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LEASING RISES
Overall quarterly leasing activity fell from 1.9 million square feet (msf) to 1.3 msf, well below the long-term quarterly average of 2.1 msf. Tenants have leased 6.9 msf in the four most recent quarters.
AVAILABILITY RATES FALL
Orange County’s overall availability rate posted a significant quarter-on-quarter increase, rising by 150 basis points from 18.3% to 19.7%. The Class A rate rose by 140 basis points to 21.3%.
RENT UP SLIGHTLY
The average asking rent for Boston/Suffolk County rose by 1.1% to $49.15. The Class A asking rent jumped by 1.5% to $59.90.
SALES DOWN
Office property sales during the first seven months of the year totaled $2.9 billion, a 54% decrease compared to the first eight months of 2017.
"Following the trends in other knowledge centers, the appetite for best-in-class new product and converted creative office space in Boston seems to have few bounds. Demand from top employers remains very strong, spurring bidding wars for both talent and space."
Savills Studley Research