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Regional Summaries

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Boston, MA

Apartment
The vacancy rate in the 231,288-unit metro Boston market-rate, investment grade apartment market is back over 5.0%, and rent gains finally slowed in the first quarter of 2019. Reis reports a vacancy rate of 5.2% for the first quarter of 2019, down 10 basis points from the prior quarter but up 20 year-over-year—and up 70 from the recent low of 4.5% in the second quarter of 2017. The first quarter of 2019 saw the average asking rent decrease 0.2% to $2,359 per month while the average effective rent increased 0.1% to $2,234 per month. Those concerned about housing affordability are unlikely to be mollified, as the year-over-year gain is a sharp 4.2% by both measures. VIEW APARTMENT LISTINGS >
Industrial
Metro BostonÂ’s 65.85-million-square-foot Flex/R&D market first quarter 2019 vacancy rate is 10.2%, down 20 basis points over the quarter and down 90 year-over-year. For Flex/R&D space, the average asking rent increased 0.1% during the first quarter to $13.40 psf, and the average effective rent rose 0.5% to $11.60 psf. The year-over-year gains are 1.5% and 2.3%, respectively. BostonÂ’s 132.65-million-square-foot warehouse/distribution market vacancy rate is 8.3% in the first quarter of 2019, up 20 basis points over the quarter and up 70 year-over-year. For BostonÂ’s warehouse/distribution space, the average asking rent increased 0.3% in the first quarter to $6.98 psf, with the average effective rent unchanged at $6.00 psf. VIEW INDUSTRIAL LISTINGS >
Office
Metro BostonÂ’s 134-million-square-foot general purpose, multi-tenant office market had a mixed start to 2019, with falling vacancy but limited rent gains. The first quarter 2019 vacancy rate is 12.7%, according to Reis, down 30 basis points during the quarter and down 20 year-over-year. During the first quarter, both the average asking rent and the average effective rent edged up just 0.1% in metro Boston, to $44.47 psf and $37.13 psf. The year-over-year gain was reduced to 1.9% by both measures, less than in any calendar year since 2012. VIEW OFFICE LISTINGS >
Retail
The 37.6-million-square-foot Boston community-neighborhood shopping center market vacancy rate was 7.2% in the first quarter of 2019, according to Reis, essentially unchanged from the prior quarter but up 60 basis points from a year earlier. During the first quarter of 2019, both the average asking rent and the average effective rent increased 0.5%, to $24.41 psf and $22.13 psf, respectively. The year-over-year gains are 1.9% asking and 2.0% effective, consistent with the increases posted since the recession. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

Coldwell Banker Commercial® Reports

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CBC Infographics

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