Following a blockbuster 2015, conditions moderated in the first quarter with total absorption for the greater Boston office and R&D markets totaling 261,000 square feet.
- The Boston office market recorded 47,000 square feet of positive absorption, led by the Fenway/Kenmore submarket and strong leasing activity at Samuels & Associates recently completed spec building at 1325 Boylston Street.
- The 22.4 million-square-foot Cambridge office and lab market posts an overall vacancy rate of 4.1%. The vacancy rate in the Cambridge lab market is 2.6%, with almost no direct availability and much of what is available on a sublease basis. During the quarter Forest City delivered 300 Massachusetts Avenue – a 244,000 SF build-to-suit lab building for Takeda Millennium Pharmaceuticals.
- Results in the suburban office and R&D markets were a mixed bag, with net negative absorption of 127,000 square feet.