office status spring // 2013 · 2003 2005 2007 2009 2011 2013 (1.0) (0.8) (0.6) (0.4) (0.2) 0.0 0.2...
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» Converse and Goodwin Procter extend a string of quarters containing major build-to-suit announcements.
» Forty-two percent more properties gained than lost occupancy in the quarter.
» East Cambridge, Back Bay, Framingham and the Seaport District availability is heavily concentrated at few locations.
» Waltham vacancy has dropped to 16.2 percent from 26.7 percent since 2010.
» Newly conceived infill projects in the Back Bay and East Cambridge may be the market’s newest construction proposals.
The Seaport Magic in Numbers // Page 7
*Unless otherwise noted, all data is as of or for the quarter ended March 31, 2013 and is Richards Barry Joyce & Partners data.
officeSTATus Spring // 2013
2
Record stock market performance combined with
robust area employment expectations provided
a backdrop for a buoyant Greater Boston office real
estate market, where 42 percent more buildings
experienced growing rent rolls than shrinkage in the
first quarter of 2013. Despite a limited number of
consolidations and resulting negative absorption of
105,000 sf, area sentiment remains focused on growth
patterns lasting back to 2010, since when tenants have
absorbed 4.8 million sf. Most of this absorption, or 2.6
million sf, has taken place in submarkets representing
just 32 million sf of the region’s 180 million sf invento-
ry, with this sustained demand activity a representation
of a shift in tenants’ desires to locate in, and willing-
ness to pay for, space in the region’s most attractive
areas. Having boasted little availability for many
consecutive quarters, Back Bay and East Cambridge
have been joined by the Seaport District, Framingham
and Waltham, where sustained recent demand trends
have materially shifted the demand/supply balance.
Availability figures for the Back Bay, East Cambridge
and the Seaport District tend to overstate the ease
of finding options for tenants; much of the available
space in these markets is concentrated in a few distinct
properties, offering tenants few distinct choices.
Surging asking rents for space in the Back Bay, East
Cambridge and for the Class B “brick and beam” style
office space in the Fort Point area of the Seaport
District contrast with more stable conditions nearly
everywhere else (except for Waltham, having seen a
small pricing adjustment this past quarter). Asking rents
for the most preferred properties now eclipse $60 per
sf in East Cambridge and $70 per sf in the Back Bay, as
average Class A space in the Back Bay is now priced
23 percent higher than space in the Financial District.
Seaport District Class B asking rents, having remained
at similar levels in the quarter when compared with
year-end figures, face unabated tenant demand for the
product type and rapidly decreasing availability may
substantiate further increase in rents this year.
A ravenous tenant appetite for new product is
supporting the current 95 percent leased 2.6 million
sf pipeline, of which 1.3 million sf will deliver this
year. These facilities will join the five million sf that
have already been delivered this decade and are 95.2
percent leased. These resounding numbers combined
with tenant enthusiasm over certain areas is strength-
ening the momentum of some long-delayed projects
and precipitating new proposals to infill in the region’s
hottest areas. The redevelopment of the Sullivan
Courthouse and a reconfiguration of Cambridge Center
could deliver hundreds of thousands of square feet in
East Cambridge while Boston Properties is exploring
the possibility of an office tower on air rights it owns
over a garage in the Back Bay near the John Hancock
Tower. The delayed Filene’s redevelopment could be
underway this year, if the landlord secures a rumored
anchor tenant.
