Intelligence

Regional Summaries

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Boston, MA

Apartment
The booming 213,371-unit Boston metropolitan apartment market reports a vacancy rate of 5.5% for the fourth quarter of 2015, up 90 basis points over the year and 10 basis points for the quarter alone. The average asking rent increased 5.8% over the year to $2,100 per month, with the average effective rent up 5.6% to $2,012 per month, the largest annual increases since the year 2000. The fourth quarter 2015 increase was 1.4% by both measures, about the same as the quarter before. VIEW APARTMENT LISTINGS >
Industrial
The metro Boston industrial market was very strong in 2015. Net absorption exceeded 1 million square feet in both the 131.1-million-square-foot warehouse/distribution market and the 64.6-million-square-foot Flex/R&D market, and the vacancy rate fell into the single digits for the former. Reis reports a fourth quarter 2015 vacancy rate of 9.7% for warehouse/distribution space in metro Boston, down 60 basis points over the year and 10 during the quarter. For warehouse/distribution space, Reis reports the asking average increased 1.3% in 2015 to $6.45 psf, with the average effective rent up 1.5% to $5.53 psf. Fourth quarter’s gains were 0.5% asking and effective. Boston’s Flex/R&D vacancy rate for the quarter is 12.4% in metro Boston, down 190 basis points over twelve months and 90 over three months. For Flex/R&D space, Reis reports the average asking rent increased 1.6% over the year to $12.45 psf, with the average effective rent up 1.9% to $10.62 psf. The fourth quarter increases were 0.6% and 0.8%, respectively, the largest of the year. VIEW INDUSTRIAL LISTINGS >
Office
The 130-million-square-foot Boston general purpose, multi-tenant office market vacancy rate is 12.5% as of the fourth quarter of 2015, according to Reis, down 100 basis points over the year and 50 during the fourth quarter. Boston’s office rents posted moderate gains for the fifth straight year in 2015, according to Reis. The average asking rent was up 3.6% over the year to $40.45 psf, with the average effective rent up 3.8% to $33.66 psf. The fourth quarter increase was 0.7% by both measures. VIEW OFFICE LISTINGS >
Retail
Reis reports a Boston community-neighborhood shopping center vacancy rate of just 6.6% for the fourth quarter of 2015, the same as a quarter and a year earlier. During the fourth quarter, the average asking rent increased 0.2% to $23.31 psf, and the average effective rent rose 0.1% to $21.09 psf. The third quarter had accounted for more than half of the rent gains last year. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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