Monday, July 16, 2012
The Greater Boston office market enjoyed a strong second quarter, according to a new quarterly research publication released this morning by Richards Barry Joyce Partners LLC (RBJP).
According to the report by the Boston-based commercial real estate firm, during the second quarter of 2012, Greater Boston’s office market continued the positive momentum of recent reporting periods. For the 12th consecutive quarter, the number of properties that gained tenants in the market outnumbered those properties that lost tenants (16 percent gained occupancy, 13 percent saw occupancy decrease, in a market totaling more than 1,400 properties). Additionally, there were several announced leases greater than 300,000 sf in size, which helped maintain market momentum.
Overall vacancy for the market closed at 15.5 percent, up slightly from 15.3 percent on negative absorption of 313,000 sf. The quarter’s negative absorption was driven by a small number of singular events, with certain corporate space consolidations offsetting what was otherwise a period of growth.