Home > Press Releases > RBJ releases “officeSTATus” report — Greater Boston Office Market Posts Strongest Quarter In Five Years

RBJ releases “officeSTATus” report — Greater Boston Office Market Posts Strongest Quarter In Five Years

Richards Barry Joyce & Partners’ “officeSTATus” Report Shows Tenant Demand High Across Market, New Construction Taking Off

BOSTON – October 3, 2012 – The Greater Boston office market has closed its strongest quarter since 2007, according to a new research publication from commercial real estate brokerage firm Richards Barry Joyce & Partners.

According to the firm’s “officeSTATus – Fall 2012” report, market-wide vacancy dropped to 14.9 percent from 15.5 percent on 1.1 million square feet of positive absorption, the highest absorption total since mid-2007.  Over the past ten quarters, four million square feet of office space has been absorbed across Greater Boston.

“What’s pleasing to see is that the strong quarter wasn’t held to a specific submarket, it was witnessed in numerous regions throughout the metro area,” said Brendan Carroll, senior vice president of research, Richards Barry Joyce & Partners.  “Leading the way were the Route 128 submarkets, which enjoyed demand levels not seen in more than a decade.  What bears watching now is the construction pipeline, which exploded in the last few quarters.”

In the past five quarters, the amount of office space under construction has grown from 200,000 square feet to 2.3 million square feet.  Notably, 95% of the space under construction is already preleased, which compares with a 57 percent historical average.  The development is balanced throughout nine sites in Boston’s Back Bay and Seaport District, Cambridge and the suburbs.

The report’s “Market Interesting” section has a complete list of the area’s in-progress office and laboratory construction sites, with address, square feet, percent leased and expected completion date.

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.

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 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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