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Regional Summaries

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Boston, MA

Apartment
According to Reis, Boston’s 217,756-unit market-rate, investment grade apartment market posts a vacancy rate of 4.7% in the fourth quarter of 2016, down 10 basis points over the quarter and down 60 during the year. After gains slowed earlier in 2016, rents plunged in the fourth quarter. The average asking rent fell 1.9% to $2,111 per month, and the average effective rent fell 1.7% to $2,038 per month. This reduced the gains for all of 2016 to 0.3% and 1.1%, respectively. VIEW APARTMENT LISTINGS >
Industrial
The metro Boston industrial market finished 2016 strong, with solidly positive demand late in the year. While the 64.9-million-square-foot Flex/R&D market benefited from new development and stayed in balance, however, the 131.1-million-square-foot warehouse/distribution market did not and tightened. Rent gains were moderately positive for both segments during the year. Reis reports a fourth quarter 2016 vacancy rate of 9.4% for warehouse/distribution space in metro Boston, down 30 basis points during the year and down 10 during the fourth quarter. For warehouse/distribution space, Boston’s 2016 rent gains were 1.9% asking to $6.57 psf and 2.0% effective to $5.64 psf, faster than the prior two years. The fourth quarter increases were 0.6% and 0.5%, respectively. Boston’s Flex/R&D vacancy rate in the fourth quarter of 2016 is 12.3%, down 10 basis points over the year and down 20 basis points in the fourth quarter. Flex/R&D rents have risen at about the same pace for the past three years. In 2016, the average asking rent increased 1.9% to $12.69 psf, with the average effective rent up 2.1% to $10.84 psf. The fourth quarter gains are 0.4% and 0.5%, respectively. VIEW INDUSTRIAL LISTINGS >
Office
The 131.6-million-square-foot Boston general purpose, multi-tenant office market remained strong and balanced in 2016, as a considerable amount of new development was exceeded by strong demand, and rents increased at a moderate pace. The vacancy rate is 11.9% as of the fourth quarter of 2016, according to Reis, unchanged during the quarter and down 30 basis points during the year. Rent gains are also moderate. In 2016, the average asking rent increased just 2.3% to $41.39 psf, with the average effective rent up 2.6% to $34.55 psf. Much of 2016’s increase was in the first half of the year, with the fourth quarter increases at just 0.3% asking and 0.4% effective. VIEW OFFICE LISTINGS >
Retail
The 37.2-million-square-foot Boston community-neighborhood shopping center market reports a vacancy rate of just 6.6% in the fourth quarter of 2016, essentially unchanged from the prior quarter and over the year. In 2016, community-neighborhood shopping centers saw both the average asking rent and the average effective rent rise 1.8% to $23.72 psf and $21.48 psf. The fourth quarter gain was 0.2% by both measures. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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