Marcus & Millichap

Boston Local Office Report

Second Quarter 2019

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Vacancy Continues to Contract as Large Developments Come to Central Boston

Cambridge leads Boston in arrivals, maintains minimal availability. High demand for Boston office space continues to lower vacancy, especially in the central business district. Companies that collaborate with and recruit from Harvard, MIT and other nearby universities prefer to operate in Cambridge, where available space is scarce. The local vacancy rate is down from a cycle high of 14.0 percent in 2011 to 4.4 percent in March, even as new supply came online. The metro’s three largest deliveries for 2019 are in the submarket, including the 430,000-square-foot Cambridge Crossing innovation center. Another area undergoing substantial development is the Seaport neighborhood of South Boston, with 457,000 square feet scheduled to open this year. New facilities at the Boston Marine Industrial Park and in Innovation Square join several recent multifamily arrivals to help establish a live-work-play environment.

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