| The Boston retail sector has shown some improvement, but don't let its charm and good looks fool you because it may still have a tiny bit further to fall, says Reis analyst Brad Doremus. During Q4 2010, the Boston retail sector eked out increases in both asking and effective rents in the same quarter for the first time since Q2 ?08. Asking and effective rents both rose 0.3% to $21.59 and $19.47/SF, respectively. Concession packages held steady at an average of $2.12/SF, the third straight quarter at this level. Until this year, they were rising fairly uninterrupted since at least ?06. For a while, look for concessions to extend and effective rents to dipby 0.1%. By ?12 they should decline so effective rent growth will outpace asking rent. |
RETAIL STILL LAGGING
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Brad Doremus
, The Boston
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