| Liberty Mutual's new HQ (above) is among Boston's 3.9M SF of office construction and renovation projects under way in Q1, making The Hub second only to NYC in office construction activity, says a Q1 Cushman & Wakefield report released yesterday. 92% of the new construction is build-to-suit for corporate users willing to pay a premium to be near the area's highly skilled labor. Of the 1.4M SF of renovations, most is downtown. Market fundamentals are improving where tech tenants predominate: East Cambridge, the Seaport, and northern 'burbs. Downtown/Back Bay still leads with 5.2% vacancy and is followed by Kendall Square/East Cambridge at 7.2%. Overall, the metro area vacancy fell 0.8% to 12.6%. |
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