BOSTON–Colliers International announced that Second Quarter 2012 Greater Boston office and RD markets showed strongest results in five years.
Midway through 2012, the markets have already recognized over 2 million square feet of absorption, which is more than double the absorption for calendar year 2011. The 2.3 million square feet of positive absorption recorded in the second quarter represents the single largest quarterly gain in occupancy in five years. Results were positive across most submarkets and the overall office and RD vacancy rate now stands at 17.4%. Although the recovery continues to move at a more gradual pace than most market observers would like, there are some bright spots and select submarkets are beginning to report rental rate increases.