In this video Jeremy Cyrier from MANSARD will be giving an update on the year-end numbers for 2022 for office sales in the Greater Boston and Southern NH markets.
MANSARD has pulled together all of the trades that happened in Rockingham, Essex, and Middlesex Counties, valued between $1M and $100M in 2022. In this video Jeremy is going to show you some data, charts, and market cycle trend information. We hope you enjoy it, and if you do, please give us a thumbs up, subscribe to our channel.
“Polling Glen Mueller’s market cycle monitor, his forecast for Boston area, industrial again, a peak year maintaining strong pricing and low vacancy rates and strong rent the office market, our last asset class we’ll look at, pricing here, maintaining actually pretty strong pricing. This is predominantly suburban office because we’re pulling from Rockingham, Essex, and Middlesex counties, but we are seeing this market start to show signs of softening just in terms of velocity. And I’m not sure if this is a result of buyer pullback from the market. The pricing certainly doesn’t seem to indicate that, or it’s a reluctance of sellers to enter the market because they’re not confident in buyer appetite for office products. Regardless, we are seeing here in 2022, a decline in transaction volume and office buildings are still trading, but we are seeing a downward trend there in interest. And Mueller has charted office going into the third quarter of 2023 sliding down. He had in the prior video I did, you’ll see the second quarter estimate for 2023. He had office at the five positions, which was late stage recovery. He has since moved that down a notch to the four positions, which is showing signs of ongoing softness in the Boston office.”
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