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Report: Boston Office Market Sees Record Growth in Q3 2019
Boston office rents have continued to climb, recording the strongest quarter of growth in the last 20 years, according to CBRE’s Q3 2019 Boston office market report.
In the Boston office market, asking rents reached $66.04-per-square-foot, growing 2.3% from the second quarter. With rents at $60.31-per-square-foot at this time last year, year-over-year rent growth was 8.7%. The Boston office market saw 1.1 million square feet of positive absorption during the quarter, and availability fell from 13.7% to 13.0%.
“Coworking, TAMI and life science companies continued to expand and take space in the Boston office market the quarter, increasing the market’s diverse tenant base,” said Suzanne Duca, Director of Research at CBRE New England. “With the recent noise about the potential slowdown of leasing in the flexible space market, it is worth noting that demand for space by traditional tenants remains as strong as ever, and the market is poised for continued growth.”
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