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A recent report by Transwestern on the Top 10 most expensive office markets in the country for investors quantified what everyone knows: Boston's expensive. In fact, it's No. 5 in price, at $367/SF, ahead of Seattle but behind San Jose, for the 12 months ending this June.
Transwestern director of research, Northeast region Chase Bourdelaise tells us Boston's long been one of the country’s top investment markets for office properties. "What’s particularly driving the city’s standing now is the influx of foreign capital, with a high demand for Downtown, core assets."
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Boston is a top-tier destination for foreign investment given its world-renowned higher education institutions, strong economy, vibrant urban core and a European feel, adds Chase. That increased investment is pushing record-setting price and cap rate compression year-over-year and quarter-over-quarter.
Boston's also toward the top when it comes to office property investment volume: No. 2, at more than $10.3B. Manhattan's more than twice as much—$26.5B—but Boston beats LA, which saw $8.8B in office investment during the 12 months ending in June, according to Transwestern's data.
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