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Boston’s Seaport Poised to Weather a Drop in Demand
Rents in Boston’s Seaport District stalled in the first quarter, similar to what transpired across the city, JLL reported. The flipside of the lack of upward or downward movement, though, was that “the vast majority of landlords kept rents stable amid the unfolding COVID-19 crisis,” the firm said in its Q1 report on the submarket.
The long-term outlook calls for stability as well, especially in view of the pandemic and its aftermath. “Seaport’s tenant base is quite diversified, with equal parts finance, business services, and tech/biotech,” JLL said.
The submarket also has a relatively low exposure to troubled co-working firms, which represent only 2.4% of Seaport inventory. “With only six blocks of space over 50,000 square feet and an office development pipeline 94% preleased, the Seaport is particularly well-positioned to weather a near-term drop in demand brought on by COVID-19,” the report stated.
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