Home > Press Releases > Greater Boston Office Market Posts Strongest Quarter In Four Years

Greater Boston Office Market Posts Strongest Quarter In Four Years

November 8, 2011 Leave a comment Go to comments

Richards Barry Joyce & Partners’ “officeSTATus – Fall 2011” Research Publication Details High Occupancy, Dropping Vacancy Rates

BOSTON – October 3, 2011 – Greater Boston’s commercial real estate office market has posted its strongest quarter in four years, according to officeSTATus – Fall 2011, a quarterly research publication from Richards Barry Joyce & Partners (RBJ&P), a full-service commercial real estate advisory firm.

During the third quarter, tenants absorbed 781,000 square feet of office space, the highest quarterly absorption total since 2007.  As a result vacancy fell from 16.3% to 15.8% market-wide and occupied square feet is within 1.1 million square feet of the record level set in 2001.  Despite all these positive indicators, there is plenty of cause for caution in the quarters ahead.

“We’ve just experienced one of the strongest quarters in recent memory for the office market,” said Brendan Carroll, senior vice president of research, Richards Barry Joyce & Partners.  “While we see a continuation of this growth in the near term, it isn’t clear how global recessionary forces are going to impact the region in 2012 and 2013.”  Carroll goes on to say that “the Greater Boston economy has experienced growth at a time when most of the country has experienced job loss and a decrease in use of office space.”

About officeSTATus
officeSTATus is considered one of the market’s leading sources for accurate statistics, engaging topics and insightful analysis.  The report is designed for both industry insiders and industry observers, with important information highlighted in bullets, charts and graphics.

The quarter’s 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” compares occupancy of Class A and Class B properties, with the data showing that Class A properties tend to recover quicker than Class B after difficult economic times.  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 2011, please send an email to research@rbjrealestate.com.

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