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Report: Boston Office Rents Continued Climb in Q2
Boston office rents continued to climb during the second quarter, with year-over-year rent growth for the market sitting at 13.2%, according to CBRE’s Q2 2019 Boston office market report.
Asking rents reached $64.51-per-square-foot during the second quarter, compared to $57.01-per-square-foot at this time last year. That year-over-year rent growth is the highest Boston has seen in more than a decade. Overall, the Boston office market saw 164,000 square feet of positive absorption in the second quarter, and vacancy fell from 7.2% to 6.2%.
The CBD saw 383,000 square feet of positive absorption in the second quarter, leading to a substantial drop in vacancy, which fell from 7.8% in Q1 to 6.1% in Q2. In the Seaport District, average asking rents remained relatively flat at $66.24-per-square-foot, while vacancy tightened to 9.2%.
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