The Hub’s office vacancies inched up to 11.3 percent in the first quarter.
Thomas Grillo
Real Estate Editor- Boston Business Journal
The Hub’s offices were a little emptier in the first quarter, according to CoStar Group (Nasdaq: CSGP).
Vacancies in Class A properties in downtown Boston increased to 11.3 percent from January through March, up from 10.8 percent at the close of 2011. Quoted rents in the Hub were $41.49.
Cambridge offices had the highest quoted rents in Greater Boston at $44.51 while the vacancy rate was 10. 4 percent in premier buildings. The lowest quoted rents were in the Route 495/Route 2 West area at $15.76 where the vacancy rate was the lowest at 8.1 percent. The highest vacancy rates in Greater Boston were in the Route 495 South region at 19.3 percent and quoted rents were $21.13.
Sales activity increased during the fourth quarter of 2011, the most recent sales data available, to just over $1 billion for 34 office transactions in excess of 15,000 square feet. The buildings totaled 3.9 million square feet with an average price of $269 per square foot. That’s up from 27 transactions totaling $987 million in the third quarter of 2011.
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