0%
5%
10%
15%
20%
25%
2003 2005 2007 2009 2011 2013
(2.0)
(1.5)
(1.0)
(0.5)
0.0
0.5
1.0
1.5
2.0
Absorptionsf in millions
Vacancy%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
Dec Feb Apr Jun Aug Oct Dec
Unemployment rate%
0.85
0.90
0.95
1.00
1.05
1.10
1.15
Apr May Jul Sep Nov Jan Mar
Relative PerformanceDecember 31, 2012 = 1.00
National unemployment rate
Boston MSA unemployment rate
Index Value 1 Qtr % 4 Qtr %
S&P 500 1,558 +9% +10%
Morgan Stanley Hi Tech Ix 682 +8% +2%
0%
5%
10%
15%
20%
25%
2003 2005 2007 2009 2011 2013
(2.0)
(1.5)
(1.0)
(0.5)
0.0
0.5
1.0
1.5
2.0
Absorptionsf in millions
Vacancy%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
Dec Feb Apr Jun Aug Oct Dec
Unemployment rate%
0.85
0.90
0.95
1.00
1.05
1.10
1.15
Apr May Jul Sep Nov Jan Mar
Relative PerformanceDecember 31, 2012 = 1.00
National unemployment rate
Boston MSA unemployment rate
EMPLOYMENT //US Bureau of Labor Statistics
Indicator Value 2 Qtr % 4 Qtr %
Boston MSA Employed 1,459 -1.1% +1.2%
Boston MSA Unenemployed 5.4% 0% -0.1%
0%
5%
10%
15%
20%
25%
2003 2005 2007 2009 2011 2013
(2.0)
(1.5)
(1.0)
(0.5)
0.0
0.5
1.0
1.5
2.0
Absorptionsf in millions
Vacancy%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
Dec Feb Apr Jun Aug Oct Dec
Unemployment rate%
0.85
0.90
0.95
1.00
1.05
1.10
1.15
Apr May Jul Sep Nov Jan Mar
Relative PerformanceDecember 31, 2012 = 1.00
National unemployment rate
Boston MSA unemployment rate
ABSORPTION & VACANCY //Greater Boston
Vacancy 14.5%
Quarterly Absorption -105,000 sf
Last Twelve Months Absorption 1.6 Million sf
STOCK MARKET //Equity Indicators
CURRENT DATA
Economy & Real Estate officeSTATus
3
Farnsworth, Melcher, Sleeper and
the other street names in the Fort
Point area were officers of the
Boston Wharf Company which
created the area in the early 19th
century by landfill and owned its
buildings up until the 21st century.
Construction Industry Flourishes //Breakdown of the 2.6 million sf construction pipeline
0%
2%
4%
6%
8%
10%
12%
14%
16%
2003 2005 2007 2009 2011 2013
(1.0)
(0.8)
(0.6)
(0.4)
(0.2)
0.0
0.2
0.4
0.6
0.8
1.0
Absorptionsf in millions
Vacancy%
$30
$40
$50
$60
$70
$80
2003 2005 2007 2009 2011 2013
Class A asking rentper sf per year
FINANCIAL DISTRICTBACK BAY
Absorption & Vacancy //Central Boston
BOSTON FACT
The Boston submarkets experienced negative absorption of 155,000 sf, raising
vacancy 0.3 percent to 11.1 percent as Class A rents increased $0.88 to $50.29 per sf.
Back Bay Class A rents have surged to levels 23 percent above levels presently
seen in the Financial District.
Fifty-five percent of Seaport District vacancy is in just three properties; vacancy
outside these buildings is 8.4 percent.
MFS took occupancy of 280,000 sf at 111 Huntington Avenue from 500 Boylston
Street as Cambridge Associates moved into 170,000 sf at 125 High Street from 100
Summer Street and PayPal took occupancy of 63,000 sf at One International Place.
One Channel Center is under construction in the Seaport District: the 500,000 sf
structure is a build-to-suit project for State Street Corporation.
Converse will relocate its headquarters into 186,000 sf of a larger redevelopment
of Lovejoy Wharf near North Station in 2015 in a move from North Andover.
Goodwin Procter & Hoar has agreed to lease 360,000 sf at One Channel Center,
a 500,000 sf facility to be developed in the Seaport District with construction
expected to begin this fall.
Clarion Partners acquired a six building portfolio in the Seaport District from
National Development ($129.3 million, 407,000 sf, $317 per sf).
