Regional Summaries

Select a state to view available market snapshots

Boston, MA

The 221,473-unit metro Boston multi-tenant, investment grade apartment market has gone through a revolution, shifting from a typically stable low-vacancy, low-development Northeastern housing market to a market with a boom and high vacancy at the high end but still a shortage for most people. Reis reports a vacancy rate of 4.9% in the third quarter of 2017, essentially unchanged from the prior two quarters and down 10 basis points from a year earlier. Rents are still rising in metro Boston, where affordability is still an issue. During the third quarter of 2017, the average asking rent increased 1.0% to $2,224 per month, and the average effective rent rose 1.2% to $2,120 per month. The asking average is up 2.0% from a year earlier, and the effective average is up 2.3%. VIEW APARTMENT LISTINGS >
Metro Boston industrial space continues to become scarce and more expensive, with the exception of the obsolete factories that dot the region. The 65.2-million-square-foot Flex/R&D market continues to add expensive biotech space even as older lab space remains empty. Boston’s 132.1-million-square-foot warehouse/distribution market serves local needs, and like such markets elsewhere, it has been reanimated by e-commerce. Reis reports a third quarter 2017 vacancy rate of just 8.0% for warehouse/distribution space in metro Boston, down 20 basis points during the quarter and down 140 from a year earlier. Industrial rents are spiking in metro Boston, but they are rising at a pace at or above the overall inflation rate. For warehouse/distribution space, the average asking rent was up 0.6% over the quarter to $6.73 psf, with the average effective rent up 0.7% to $5.80 psf. The year-over-year gains are moderate at 2.7% and 3.0%, respectively. The third quarter vacancy rate for metro Boston Flex/R&D space is 11.1%, up 50 basis points over three months but down 130 basis points over 12 months. Flex/R&D rents increased 0.7% by both measures over the quarter. Compared with a year earlier, the average asking rent is up 2.8% to $13.07 psf, with the average effective rent up 3.0% to $11.20 psf. VIEW INDUSTRIAL LISTINGS >
The conundrum discovered last quarter continues: Metro Boston’s economic boom has been concentrated in office-based sectors, but the 131.2-million-square-foot Boston general purpose, multi-tenant office market doesn’t seem to have reaped many benefits. Net absorption was negative again in the third quarter of 2017. The vacancy rate is 12.4% as of the third quarter of 2017, according to Reis, up 20 basis points during the quarter and up 60 from a year earlier. During the third quarter, average rents increased 0.7% by both measures to $42.55 psf asking and $35.48 psf effective. The year-over-year gains are 3.1% and 3.0%, respectively. VIEW OFFICE LISTINGS >
The 37.2-million-square-foot metro Boston community-neighborhood shopping center market continues to go sideways. Reis reports a vacancy rate of just 6.5% in the third quarter of 2017, up 10 basis points from the prior quarter but unchanged year-over-year. As flat as community-neighborhood center occupancy, net absorption, and new development have been, rents are flat too. In the third quarter, both the average asking rent and the average effective rent ticked down 0.1% to $23.68 psf and $21.45 psf. A second consecutive quarter of small decreases followed a couple of quarters of small increases, leaving rents up just a penny by both measures year-over-year. VIEW RETAIL LISTINGS >

More from our Local Market Experts About MA

Source: Data provided by Reis, inc.

Commercial Real Estate Market Information

Coldwell Banker Commercial has commercial real estate market statistics to help you find out more about your local commercial real estate market. Whether you are looking for commercial real estate market trends or information on a commercial real estate markets size, we have the commercial real estate market reports you need.Get the information you need to make wise commercial real estate decisions by checking out our commercial real estate market reports. If you did not find the commercial real estate market information you were looking for contact us today!

White Papers



Additional Resources