen expanded its lab space by 28k SF at 34 Commerce Way in Woburn (above). Levant Power, which did a relo from Cambridge to Woburn two years ago, is now expanding by 7,600 SF to 20k SF.
Stats for the suburban markets show only slight improvement in the overall vacancy rate, from 20% to 19.8%. But the research does note that more suburban companies are doing expansions and relos than two years ago. And Eric, above, says Cummings is signing larger deals for longer terms—five years plus--because companies are confident in their businesses, see the market turning around, and expect rents to rise. (CEOs can finally come out of hiding...and embattled governors can slip in.)