PROJECT LOCATION CITY SIZE (SF)
Liberty Mutual 157 Berkeley Street Boston 580,000
Vertex 1-11 Fan Pier Boulevard Boston 550,000
State Street 1 Channel Street Boston 500,000
Biogen Idec 225 Binney St & 17 Cambr. Center Cambridge 495,000
Keurig project 63 South Avenue Burlington 343,000
Speculative Project 78 Blanchard Road Burlington 120,000
Harvard Vanguard Concord Meadows Concord 50,000
0%
2%
4%
6%
8%
10%
12%
14%
16%
2003 2005 2007 2009 2011 2013
(1.0)
(0.8)
(0.6)
(0.4)
(0.2)
0.0
0.2
0.4
0.6
0.8
1.0
Absorptionsf in millions
Vacancy%
$30
$40
$50
$60
$70
$80
2003 2005 2007 2009 2011 2013
Class A asking rentper sf per year
FINANCIAL DISTRICTBACK BAY
Class A Asking Rates //Central Boston
CURRENT AVERAGE ASKING RATES
Central Boston $50.29
Financial District $48.29
Back Bay $59.26
CURRENT DATA
Vacancy 11..5%
Quarterly Absorption -155,000 sf
Last Twelve Months Absorption 751,000 sf
Highlights
Boston CBD officeSTATus
4
This waterway near Kendall
Square is the Broad Canal, a
lone and truncated remnant
of a complex and active canal
system originating in 1806 that
encompassed much of the area;
all other canals were landfilled in
the 20th century.
-12%
-16%
-29%
-24%
-33%
-36%
-46%
-42%
-50%
-40%
-30%
-20%
-10%
0%
Boston Cambridge Rte 128 I-495
Real Nominal
Real rents adjusted for inflation using Boston CMSA Consumer Price Index
Rents Still a Bargain Compared to ‘01 //Current Class A discount to peak 2001 asking rents CAMBRIDGE FACT
Highlights
0%
5%
10%
15%
20%
25%
2003 2005 2007 2009 2011 2013
(600)
(500)
(400)
(300)
(200)
(100)
0
100
200
300
400
500
Absorptionsf in thousands
Vacancy%
$10
$20
$30
$40
$50
$60
$70
2003 2005 2007 2009 2011 2013
Class A asking rentper sf per year
EAST CAMBRIDGE MID CAMBRIDGE WEST CAMBRIDGE
Absorption & Vacancy //Cambridge
Real rents adjusted for inflation using Boston CMSA Consumer Price Index
CURRENT DATA
Vacancy 11..5%
Quarterly Absorption -155,000 sf
Last Twelve Months Absorption 751,000 sf
0%
5%
10%
15%
20%
25%
2003 2005 2007 2009 2011 2013
(600)
(500)
(400)
(300)
(200)
(100)
0
100
200
300
400
500
Absorptionsf in thousands
Vacancy%
$10
$20
$30
$40
$50
$60
$70
2003 2005 2007 2009 2011 2013
Class A asking rentper sf per year
EAST CAMBRIDGE MID CAMBRIDGE WEST CAMBRIDGE
Class A Asking Rates //Cambridge
CURRENT AVERAGE ASKING RATES
East Cambridge $54.58
Mid Cambridge $49.40
West Cambridge $35.45
Flat absorption of negative 9,000 sf left vacancy stable at 7.9 percent as average
Class A asking rents increased $1.85 to $50.20 per sf.
East Cambridge Class A asking rents have surged more than ten percent in three
quarters with asking rents at $60 per sf for the most preferred properties.
Positive absorption activity has slowed as the most preferred available spaces
near Kendall Square have insufficient available space to support further growth.
Half of all East Cambridge availability is at just four locations.
Nearly 1.6 million sf of tenant growth in the Seaport District is from former
Cambridge, mostly East Cambridge, occupants (see page 7).
More than 70 percent of all Cambridge office buildings are completely full.
The Edward Sullivan Courthouse, shuttered by the state in 2010, could be
redeveloped as a 500,000 sf office building, a project that could begin later this year.
