RBJ Publishes “officeSTATus – Winter 2013”, Highlighting Greater Boston’s Office Market
Firm Finds That Demand For Office Space In Greater Boston Remains Strong, As Market-wide Vacancy Drops From 14.9% To 14.4%
BOSTON – January 3, 2013 – Richards Barry Joyce & Partners, LLC (RBJ&P) has published its quarterly research report on Greater Boston’s commercial real estate office market: “officeSTATus – Winter 2013.” According to the firm, Greater Boston’s office market remained strong during the final quarter of 2012.
Tenant demand for space brought vacancy rates down from 14.9 percent to 14.4 percent market-wide, on absorption of 907,000 square feet of space. The absorption total for the year – an impressive 2.6 million square feet – is the highest in a calendar year since 2007.
“Each of the major regions – Boston, Cambridge, Route 128 and I-495 markets – realized positive absorption this quarter, which is a true indicator of a robust market,” said Brendan Carroll, senior vice president, Richards Barry Joyce & Partners. “A few submarkets stand out among the others as particularly strong, notably the Financial District, the Seaport District and Burlington.”
Construction in the market is also booming. Approximately 2.3 million square feet of office space is presently under construction in Greater Boston, up from 200k square feet just six quarters ago. Build-to-suit projects are driving the boom, accounting for 2.0 million of the 2.3 million square foot total.
This quarter’s “Market Interesting” section looks at rents in the Financial District, among the highest in Greater Boston. The submarket looks to be a good deal, however, when its price increase over the past 15 years (a mere 17 percent) is compared to those of other products.
One of the market’s leading sources for accurate statistics and insightful analysis, officeSTATus is designed to deliver practical information in a convenient format to enable better decision making. The quarter’s most significant findings are presented on the first page, in a reader-friendly, bulleted list. The “Economy & Real Estate” section places the quarter’s results into broader economic context. There are individual pages on each of the primary submarkets – Boston CBD, Cambridge, Route 128 and I-495 – with findings specific to those areas.
The final page is comprised of a valuable resource – a single chart with all the pertinent market statistics (vacancy, market size, absorption, availability, and construction data) with historical data.
To request a copy of officeSTATus – Fall 2012, please send an email to email@example.com.
RBJ&P Research Publications
In addition to officeSTATus, RBJ&P publishes nine other quarterly research reports: indSTATus, which focuses on Industrial property types (manufacturing, warehouse and flex buildings) and individual marketSTATus reports on eight crucial sub-markets. The firm’s biotechnology-focused report, bioSTATus, is released twice a year. In total, the firm produces an industry-leading 42 reports per year, in addition to custom research projects for clients.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners’ unique platform offers a full range of real estate advisory services including market analysis, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com. Follow us on Twitter at @RBJ_Partners.