Boston’s Class A continues late cycle surge
Driven by State Street’s lease at the forthcoming One Congress, and State Street’s at 1 Lincoln, Q1 had one of the largest leasing velocities this cycle.
April 02, 2019
- Driven by State Street’s lease at the forthcoming One Congress, and State Street’s at 1 Lincoln, Q1 had one of the largest leasing velocities this cycle – second only to Q3 2014 in the past five years.
- In the last six quarters Boston has averaged 947,000 in Class A Leasing volume. The previously five years averaged approximately 650,000 – resulting in a 47 percent increase nine years into the cycle
- Out of the top ten US gateway markets, Boston Class A story is even more impressive. Only San Francisco’s year-over-year asking rent growth in Class A (14.4%) exceeds Boston’s (12.6%). Even more remarkable, most of this spike has been in the past three quarters – which have averaged QoQ rent growth of 4 percent.
Source: JLL Research, United States Patent and Trademark Office
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