Boston Properties is in discussions with Cambridge city officials to explore an
increase in allowed density at its Cambridge Center property.
Normandy Real Estate acquired a ten-building portfolio of properties near
Central Square ($37.5 million, 164,000 sf, $228 per sf) as O’Connor Capital Partners
bought 55 Wheeler Street ($27.0 million, 126,000 sf, $214 per sf).
0%
5%
10%
15%
20%
25%
2003 2005 2007 2009 2011 2013
(600)
(500)
(400)
(300)
(200)
(100)
0
100
200
300
400
500
Absorptionsf in thousands
Vacancy%
$10
$20
$30
$40
$50
$60
$70
2003 2005 2007 2009 2011 2013
Class A asking rentper sf per year
EAST CAMBRIDGE MID CAMBRIDGE WEST CAMBRIDGE
Class A Asking Rates //Cambridge
CURRENT AVERAGE ASKING RATES
East Cambridge $54.58
Mid Cambridge $49.40
West Cambridge $35.45
Cambridge officeSTATus
5
The interchange of Routes 93
and 95 in Woburn is the state’s
most congested traffic point,
with 375,000 cars per day; the
40 year-old outdated cloverleaf
design, rare for areas of such
high volume, is expected to be
replaced by 2020.
New Construction is RED HOT //Direct availability by decade of construction 128 FACT
Vacancy remained stable at 16.6 percent on slight positive absorption of 66,000
sf as average Class A asking rents increased $0.29 to $26.94 per sf.
Flat conditions masked a period of strong positive absorption to the West
and South, and negative absorption in the North.
Rent increases in Waltham propelled Route 128 levels higher.
Waltham vacancy has dropped from 26.7 percent to 16.2 percent over nine
quarters as tenants have absorbed more than one million sf.
FM Global took occupancy of 80,000 sf at 1175 Boston Providence Highway
in Norwood, the first new construction delivery along 128 since 2009; Dedham
Medical Associates took the other 80,000 sf at the 160,000 sf facility.
GZA moved into 45,000 sf in Norwood as Citizens Disability took occupancy
of 43,000 sf in Waltham and Propel Marketing moved into 28,000 sf in Quincy;
AECOM pulled out of 85,000 sf in Wakefield as part of a reorganization.
A residential phase of Quincy Center’s $1.2 billion redevelopment is expected
to ultimately include 700,000 sf of office space.
Equus Capital divested 400, 410 and 460 Totten Pond Road in Waltham ($47.0
million, 298,000 sf, $158 per sf) as James Campbell Company purchased 160 Gould
Street in Needham ($26.4 million, 139,000 sf, $190 per sf).
Highlights
0%
5%
10%
15%
20%
25%
2003 2005 2007 2009 2011 2013
(1,200)
(1,000)
(800)
(600)
(400)
(200)
0200
400
600
800
1,000
Absorptionsf in thousands
Vacancy%
$15
$20
$25
$30
$35
$40
2003 2005 2007 2009 2011 2012
Class A asking rentper sf per year
ROUTE 128 NORTHROUTE 128 WESTROUTE 128 SOUTH
Class A Asking Rates //Route 128
CURRENT AVERAGE ASKING RATES
Route 128 North $25.91
Route 128 West $30.99
Route 128 South $21.04
0%
5%
10%
15%
20%
25%
2003 2005 2007 2009 2011 2013
(1,200)
(1,000)
(800)
(600)
(400)
(200)
0200
400
600
800
1,000
Absorptionsf in thousands
Vacancy%
$15
$20
$25
$30
$35
$40
2003 2005 2007 2009 2011 2012
Class A asking rentper sf per year
ROUTE 128 NORTHROUTE 128 WESTROUTE 128 SOUTH
Absorption & Vacancy //Route 128
*Includes projects currently under construction
CURRENT DATA
Vacancy 16.6%
Quarterly Absorption 66,000 sf
Last Twelve Months Absorption 719,000 sf
Decade Inventory (RSF) Dir Avail%
Pre 60s 36,900,000 13.8%
60s 11,900,000 14.8%
70s 24,500,000 16.3%
80s 65,500,000 24.1%
90s 17,900,000 15.0%
00s 20,700,000 12.8%
10s* 5,000,000 4.8%
Route 128 officeSTATus
6
The first 27 Boston Marathons
were 25 miles and started near
the town center of Ashland; as
the distance of the marathon
was universalized at 26 miles,
285 yards, the starting line
was pushed back to its present
location in Hopkinton.
