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STRONG YEAR FOR LEASING
A flurry of mega-leases late in 2018 pushed annual volume to more than 14.0 msf – a sharp increase from 2017.
AVAILABILITY RATES DIP
The market's overall availability rate ticked down by 10 basis points to 13.7%, driven largely by decreasing availability in suburban submarkets. Conditions remain tight in Boston/Suffolk County, with single-digit availability rates in Back Bay and Seaport.
RENT UP SLIGHTLY
The average asking rent for Boston/Suffolk County rose by 4.0% to $48.98. The Class A asking rent jumped by 5.0% to $58.42.
SALES DOWN
Office property sales during the first eleven months of the year totaled $4.6 billion, a 38% decrease compared to the first 11 months of 2017.
"Boston was considered a top contender for Amazon. Virtually unrivalled expertise in AI and robotics, world-class universities and a deep tech ecosystem were selling points. Several of the region's most ambitious suburban developments now must go back to square one in their search for an anchor tenant."
Savills Studley Research