Greater Boston suburban office parks have outperformed comparable markets this cycle
We looked at the largest single owner office parks in and around Route 128 and how they performed against other properties in the same market. This included Waltham, Burlington, Quincy, Braintree, Wellesley, Woburn, and Bedford.
- In the beginning of the cycle, both property sets had similar levels of vacancy. However, office parks quickly filled up vacancies while other buildings filled at a slower rate. Since 2014, large office park vacancy has remained 10 percent or lower maintaining a gap of 3-5 percent with comparable non-office park properties.
- Additionally, office park rents averaged an annual increase of 1 percent higher than that of comparable properties. Gaining north of 50 percent this cycle or 5 percent per year. Non-office park properties averaged annual gains of 4 percent for these towns.
Sourcce: JLL Research