0%
5%
10%
15%
20%
25%
30%
2003 2005 2007 2009 2011 2013
(1,000)
(800)
(600)
(400)
(200)
0
200
400
600
Absorptionsf in thousands
Vacancy%
$16
$17
$18
$19
$20
$21
$22
$23
$24
$25
2003 2005 2007 2009 2011 2013
Class A asking rentper sf per year
I-495 NORTHI-495 WESTI-495 SOUTH
Class A Asking Lease Rates //Interstate 495
Buildings experiencing occupancy increases of at least 2,000 sf148
104
1,176
Buildings experiencing occupancy decreases of at least 2,000 sf
Buildings experiencing less than a 2,000 sf shift in occupancy levels
Most Buildings See Rising Occupancy //Number of buildings experiencing growth, contraction and stability
0%
5%
10%
15%
20%
25%
30%
2003 2005 2007 2009 2011 2013
(1,000)
(800)
(600)
(400)
(200)
0
200
400
600
Absorptionsf in thousands
Vacancy%
$16
$17
$18
$19
$20
$21
$22
$23
$24
$25
2003 2005 2007 2009 2011 2013
Class A asking rentper sf per year
I-495 NORTHI-495 WESTI-495 SOUTH
Absorption, Completions, Vacancy //Interstate 495
495 FACT
Slight negative absorption of 48,000 sf left vacancy stable at 20.0 percent and
average Class A asking lease rates flat at $19.72 per sf.
Marlborough average asking lease rates have risen above $18 per sf for the first
time since 2009; the town is set to undergo a transformation with a flurry of new
tenants and retail amenities.
Andover and Chelmsford have combined for 241,000 sf of negative absorption
last twelve months as the two well regarded areas have been impacted with
consolidation events.
Framingham/Natick vacancy has fallen from 11.8 percent to 9.9 percent on three
consecutive quarters of positive absorption driven by Class A properties.
Cambridge Isotope Laboratories moved into 39,000 sf in Tewksbury as AECOM took
occupancy of 35,000 sf in Westford, Advanced Cell Technology moved into 30,000 sf
in Marlborough and Virgin Healthmiles took occupancy of 20,000 sf in Framingham;
Enterasys vacated 152,000 sf in Andover in a relocation to New Hampshire.
Fifty-one percent of 495 properties were developed in the 1980s; that inventory is
22.4 percent vacant.
Novaya Ventures acquired 1&2 Executive Drive in Chelmsford ($23.5 million,
225,000 sf, $104 per sf) as Maric bought the New England Business Center in Andover
($20.9 million, 242,000 sf, $86 per sf).
Highlights
CURRENT DATA
Vacancy 20.0%
Quarterly Absorption -48,000 sf
Last Twelve Months Absorption -65,000 sf
CURRENT DATA
I95-North $18.40
I95-West $20.96
I95-South $20.12
Interstate 495 officeSTATus
7
First an industrial powerhouse, then a giant discount parking lot for Financial District workers, a decades-long vision for the Seaport is becoming rapidly realized. Since
2008, more than 100 tenants have moved or announced moves into more than three and a half million sf of Seaport District space, establishing a new Boston office,
relocating from another location or starting up. Below are some numbers behind this trend…
With 42 annual publications, Richards Barry Joyce
& Partners produces more research than any other
commercial real estate advisory firm in Greater Boston.
For more information, contact us at [email protected].
