Overall asking rents decline in Q4 2019, still suburban rent growth remains strong
In the fourth quarter of 2019, Boston's overall average rent stood at $30.85 per square foot (psf), reflecting an annual increase of 7.2%, but a quarterly decline of 4.7%. Asking rents in Boston's Central Business District (CBD) ended the quarter at $50.58 psf and range up to nearly $60.00 psf in some submarkets like the Financial District ($59.77 psf). Similar to overall rents, Class A rents in the region decreased by 4.3% quarter-over-quarter and 7.2% over the year, to $37.85 psf. Over the last year, CBD rents increased by 3.0%, but suburban rents increased by 14.6%.