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Boston Industrial Remains Healthy in Q3
In the ever-evolving landscape of the Greater Boston real estate market, Q3 figures provided by CBRE reveal distinct trends across different sectors.
While the industrial market remains robust with a record-low vacancy rate of 4.0%, the office sector tells a different story. Downtown Boston’s office market experienced a negative absorption of 611,943 square feet during Q3, contributing to a year-to-date negative absorption of over 1.5 million square feet. Availability, vacancy, and sublease rates all hit historic highs.
Cambridge saw availability rise in Q3, particularly in the Mid-Cambridge submarket, which led to an overall increase of 19.7%. Despite the challenges, leasing activity in Greater Boston’s industrial market remained strong, with 2.31 million square feet leased during the quarter and 7.70 million square feet year-to-date. The life science market, however, recorded negative absorption for the second consecutive quarter, with the East Cambridge area accounting for the majority of this trend.
- ◦Lease