Brendan CarrollSenior Vice President of Research | [email protected]
Seaport District – the vision becomes reality.
sf thousands
Residential Units # of Restaurants Hotel Rooms1996 2016 1996 2016 1996 2016
*includes under construction projects
0 0 5
32 1,797 1,665
Biotech1.1 million sf
Financial707,000 sf
Legal648,000 sf
Tech646,000 sf
Creative202,000 sf
Other325,000 sf
World Trade Center476,000 sf
Marine Industrial Park156,000 sf
Financial District1.4 million sf
Other Boston328,000 sf
Suburbs244,000 sf
Startup 122,000 sf
Other 108,000 sf
Cambridge/Watertown 1.5 million sf
Fort Point3.0 million sf
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2008 2009 2010 2011 2012 2013 2014 2015 2016
…are moving in… sf committed by year of move-in
sf thousands
Residential Units # of Restaurants Hotel Rooms1996 2016 1996 2016 1996 2016
*includes under construction projects
0 0 5
32 1,797 1,665
Biotech1.1 million sf
Financial707,000 sf
Legal648,000 sf
Tech646,000 sf
Creative202,000 sf
Other325,000 sf
World Trade Center476,000 sf
Marine Industrial Park156,000 sf
Financial District1.4 million sf
Other Boston328,000 sf
Suburbs244,000 sf
Startup 122,000 sf
Other 108,000 sf
Cambridge/Watertown 1.5 million sf
Fort Point3.0 million sf
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2008 2009 2010 2011 2012 2013 2014 2015 2016
… from a diverse set of industries… industries of new seaport occupants
sf thousands
Residential Units # of Restaurants Hotel Rooms1996 2016 1996 2016 1996 2016
*includes under construction projects
0 0 5
32 1,797 1,665
Biotech1.1 million sf
Financial707,000 sf
Legal648,000 sf
Tech646,000 sf
Creative202,000 sf
Other325,000 sf
World Trade Center476,000 sf
Marine Industrial Park156,000 sf
Financial District1.4 million sf
Other Boston328,000 sf
Suburbs244,000 sf
Startup 122,000 sf
Other 108,000 sf
Cambridge/Watertown 1.5 million sf
Fort Point3.0 million sf
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2008 2009 2010 2011 2012 2013 2014 2015 2016
…in three distinct sub-areas… micromarkets of seaport with amount taken
sf thousands
Residential Units # of Restaurants Hotel Rooms1996 2016 1996 2016 1996 2016
*includes under construction projects
0 0 5
32 1,797 1,665
Biotech1.1 million sf
Financial707,000 sf
Legal648,000 sf
Tech646,000 sf
Creative202,000 sf
Other325,000 sf
World Trade Center476,000 sf
Marine Industrial Park156,000 sf
Financial District1.4 million sf
Other Boston328,000 sf
Suburbs244,000 sf
Startup 122,000 sf
Other 108,000 sf
Cambridge/Watertown 1.5 million sf
Fort Point3.0 million sf
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2008 2009 2010 2011 2012 2013 2014 2015 2016
…and numerous locations… previous locations of new seaport occupants
sf thousands
Residential Units # of Restaurants Hotel Rooms1996 2016 1996 2016 1996 2016
*includes under construction projects
0 0 5
32 1,797 1,665
Biotech1.1 million sf
Financial707,000 sf
Legal648,000 sf
Tech646,000 sf
Creative202,000 sf
Other325,000 sf
World Trade Center476,000 sf
Marine Industrial Park156,000 sf
Financial District1.4 million sf
