After delivering one of the more dynamic years on record during 2015, Greater Boston’s office market had a slow start to 2016, closing the quarter with 488,000 square feet of
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After delivering one of the more dynamic years on record during 2015, Greater Boston’s office market had a slow start to 2016, closing the quarter with 488,000 square feet of negative absorption, according to Transwestern | RBJ’s new “officeSTATus – Q1 2016” report. Despite seeing the first negative quarter in three years, Boston’s vacancy is a healthy 12.5 percent, and average Class A asking lease rates of $41.95 are up 3.5 percent from first-quarter 2015.
The strong pace that the market had set was unlikely to continue, so this slower quarter was to be expected. Most market indicators, such as vacancy, availability and asking lease rates, are still at levels considered to be quite positive. And with a few large leases set to commence within the next two quarters, we anticipate the market will soon be back on track.
Highlights from the report include:
Download the full “officeSTATus – Q1 2016” report here.
As regional research director, Chase Bourdelaise oversees the research efforts of Transwestern's New York, New Jersey and Massachusetts offices.
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