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Vacancy drops to pre-recession levels

  • ​Urban submarkets continue to outperform suburban counterparts. However, supply constraints in Boston and Cambridge have boosted rents in the suburbs as well. Rents in the suburbs have increased 17 percent from 2013 levels, to $25.59 per square foot.
  • Suburban markets performing especially well include Wellesley, Waltham, Watertown, and Needham, which enjoy total average rents of $40.60, 36.35, $36.17, and $35.55 per square foot, respectively. 
  • Vacancy in the Boston metro office market is at a ten year low: total vacancy is at 13.5 percent.
  • Prime locations with amenities and good transit/commuter access remain the highest performing assets in the market.
  • Notable lease deals include: Raytheon renewing their lease of 440,000 square feet at 235 Presidential Way in Woburn, Rapid7’s lease of 147,060 square feet at The Hub on Causeway, and Bose’s taking 100,000 square feet at 80 Guest Street at Boston Landing.

Source: JLL Research

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