Other Boston328,000 sf
Suburbs244,000 sf
Startup 122,000 sf
Other 108,000 sf
Cambridge/Watertown 1.5 million sf
Fort Point3.0 million sf
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2008 2009 2010 2011 2012 2013 2014 2015 2016
…as live/work/play is achieved //growth in amenities 1996-2016*
More than 100 new tenants… largest seaport commitments since 2008
TENANT SEAPORT LOCATION SIZE (SF)
Vertex Pharma. Fan Pier 1,100,000
State Street 1 Channel Center 500,000
Goodwin Procter Fan Pier 360,000
Fish & Richardson Fan Pier 124,000
JPMorgan Chase 451 D Street 120,000
Cengage Learning 20 Channel Center Street 110,000
LogMeIn 312-320 Summer Street 102,000
enerNOC Fan Pier 82,000
Boston Herald 451 D Street 51,000
Zipcar 35 Thomson Street 46,000
Market Interesting officeSTATus
ABSORPTION/OCC GROWTH CONSTRUCTION $CL A ASKING RENT
AREA RSF Vac% Q1’13 LTM* Growth** Comp LTM* Pipeline Class A 4Qtr Ch***
TOTAL MARKET 179,856 14.5% (105) 1,550 1.0% 160 2,638 $39.32 1.5%
BOSTON SUBMARKETS 70,039 11.1% (155) 751 1.3% 0 1,630 $50.29 2.2%
Financial District 35,463 12.9% 28 777 2.6% 0 0 $48.29 -0.4%
Back Bay 13,272 7.7% (207) (256) -2.1% 0 580 $59.26 7.4%
Longwood/Inner South 5,221 6.3% 0 33 0.7% 0 0 $27.64 0.4%
Seaport District 7,183 15.2% 8 204 4.4% 0 1,050 $51.07 13.8%
Charlestown 2,873 6.0% (11) (48) -1.7% 0 0 $26.82 -10.6%
Midtown 2,341 11.1% 0 25 1.2% 0 0 NA NA
North Station 2,189 7.3% (1) (38) -1.9% 0 0 $28.00 0.0%
South Station 1,498 10.1% 28 54 4.3% 0 0 NA NA
CAMBRIDGE 10,582 7.9% (9) (23) -0.2% 0 495 $50.20 8.8%
East Cambridge 6,851 8.5% (33) (114) -1.8% 0 495 $54.58 10.5%
Mid Cambridge 2,060 0.5% (7) 11 0.5% 0 0 $49.40 2.9%
West Cambridge 1,671 14.3% 31 81 5.8% 0 0 $35.45 6.4%
SUBURBAN SUBMARKETS 99,235 17.7% 59 821 1.0% 160 513 $24.79 2.2%
Inner North 4,060 15.4% 41 167 5.1% 0 0 $26.98 0.5%
ROUTE 128 & I-495 95,175 17.8% 18 654 0.9% 160 513 $24.73 2.4%
ROUTE 128 61,560 16.6% 66 719 1.4% 160 513 $26.94 2.5%
Route 128 North 25,914 17.1% (244) 335 1.6% 0 513 $25.91 6.3%
Route 128 West 22,517 14.2% 184 301 1.6% 0 0 $30.99 0.3%
Route 128 South 13,129 19.7% 126 83 0.8% 160 0 $21.04 -3.3%
I-495 33,615 20.0% (48) (65) -0.2% 0 0 $19.72 1.9%
I-495 North 15,092 23.6% (90) (266) -2.3% 0 0 $18.40 2.1%
I-495 West 15,909 17.3% 39 (81) -0.6% 0 0 $20.96 -0.8%
I-495 South 2,614 16.0% 4 282 14.2% 0 0 $20.12 0.0%
Lovejoy Warf | Boston
187,000 SF
Richards Barry Joyce & Partners acted as tenant
representative for Converse Inc. in connection with
a lease agreement.
ALL AMOUNTS, EXCEPT PERCENTAGES AND $ FIGURES IN THOUSANDS
* LTM = Last twelve months // ** LTM absorption as a percentage of occupancy levels twelve months ago // *** Twelve months change in asking lease rate
1601 Trapelo Road | Waltham
251,326 SF
Richards Barry Joyce & Partners acted as tenant
representative for Constant Contact, Inc. in
connection with a lease agreement.
320 Bent Street | Cambridge
104,678 SF
Richards Barry Joyce & Partners acted as
landlord representative for BioMed Realty Trust in
connection with a lease agreement.
Copyright © 2013
officeSTATus Spring // 2013