Boston: One Of The Tightest Office Markets In The Country
The demand for office space in Boston has driven vacancy rates lower than all but six major US cities. In Q3, Boston recorded an 11.9% office vacancy rate, down 90 bps from the same quarter last year, reports the Boston Business Journal, citing data from Reis Inc.
Boston's tied with Portland, OR, as the fifth-lowest in the US, behind New York (9.2%), Washington, DC (9.3%), San Francisco (10%) and Seattle (10.8%). The national vacancy rate held flat at 16% in Q3, after a trend of decline for the past eight consecutive quarters. The Boston market's average effective rent was $34.43, up 3% year-over-year, the report said. [BBJ]