The commercial real estate market in the Boston suburbs is robust from a renter and buyer’s point of view. It is estimated that when the top 10 Boston suburban office markets are taken into consideration, there are more than 6.65 million square feet of space available in these 10 markets alone. As the overall economy improves, more people are willing to start a business or expand.
These top 10 Boston suburban office markets include:
Market Rental Rate/SF
This data is comprised from the Costar 3rd quarter 2014 Market report. These offices are found in suburbs that are in North and West of Boston only. Essex/Gloucester area was not included in this report because the size of their market was too small for accurate rental rates to be configured and could skew dramatically based on the small sample. When evaluating the data from the Costar report, the “under construction square footage” picks up at $22.84+ a square foot. It is estimated that for new office space to be viable, the rate is $26/square foot, therefore the current average is good news for those looking for space at this time.
The average vacancy rate for the 10 Boston suburban office markets is 8.64% which is promising as an indicator of growth, as well as rental rate stability. Six in 10 of the office markets in this report showed positive absorption. The report examined 6.65 million square feet, and the average number of available buildings in the 10 Boston suburban office markets in the report is 240. The Waltham/Watertown market looks best for large growth in the available office space looking for occupants.
Whether a renter, a buyer, or an owner, now is a good time to make the move and rent a business space. Allow MANSARD to assist in finding the perfect space for you and your business.