Home > Press Releases > Greater Boston Office Market Continues To Stabilize

Greater Boston Office Market Continues To Stabilize

November 4, 2011 Leave a comment Go to comments

Firm’s “officeSTATus – Spring 2011” Report Shows Most Submarkets With Higher Occupancy Levels

BOSTON – April 4, 2011 – Richards Barry Joyce & Partners (RBJ&P), a full-service commercial real estate advisory firm, has released officeSTATus – Spring 2011, a comprehensive research publication detailing Greater Boston’s commercial office market.  According to the firm, Greater Boston’s office market has continued a stabilization trend that began in mid-2010.

During the first quarter of 2011, positive absorption was prevalent throughout Cambridge and much of the suburbs, with 25% more buildings experiencing increased occupancy levels than experiencing increased vacancy.  The Route 128 North submarket experienced 269,000 square feet of positive absorption during Q1 and has attracted nearly one million square feet of increasing occupancy over the last five quarters.  As a whole, Greater Boston closed the quarter with overall vacancy of 16.5% and 203K square feet of negative absorption.

“While we did not see gain in each segment of the market, the majority of areas showed either growth or at the least continued stabilization,” said Brendan Carroll, senior vice president of research, Richards Barry Joyce & Partners.  “These results, along with the recent quarters of growth, provide reason to be confident in the market for the remainder of the year.”

About officeSTATus
officeSTATus is considered one of the market’s leading sources for accurate statistics and insightful analysis.  The report features a new design, which enhances its readability and ensures that the report is a useful resource for making informed decisions.

The Q1 highlights 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.

This quarter’s “Market Interesting” focuses on construction, with information on the 31 million square feet of office space built since 1997.  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.  Detailed graphics and charts throughout the report complement the text and highlight important information.

To request a copy of officeSTATus – Spring 2011, please send an email to research@rbjrealestate.com.

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