Cushman & Wakefield Releases Q2 2017 Market Statistics for the Greater Boston Office Market

Cushman & Wakefield released its mid-year MarketBeat research that tracks the performance of the commercial real estate market in Boston, Cambridge and the suburbs. For the second consecutive quarter, absorption in Boston was negative, but asking rents are still rising. The large blocks that have come online this year are largely attributable to tenants relocating into new construction.  However, supply is exceeding demand in some submarkets and the performance of asking rents is not reflective of current conditions.  This is a trend we are watching carefully. In Cambridge, the second quarter of 2017 was more of the same – continually rising rents and virtually no availability. However, a number of notable lab deals were executed this quarter - Momenta Pharmaceuticals and Synlogic backfilled Ironwood’s space at 301 Binney Street and GlaxoSmithKline committed to 42,000 SF at 200 Cambridgepark Drive. And in the suburbs, new construction and life science activity continues [...]

2017-07-12T12:54:54-04:00July 5th, 2017|In the News, News|

Cushman & Wakefield Releases Q1 2017 MarketBeat Report

Cushman & Wakefield today released its first quarter MarketBeat research that tracks the performance of the commercial real estate market in Boston, Cambridge and the suburbs. First quarters tend to be statistically slow, and the first quarter of 2017 was no exception.  However, there is always a story behind the numbers.  And this quarter brought a few trends we’ll be watching throughout the year. In Boston, a number of new availabilities contributed to negative absorption of over 500,000 square feet (SF). These new availabilities were not unexpected – and are solely attributable to new downtown construction. As larger tenants opt for new construction, they are leaving behind large blocks of existing space - many of which are remaining vacant for extended periods of time. Not surprisingly, the first quarter of 2017 was more of the same in Cambridge – high rents and virtually no availability.  However, Q1 did bring an [...]

2017-06-13T18:27:08-04:00March 30th, 2017|News|

Cushman & Wakefield Releases Q4 2016 Market Statistics for Boston, Cambridge & Suburbs

Cushman & Wakefield released its year-end MarketWatch research that tracks the performance of the commercial real estate market in Boston, Cambridge and the Suburbs. In Boston, Reebok’s commitment to the Seaport was headlining news, while the disconnect between rents and availability in Back Bay went largely unnoticed. At over 20%, the availability rate in what once was Boston’s most coveted submarket is the highest it has been since 1989.  Interestingly, asking rents are also they highest they’ve ever been (approaching $70 PSF for class A). In Cambridge, 2016 was more of the same – continually rising rents and limited availability – particularly in the lab sector. Despite these tight conditions, large deals are still being executed.  Akamai announced that it will consolidate multiple offices into a 450,000 SF build-to-suit at 145 Broadway. And Baxalta (recently acquired by Shire) will lease the entirety of 500 Kendall Street. Driven in large part [...]

2017-06-13T18:27:09-04:00January 3rd, 2017|News|

Cushman & Wakefield Boston Releases Market Statistics for Boston

Cushman & Wakefield today released its mid-year MarketWatch research that tracks the performance of the commercial real estate market in Boston, Cambridge and the suburbs. In pockets of Boston (specifically high-rise class A space in the Financial District and Back Bay), asking rents have reached historical highs - we’ve received more than one proposal for trophy class space with asking rents in the low $90s. However, we’ve also begun to see more movement on counterproposals. This means that even though asking rents are still high, actual leases are being executed significantly under ‘sticker price.’ In Cambridge, the second quarter of 2016 was more of the same – continually rising rents and virtually no availability. Though the lab sector saw a few notable blocks of sublease space come online, GSK space at 45 and 75 Sidney Street and bluebird bio space at 150 Second Street, for example, demand continues to outstrip [...]

2017-06-13T18:27:09-04:00June 30th, 2016|News|

Cushman & Wakefield Boston Releases Q1 2016 Market Statistics

Cushman and Wakefield Boston today released its first quarter MarketWatch research that tracks the performance of the commercial real estate market in Boston, Cambridge and the suburbs. First quarters tend to be statistically flat, and the first quarter of 2016 was no exception. However, there is always a story behind the numbers. And this quarter brought a few trends we’ll be watching throughout the year. In Boston, rents are approaching historical highs. We can’t say for certain how much further they’ll climb, but recently we’ve seen tenants forgo trophy class space with premium views once it hits the $85 dollar mark. In many cases, these firms are not only trading prestigious address for more reasonably priced space, but also consolidating their footprints in the process. In Cambridge, the first quarter of 2016 was more of the same – continually rising rents and virtually no availability. With positive absorption for lab [...]

2017-06-13T18:27:10-04:00March 30th, 2016|News|