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Tenants in the Greater Boston office market took more than 963,000 square feet of office space off the market in the first quarter of 2012, the highest quarterly total since 2007.
This marks the area’s fourth consecutive quarter of positive absorption, dropping the area’s overall vacancy rate to 15.3 percent, according to Richards Barry Joyce Partners, LLC.
During the past four quarters, 85 percent of the roughly three million square feet of positive absorption occurred in five geographies – Waltham, Route 128 North, Cambridge and Class A Financial District and Back Bay space. Two of those submarkets – Back Bay and East Cambridge – have each seen Class A asking lease rate spikes of more than 20 percent since 2010.
“During our current four quarter stretch of positive absorption, each quarter has boasted higher absorption rates than the preceding period, indicating strong underlying tenant fundamentals,” said Brendan Carroll, senior vice president, Richards Barry Joyce Partners. “Combined with other economic indicators, such as declining unemployment figures locally and a very strong quarter in the stock markets, these findings provide reason for optimism in near term absorption expectations.”
Richards Barry Joyce Partners, LLC‘s officeSTATus report is designed to deliver practical information in a convenient format to enable better decision making. This quarter’s “Market Interesting” section looks at the growth in Boston’s Seaport District and compares it with other dramatic growth areas in the region’s recent history.
To request a copy of officeSTATus – Spring 2011, send an email to research@rbjrealestate.com.
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