Home > Press Releases > RBJ: Strong Demand, Booming Construction Pipeline Characterize Greater Boston Office Market At Close Of Second Quarter

RBJ: Strong Demand, Booming Construction Pipeline Characterize Greater Boston Office Market At Close Of Second Quarter

Richards Barry Joyce & Partners Publishes “officeSTATus – Summer 2013”

BOSTON – July 12, 2013 – Greater Boston’s commercial real estate market closed the second quarter with the lowest vacancy rate in five years – 14.1 percent – according to “officeSTATus – Summer 2013,” a research publication from Richards Barry Joyce & Partners (RBJ&P).

Tenants took more than 800,000 square feet of space off the market during the quarter, bringing the vacancy rate down from last quarter’s 14.5 percent.  The region also has a very full construction pipeline, with 3.2 million square feet of space under development.  The construction pipeline is the largest since 2003 and is a dramatic increase from only 200,000 square feet just two years ago.

Brendan Carroll, Sr. Vice President

Brendan Carroll, Sr. Vice President

“The construction pipeline is notable not only for its size but also its diversity,” said Brendan Carroll, senior vice president of research at RBJ&P.  “Greater Boston features significant development by companies in a wide range of industries:  technology and biotechnology, food services, business services and manufacturing.” 

Boston’s Seaport District continues its run as one of the nation’s strongest markets, with a vacancy rate plummeting from 18.4 percent to 12.9 percent in just the past four quarters.  In the suburbs, the Route 128 corridor is enjoying its highest ever level of occupancy – 51.9 million square feet.

This quarter’s “Market Interesting” provides a thorough overview of four of the region’s major developments:  Quincy Center, Northpoint, Boston Landing and Fenway Center.  Together the four comprise more than 11 million square feet of development, in office, retail, housing, and other types of space, with nearby public transit as a key similarity. 

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 – Summer 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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