Short on time? Here are the highlights of our first quarter Greater Boston Industrial MarketView. To request the full report, fill out the form at the bottom of this post.
After ending 2016 with record-breaking absorption of over 3.4 million sq. ft., the Greater Boston Industrial market set its bar high. While it would have been difficult to replicate that sort of showing two quarters in a row, Q1 2017 was still a solid three months, with positive absorption in all three markets for a cumulative 440,000 sq. ft.
Vacancy remained low, with single-digit numbers across the board, and asking rents stayed elevated year-over-year.
Two distinct themes shaped and bolstered the market in the first quarter, the first being organic growth by local companies, and the other new entrants to the Greater Boston market—indicative of the area’s increasing visibility and appeal on the national stage.
On May 12, 2017, the Huntington Avenue YMCA hosted Boston’s newest corporate competition, the 2017 Huntington Games. CBRE/New England competed against Boston Realty Advisors, Cushman & Wakefield, Engles & Völkers, First Republic, LINK, Millenium Partners and Prince Lobel Tye LLP for the coveted Huntington Cup. All proceeds benefitted the YMCA Achievers program, summer camps and other initiatives that are critical to the Greater Boston community.
2017 Huntington Cup Winners (from L to R): Nick Trocki, Brian Allyn, Taylor McKee, Andrea DeSimone & Mike Noonan (Courtesy of the Huntington Avenue YMCA)
Several CBRE/NE employees participated in this year’s intra-industry competition. The afternoon’s schedule was filled with a variety of wellness and team-building activities including high-intensity interval training, cycling, dodgeball and other fitness circuits.
CBRE/NE competing in a fitness circuit challenge (Courtesy of the Huntington Avenue YMCA)
For more information about the 2017 Huntington Games and other YMCA offerings, please visit your local community center.
Short on time? Here are the highlights of our first quarter Downtown Boston Office MarketView. To request the full report, fill out the form at the bottom of this post.
It was a relatively quiet quarter for the Downtown Boston Office market, echoing a theme seen across many of the Greater Boston submarkets—but with an unemployment rate of only 3.7% as of February, Boston’s positioning remains strong.
Vacancy was up to 8.6%, the highest it has been in three years, but asking rents continued to edge upwards.
Bifurcation of Class A and B rental growth has slowed: while in the past year Class B properties had seen much greater gains in comparison to Class A, in Q1 2017, both saw only modest gains.
Most of the activity in the quarter was seen in value low-rise Class A space in the Back Bay. This type of space can be particularly appealing to Cambridge tenants who want to remain in the urban core, but are being priced out of the options on the other side of the Charles River.