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LEASING RISES
Quarterly deal volume rose slightly, increasing from 2.6 million square feet (msf) to 2.8 msf. Tenants have leased just under 12 msf in the four most recent quarters, 29.5% below the long-term market average of 16.4 msf.
AVAILABILITY RATES FALL
The market's Class A availability rate remained at 14.2%. The overall availability rate was unchanged, remaining at 13.1%. The Class A rate in Boston/Suffolk County fell slightly to 9.3%, a 30 basis point decline.
RENT UP SLIGHTLY
The average asking rent for Boston/Suffolk County rose by 0.7% to $52.50. The Class A asking rent jumped by 3.7% to $59.04.
SALES JUMP
As of May 2018, office sales volume in Boston totaled $2.5 billion in the last six months, up by 28% compared to the $4.9 billion sold in the previous six months.
"Tenants requiring space in Cambridge, the Back Bay and surrounding submarkets face a shortage of big blocks in premier buildings. Smaller and mid-sized tenants are not as strapped for space options, but they can still expect very elevated rents."
James Halepis, Senior Vice President