Home > Press Releases > RBJ Releases “officeSTATus — Spring 2012”, Shows Strong Quarter For Greater Boston Office Market

RBJ Releases “officeSTATus — Spring 2012”, Shows Strong Quarter For Greater Boston Office Market

Greater Boston Office Market Posts Strong Quarter to Start 2012

Findings Detailed In Richards Barry Joyce & Partners’ “officeSTATus – Spring 2012” Research Publication

BOSTON – April 2, 2012 – Richards Barry Joyce & Partners, LLC (RBJ&P) has released officeSTATus – Spring 2012, the firm’s quarterly research publication detailing the condition of Greater Boston’s commercial real estate office market.

According to the firm, the market posted a very strong quarter to start the year, with overall vacancy dropping slightly to 15.3 percent.  In the fourth consecutive quarter of positive absorption, tenants took more than 963,000 square feet of space off the market, the highest quarterly total since 2007.

During the past four quarters, 85 percent of the roughly three million square feet of positive absorption occurred in five geographies – Waltham, Route 128 North, Cambridge and Class A Financial District and Back Bay space.  Two of those submarkets – Back Bay and East Cambridge – have each seen Class A asking lease rate spikes of more than 20 percent since 2010.

“During our current four quarter stretch of positive absorption, each quarter has boasted higher absorption rates than the preceding period, indicating strong underlying tenant fundamentals,” said Brendan Carroll, senior vice president, Richards Barry Joyce & Partners.  “Combined with other economic indicators, such as declining unemployment figures locally and a very strong quarter in the stock markets, these findings provide reason for optimism in near term absorption expectations.”

About officeSTATus
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.

This quarter’s “Market Interesting” section looks at the dynamic growth in Boston’s Seaport District and compares it with other dramatic growth areas in the region’s recent history.  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 – Spring 2011, please send an email to research@rbjrealestate.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.

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