Home > Press Releases > RBJ Publishes “officeSTATus – Spring 2013”, Highlighting Greater Boston’s Office Market

RBJ Publishes “officeSTATus – Spring 2013”, Highlighting Greater Boston’s Office Market

Slight Negative Absorption Due To One-Time Consolidations Belie Otherwise Solid Market Trends

BOSTON – April 5, 2013 – Richards Barry Joyce & Partners, LLC (RBJ&P) has published its quarterly research report on Greater Boston’s commercial real estate office market:  “officeSTATus – Spring 2013.”

The report finds that across Greater Boston, a notable 42 percent more buildings gained occupancy than lost occupancy during the quarter.  Large sections of Greater Boston’s office market – East Cambridge, Framingham and Boston’s Back Bay and Seaport District – have significant space constraints leaving tenants with few choices.  Another very strong area, Waltham, has seen vacancy rates plummet ten percentage points (to 16.2 percent) since only 2010.

However, driven by a limited number of one-time consolidations, Greater Boston’s overall office market realized a slight increase in vacancy over last quarter, edging up to 14.5 percent from 14.4 percent.  The figure represents a meager 105,000 square feet in a market of almost 180 million square feet.

“Greater Boston’s office market remains in a great position,” said Brendan Carroll, senior vice president of research, Richards Barry Joyce & Partners.  “The market has charted a solid course since mid-2011 that creates a sense of optimism for the remainder of the year.

Brendan Carroll, Sr. Vice President

Brendan Carroll, Sr. Vice President

This quarter’s “Market Interesting” looks at Boston’s Seaport District, one of the hottest markets not only in the region but in the nation.  More than 100 tenants have moved into nearly four million square feet of space in the Seaport District since 2008.  “Market Interesting” offers an eye-opening set of graphics on these new tenants, including where they moved from, what industries they represent, and what sub-areas they are occupying.

“officeSTATus” features a new design, one that keeps the focus on the quarter’s most important findings.  Crisp graphics, informative charts and bulleted information ensure that the reader gains and retains the crucial data.

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.  Highlights of the quarter are presented on the report’s front page.  The “Economy & Real Estate” section places the quarterly results within a broader context of the overall economy, while also discussing a range of related economic indicators and results.  Each of Greater Boston’s submarkets – Boston CBD, Cambridge, Route 128 and I-495 – has a page dedicated to results in that area and include an interesting “Fact” about the region.

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 2013,” 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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